Lloyd’s is to invest in a cloud-based commercial insurance platform for small business following a trial in its insurtech lab.

Insurtech Layr uses its cloud platform to provide faster access to liability cover. Its proprietary price and appetite prediction engine matches businesses with the right policy and the right insurer, for the right price.

It uses artificial intelligence and machine learning to compare an applicant against clusters of similar businesses, demonstrating what coverage similar companies buy.

The Lloyd’s Lab brought in a cohort of 12 insurtechs last week. The program will run until July, when the companies can showcase their products to potential investors.