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

Insurance Business America | May 10, 2019

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

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When Expedia launched in 1996, few could have anticipated the transformation that this platform would bring to the travel industry. Expedia gave consumers complete control over the booking process, with multiple options available in one place for immediate, online booking. With that leap, Expedia and the online travel agencies (OTAs) that followed in its footsteps launched a trend of technology-driven innovation in the travel industry a trend that has only accelerated.

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