The Lloyd’s Lab is a fast-track, fast-fail environment where new concepts, ideas and products can be tested with the support of experts from the world’s insurance and reinsurance market. The Lloyd’s Lab brings together InsurTechs, start-ups and ideas which support our market’s shared goal of sharing risk to create a braver world. Our main programme is an InsurTech accelerator which aims to help innovative ideas gain traction and success in our market. The accelerator gives InsurTech’s access to a coworking space in the Lloyd’s building and the chance to develop their ideas alongside their target audience for a period of 10 weeks.

To help accelerate these products, the Lloyd’s Lab programme offers: 

• Access to expert mentors and proximity to key advisors, potential trading partners & investors.  
• Participants can work out of Lloyd’s in London or wherever best fits their business. 

We are accepting applications for our Pitch Day during the ITC Latam Conference in Miami. These are New Products and Data & Models.

New Products

Offering new insurance products that help solve underinsurance or add significant improvements to existing coverages is vital for a sustainable future. We are looking for new insurance offerings that can help our commercial customers become more resilient. 

Submissions could include (but are not limited to): 

• Technologies which can help our insurers quantify the exposure to new types of risk, such as intangible assets or the transition to a low-carbon economy 
• Technologies that can help predict when our clients might be about to experience a loss 

• Bundled products – adding insurance to an existing service 
• Parametric products, or products based on smart contracts
  

Data & models

For the Lloyd’s market, efficient underwriting depends on continually improving the tools and techniques used to select and assess risks, manage risk portfolios, and optimise the claims handling process. Data is the lifeblood of the underwriting process and, with an ever-increasing range of sources available, we want to make sure we’re looking beyond our core data sets to power smart decision-making in the market. 

Submissions could include (but are not limited to): 

• New data sources that highlight high risk policies for more accurate underwriting 
• Predicting future claims based on search engine trends 
• Aggregating existing data sets in new ways to reveal hidden trends 
• Payment solutions automating reconciliation and distribution of payments 
• Documentation processing 

Our award-winning accelerator attracts interest across the globe from InsurTechs and start-ups, of which roughly 200 apply per programme. The application process entails scouting, shortlisting, pitch day and then acceptance onto the programme for up to twelve companies. This process is highly competitive so this year we’re offering a fantastic opportunity for a start-up that really stands out.  

The winner of the ITC LATAM pitch day can fast-track through the application process straight to Pitch Day. We will work with you on your application and provide pitch training. At this event, the winner will get the chance to pitch their product in the Lloyd’s Lab to the industry leading experts and professionals who make up the Lloyd’s market.  

The Lloyd’s market will vote on Pitch Day, who they would like to join the next Lloyd’s Lab programme. If you are successful at Pitch Day, you could be awarded a place in our next 10-week accelerator programme. 

• Submit your application by Monday March 20th, 2023 
• Finalists will be announced by Monday March 27, 2023 
• The ten finalists will present live on stage for 5 minutes each, followed by 5 minutes of Q&A, during the Pitch Competition on April 25, 2:00-5:00.
• Please note the competition will be done in English.
• The winner will be announced live at the event.