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"The Lloyd's Lab is the epicentre of innovation in the Lloyd's market, it's a unique and exciting space, we operate like a start-up within a large corporation."
That's how Martin Smith, the chief executive of the market's innovation lab, describes the 10th cohort of start-ups that have been selected to work with the Lloyd's team for a 10-week program that has a 97% success rate, the Telegraph reports.
"Insurtechs in the Lab have such a high success rate because of the advice, support, and care they get from their mentors, it's part of the Lab's USP," Smith says.
Among the start-ups that have made it through the program: Parsyl, which makes it possible to insure the transport of Covid-19 vaccines; Gaia, which provides more high-quality carbon removal solutions; and Insurtechs that have helped women with the costs of IVF.
"When the Lab started, we were reactive, waiting for entrepreneurs to approach us with ideas," Smith says.
"In the future we plan to be much more proactive, looking for the solutions we know the market is hungry for and needs.
As we bring people together to develop and scale up
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A customized collection of grant news from foundations and the federal government from around the Web.
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