Lloyd’s of London has begun a search for InsurTech talent that can help grow and advance its digital capabilities.

The venerable specialist insurance/reinsurance market said the process will take place through its Lloyd’s Lab innovation venture, which is looking globally for talent with whom it could partner to develop products and services. Of particular interest: entrepreneurs and early/growth stage InsurTech companies.

“We want to challenge how we do things, and we are looking for entrepreneurs that can help Lloyd’s redefine how we use technology to better serve our customers in this hyper-connected world,” Lloyd’s CEO Inga Beale said in prepared remarks.

Plans call for working with applied corporate innovation specialist L Marks over 10 weeks to give selected startups the opportunity to work with Lloyd’s market experts to shape an innovative idea. They’ll get state-of-the-art space in the Lloyd’s building in London; “potential funding”; and the chance to develop products, platforms and processes that could help Lloyd’s become more technology-driven.

Lloyd’s Lab, working with Lloyd’s market and The Boston Consulting Group, developed four key themes for the project: enhancing the customer experience, building a relationship-driven culture for the digital age, powering data-driven underwriting and creating smart insurance products.

Applications for the chance to win a spot in the first cohort of the Lloyd’s Lab close on July 22, 2018. According to Lloyd’s, the most compelling applications will advance as part of a pitch on Sept. 3 to Lloyd’s senior leadership and market representatives. Winners from that will be part of the first Lloyd’s Lab undertaking beginning on Oct. 8.

“Whether by reducing acquisition expenses, helping make better underwriting decisions, making operations more efficient or improving the policyholder experience, we want to see ideas that make a real impact on market performance,” Lloyd’s Head of Innovation Trevor Maynard said in prepared remarks.

Any interested businesses, entrepreneurs or startups should apply for the Lloyd’s Lab venture at www.lloydslab.com.

Source: Lloyd’s