12 Lloyd’s Lab Impact Report 13 mH ao Signalling who are good partners to work with – kw t 2showcasing the abilities of potential tech partners, with instant reinforcement from e market peers. sh With over 100 new insurtechs being founded globally every month, it When a customer cannot place a new can be overly onerous for insurance entities to analyse the potential of these new companies and di昀昀erentiate between them. ae Lrisk in the Lloyd’s market, it is typically The Lloyd's Lab gives market organisations the opportunity to trial insurtech o昀昀erings in a safe environment, to take a closer look and dbecause there is either a lack of data, validate tech solutions and their bene昀椀ts by seeing the uptake from appetite, technology, or expertise. The peers at Demo Day, at the end of the programme. ilLloyd’s Lab helps the market overcome othese issues by providing a structure to Better connection with the market eryidentify the gaps in knowledge and plug demonstrating the convening power of Lloyd's, as the world's oldest and largest dthem in a coordinated eort from Lloyd’s 3insurance marketplace. wider innovation ecosystem of experts, en’ With a network of 335 brokers, 3950 coverholders, 93 syndicates s Lcapabilities and insurtechs globally. and 51 managing agents writing more than 200 di昀昀erent lines of business, the complexity of the marketplace and the wide variety of stakeholders makes it a real challenge for insurtechs to understand how the market works, how it is interconnected and cThere are four ways that the Lab accelerator programme how their solution could 昀椀t in market organisations and be supports the market. ea implemented by them. The Lloyd's Lab provides a single point of access for insurtechs to b Economy of scale accelerator the entire Lloyd's market. a Lloyd’s market accelerator means 1 participants bene昀椀t from the expertise and appetites of 93 di昀昀erent syndicates, and New approaches, ways of working 300 brokers. and capabilities expanding the scope of the market o昀昀ering. Because the Lloyd’s Lab is a shared asset for the whole market, 4 the individual investments of time and the commitment required The format of the Lloyd's Lab means results can be shown quickly, are both reduced, which gives existing market leaders a better and market organisations that did not participate in the Lloyd's Lab way to access various avenues of innovation, and a low-cost can still take advantage of new solutions and be among the early window to test ideas before committing to them, encouraging adopters. participation across the market. Lloyd's needs emerging technologies because the insurance and risk landscape is continually evolving. As well as responding to emerging risks such as climate change and geopolitical threats, product innovation and data analytics have expanded the scope of commercial insurance solutions to o昀昀er coverage for a wider range of threats, exposures and perils. © Lloyd’s