Lloyd's Lab opens its doors to tech disruption

Lloyd's Lab opens its doors to tech disruption

Lloyd's Lab opens its doors to tech disruption

The FINANCIAL -- Start-ups, entrepreneurs and businesses from as far afield as the US, Canada, Israel, the Netherlands, Ireland and the UK, presented ideas ranging from live-streaming drones for fast risk and disaster assessment, to harnessing the Internet of Things for live cargo tracking, to on-demand insurance for the gig economy.

The teams joining the Lab will gain unparalleled access to the world’s largest market for specialist insurance and reinsurance, in support of its digital evolution. This tech talent will help deliver innovative solutions to some of the key challenges the Lloyd’s market faces and make a real impact on the market’s performance in a fast-track fast-fail environment.

Over the ten weeks, the selected Lab teams will have access to a dynamic co-working space located in the Lloyd’s building in London, potential funding and the chance to develop products, platforms and processes that will help transform Lloyd’s into an increasingly technology-driven market. They will be supported by the Lloyd’s market who will offer their insight and expertise to help develop the ideas for their unique needs.

The launch of the Lab represents a significant milestone for Lloyd’s as it moves to modernise and harness the opportunities that advanced technology can offer to the 330-year old market and has been supported by applied corporate innovation specialist L Marks together with The Boston Consulting Group.