16 Lloyd’s Lab Impact Report 17 a H Scouting cce o The Lloyd’s Lab accelerator cycle starts with scouting – publishing the themes that will be the focus of the next cohort. Increasingly we have found that the market likes them to be broad and see what the insurtech community has to o昀昀er. We typically outline 3 themes: 1. New products; 2. w Data, processes and models; and 3. A geographical theme. Applications come from all around the world, submitted by anything from a two-person start-up to a well-established business. All we ask is that they develop something new that will enhance the l the way the Lloyd’s market operates – co-developing it with their mentors in their mutual interest. e We expect to get around 200 applications in the two month submission window. r a L Shortlisting The applications are assessed against the product, teams, and plan for the Lloyd’s Lab with the t Lloyd’s market. Proposals tend to be successful where they are specialist, very relevant to property o l and casualty (re)insurance, respond to common challenge, or bring genuinely new capability. r o Pitch Day p y The top scoring 20 applicants will be invited to Pitch Day, where they will be given a strict 昀椀ve- minute pitch slot followed by 昀椀ve minutes of questions. In the audience are market leaders, past r d and potential mentors, and the Lloyd’s Lab team who watch and score the contenders. The bene昀椀t of this process is that the 昀椀nal ten cohort participants will have been selected by the market, so we og ’ know the process is both transparent and fair. It’s also a key success factor because resources are limited, so we aim to prioritise the 昀椀rms with the closest 昀椀t to market interests and expertise. s The Pitch Day event brings together an audience with expertise and interest in innovation from r L across the market. It creates a critical mass for debate and discussion, while the pitch presentations supply a ready list of new ideas to feed leading 昀椀rms with innovation. This process helps embed the culture of innovation within the Lloyd’s insurance market. a ab m Programme A cohort of approximately ten start-ups are chosen by the Lloyd’s market to be part of the Lloyd’s m Lab. At the end of the ten-week process, these innovative 昀椀rms will have further developed solutions into market-ready products, having built along the way a base of valuable knowledge and contacts in the market. Many of the mentors who work with these companies will also have bene昀椀tted from access to e fast-moving talent and new solutions. In some cases, market mentors from di昀昀erent companies may discover a shared interest in developing a new solution that they can work on together. In other w cases, start-ups go on to work commercially with contacts that they have met in the Lloyd’s Lab. The report summarises the experiences of all our Lloyd’s Lab alumni and their many successes. o The Lloyd’s Lab is a key driver of innovation in the Lloyd’s market and the insurance industry at large. It has facilitated r collaboration, new product development and made possible risk k transfer solutions that are truly cutting edge. Dr Hayley Maynard, Head of Strategy and Innovation, Chaucer s © Lloyd’s