Applications are open until July 9 for the 11th cohort of the Lloyd’s Lab, this year concentrated on the themes New Products, Data, Models & Processes and Asia-Pacific Climate Risk, Cyber and Sustainability. 

Lloyd’s Lab Virtual Open Houses will be hosted on June 14 and June 28 where applicants can meet the Lloyd’s Lab team and market members. Shortlisted applicants will pitch their ideas in August, the program starts September 25, and teams will showcase their progress at Demo Day on December 7. 

The program, which runs twice a year, offers access to expert mentors and potential partners and investors.  

It gives start-ups, scale-ups and sometimes mature companies 10 weeks to work with market experts to shape their innovation. Concepts can be tested with the support of experts from the world’s largest insurance and reinsurance market.   

Lloyd’s says office space will be available at key locations around Asia for the APAC Climate Risk, Cyber and Sustainability theme participants.  

"We are looking for fresh ideas to challenge how we do things and help the Lloyd’s market better serve its customers,” it said. 

New Products-themed submissions could include technologies to help insurers quantify the exposure to intangible assets or the transition to a low-carbon economy, predict when they might be about to experience a loss, bundled products adding insurance to an existing service, or parametric and smart contract products. 

"New insurance products that helps 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 customers become more resilient,” Lloyd’s said. 

Data, Models & Processes submissions could include 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, or documentation processing. 

“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,” Lloyd’s said. 

Asia-Pacific Climate Risk, Cyber and Sustainability submissions could include solutions to assist with disaster response, enhance cyber security and prevent fraud such as embedded tracking and early warning solutions for ransomware risk assessment and mitigation, solutions that promote renewable energy and energy efficient and sustainable infrastructure.  

“Lloyd’s are keen to explore insurance solutions that assist with mitigation and resilience for customers that are prone to and impacted by extreme weather events and/or cybercrimes and require protection, as well as finding innovative solutions in the area of sustainability,” it said. 

Apply here.