Lloyd’s of London, which earlier this month unveiled a bold modernization plan, has announced it will provide backing to artificial intelligence start-up Layr.
Without disclosing the amount, the centuries-old exchange said it will be investing in the cloud-based commercial insurance platform following a successful trial in the Lloyd’s Lab. The Lab, whose first cohort included Layr, provides insurtechs the opportunity to test their ideas within the Lloyd’s insurance and reinsurance market.
Designed to afford small businesses faster access to liability insurance, Layr’s solution uses a proprietary price and appetite prediction engine that matches business with the right policies from the right carrier at the right price. With the investment from Lloyd’s, Layr will develop its platform further.
“Modern business owners do everything online, so Layr is the natural evolution for small business insurance,” noted Layr chief executive Phillip Naples. “We feel validated that the world’s oldest and most respected insurance marketplace agrees and recognizes that the technology we’re creating is the future of small commercial distribution.”
In addition, the Atlanta-based insurtech is exploring potential distribution opportunities with several Lloyd’s syndicates. Parsyl, also from the first Lloyd’s Lab cohort, has seen six syndicates subscribe to its internet-of-things solution that features crafted risk coverage for sensitive shipments.
“Lloyd’s is in a unique position to drive innovation within the insurance market, and the success stories coming from our first cohort confirm that,” said Lloyd’s innovation head Trevor Maynard.
Meanwhile a second batch of 12 teams has come onboard for a 10-week programme that will run until July 03. They were chosen from more than 250 applicants.
“Lloyd’s Lab provides us with an exceptional environment to test and accelerate the implementation of new technological solutions,” stated Lloyd’s CEO John Neal.
“I am delighted that syndicates have teamed up with Parsyl and Lloyd’s itself has invested in Layr following the Lab’s first cohort, and I am looking forward to seeing what solutions emerge from the second cohort.”