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Lloyd’s of London to pour funding into cloud-based insurance platform

Insurance Business America | May 10, 2019

Lloyd’s of London, which earlier this month unveiled a bold modernisation 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 recognises 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.

Spotlight

Digitizing Underwriting with Mendix and Capgemini

The underwriting process is critical for insurers. But manual processes, spreadsheets, and data from disparate silos slow down the process and make audit trails a nightmare. All that means a lot of stress on systems and employees, plus a less-than-ideal customer experience.

Fortunately, it doesn’t have to be that way.

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Spotlight

Digitizing Underwriting with Mendix and Capgemini

The underwriting process is critical for insurers. But manual processes, spreadsheets, and data from disparate silos slow down the process and make audit trails a nightmare. All that means a lot of stress on systems and employees, plus a less-than-ideal customer experience.

Fortunately, it doesn’t have to be that way.

With the P&C Underwriter Workbench from Mendix and Capgemini, you can optimize and digitize underwriting, leading to efficiency, effectiveness, and increased productivity.

Connect with your core systems and data sources to make data-driven decisions. Customize every aspect to make an offering that’s uniquely yours.

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