Lessons from 3 years and over 80 InsurTechs
By Ed Gaze
Ed heads up the Lloyd's Lab, the home of InsurTech and innovation at Lloyd's of London.
As I sit here in the Lloyd's building, I'm reflecting on over three years of working with InsurTechs and the Lloyd's market - all the new solutions we've helped launch, the new relationships which have been made, and the change in culture and attitudes. I was new to insurance when we started – and I never expected to become such an insurance geek!
Let's take a look at some of the most interesting developments
The InsurTech ecosystem
Here at Lloyd's we see a very interesting dynamic of competition and collaboration. Our syndicates are competing day to day, but often the best way to launch a new product is by collaborating across the marketplace, and of course, with brokers and customers.
The InsurTechs have been really keen to share learnings, ideas, and collaborate with each other. A rising tide lifts all ships, after all.
In the Lloyd's Lab we've seen many of these collaborative relationships develop - for example, in the new world of Crypto insurance we had Superscript (here to create D&O cover for crypto companies), working with Merkle Science (here to help us understand crypto companies better).