Lloyd’s Lab, an innovation accelerator launched by Lloyd’s of London, hosted ‘Demo Day’ for Cohort 12 of its 10-week Accelerator programme.
The event marked the end point of the cohort with the highest number of applications to date, as well as the first to feature a regional theme, spotlighting cutting-edge innovation in the Americas.
Hosted by Rosie Denée, Lloyd’s Lab Senior Manager, over 300 InsurTech startups, market executives and key industry figures joined a much-anticipated opportunity for Cohort 12 to showcase their progress during the programme, while also capitalising on potential future investment and scale-up opportunities within the Lloyd’s market.
This year, attendees were presented with insightful solutions ranging from protecting against the rise of risks associated with natural hazards to cybersecurity solutions and introducing more efficient underwriting tools.
According to Global InsurTech Funding report, investments in this sector remain robust, with both venture capital and corporate funding driving new initiatives.
Lloyd’s Lab is proud to conclude Cohort 12 by witnessing immense progress and market interest in the innovative products and solutions developed
Rosie Denée, Senior Manager, Lloyd’s Lab
“We’re excited to continue this positive momentum as we open applications for Cohort 13 in September – in which we’ll be introducing our first Middle East and Africa regional focus”, Rosie Denée says.
Lloyd’s promotes regional-specific risk applications to advance innovation in insurance. This effort relies on strong collaboration within Lloyd’s global network and market.
The Americas account for over 60% of Lloyd’s total premium. Focusing on themed solutions for this region underscores the importance of risk mitigation in North, Central, and South America for our customers.
Lloyd’s Lab identifies industry trends to scale up innovative insurance solutions. This helps mitigate major risks faced by businesses and communities worldwide.
Lloyd’s Lab established to drive technological advancements and innovative solutions in the insurance sector, Lloyd’s Lab provides a platform for startups, entrepreneurs, and tech companies to develop and test new ideas.
The Lloyd’s Lab is the heart of innovation for Insurance. An award winning space dedicated to accelerating and fostering new products and solutions fit for the needs of our customers around the world.
The Lloyd’s Lab was set up in 2018 to foster ideas which support our market’s shared goal of sharing risk to create a braver world.
The United Kingdom is positioned as a global leader in the insurtech. A flourishing ecosystem of start-ups, investors, and incumbents is working together to drive innovation and growth in the industry, from AI and machine learning to the Internet of Things.
UK insurtech has an estimated combined value of more than $20 bn, making it the third largest globally after the USA and China, with an annual revenue of £2-3 bn
The industry supports more than 60,000 jobs and contributes nearly £5 bn to the UK GDP. The United Kingdom’s insurtechs have not been immune to the recent global tightening on valuations (see InsurTech`s evolution and investment landscape).
Indeed, of the estimated 3,000 insurtech firms in the world, approximately 280 are located in the UK — the highest number of insurtechs per capita among all major world economies.
Our main programme is an InsurTech accelerator programme which aims to help innovative ideas gain traction and success in our market
Rosie Denée, Senior Manager, Lloyd’s Lab
Located in the heart of the world’s specialist insurance market, the Lloyd’s Lab gives InsurTechs access to a coworking space in the iconic building and the chance to develop their ideas alongside their target audience.
Since establishment, the Lloyd’s Lab has grown to encompass a diversity of programmes and initiatives, to support insurance innovation at all phases, support includes FutureMinds programme, Lloyd’s Lab Challenge and Launchpad Network. Find out more about this and other initiatives by following the links below.
