Lloyd's Lab

The Lloyd's Lab is home of all things innovation at Lloyd's. The Lab focuses predominantly on designing technology-driven solutions to meet the unique and rapidly changing needs of the Lloyd’s market. The lab enables new concepts, ideas and products to be tested in a fast-track, fast-fail environment with the support and active involvement of Lloyd’s market participants. It also enables Lloyd's to work collaboratively with the startups to find potential solutions that could contribute to 'The Future at Lloyd's' - a strategy to simplify access to the global insurance market, and lower business costs - through enhanced data sharing and finding new sources of risk insight.

The lab is based in Lime Street, London, and consists of a ten-week programme. Startups are partnered with mentors from managing agents across the solution, given access to co-working space and potential funding, and provided with a network of experts in their chosen field.

Lloyd's Lab announced their seventh cohort in August 2021. This time around, the start-ups are focused on Cryptocurrencies, Claims and Data and Modelling. After receiving almost 180 applications, 11 startups were selected to form the next cohort of the Lloyd’s Lab, beginning in September..

In January 2021 Lloyd's announced the Lloyd's Product Launchpad. Led by the Lloyd's Lab team, it will develop new insurtech solutions to tackle emerging risks. The new offering will continue the work of Lloyd's Product Innovation Facility (PIF) whilst also enabling Lloyd's market to keep partnering with startups. With £150m capacity, the Launchpad enables underwriters to safely experiment and collaborate on new innovative solutions and has helped produce the likes of Parametrix's BI product for cloud outages, amongst others.