Lloyd’s Lab Accelerator Programme Qorus-NTT DATA Innovation in Insurance Awards 2025

Lloyd’s is the world’s leading (re)insurance marketplace, comprising of more than 50 leading insurance companies, over 380 registered Lloyd’s brokers and a global network of over 4,000 local coverholders operating within, and bringing business to the Lloyd’s market. Lloyd’s is proud of its reputation of driving innovation within the insurance industry. The Lloyd’s market has a history of innovative firsts, from insuring automobiles to satellites, and is now the market leader in cyber risk insurance. In an era of increasingly volatile risks, Lloyd’s must adapt and increase its relevance to changing risks. The Lloyd’s Lab was established in 2018, to increase the pace of successful innovation within the Lloyd’s market, in a fast-track, fast-fail environment and last year passed its five-year milestone.

Since its inception, the Lloyd’s Lab has overseen 13 Cohorts and supported over 140 companies not only in their development, but to penetrate at pace into the Lloyd’s Market. The accelerator’s USP is its unparalleled access to Lloyd’s Market experts and senior leadership, from across the 50+ insurers, 300+ brokers and various service providers operating in and around the Lloyd’s Market. To date, over 600 mentors have collaborated with Cohort participants. Lloyd’s Lab participants are partnered with 5-10 mentors each, based on the mentor’s needs and selection, providing them with expertise that will work with them to co-develop proposition to their mutual benefit.

Mentor insights can often result in significant refinement, or even a change of direction Lloyd’s. Lab participants are often developing insurance services, developing their MGA business, or looking to become full insurance carriers or brokers. Current data shows how the Lab has been fulfilling it’s mission of innovating the Lloyd’s Market - Lloyd’s Lab participants have raised upwards of $1.2 billion in investment and 85% are still working with the Lloyd’s Market today. Some of the Lloyd’s Lab Alumni have successfully exited their business, and 26 have become coverholders in the Lloyd’s Market. One of our most notable examples of alumni innovating the Market, is with Lloyd’s Lab Alumni, Parsyl, who have developed Syndicate 1796, which have focused on insuring the transportation of the Covid-19 vaccine; a solution that both benefits the Lloyd’s Market and the wider world. Parsyl have recently (January 2025) secured a $20M series C funding to further expand across industries and regions.

Another notable Alumni coverholder is Gaia, who offer the first of a kind insurance product to make IVF treatments more accessible and affordable.