Lloyd’s is to invest in cloud-based commercial insurance platform, Layr, following its successful trial in the Lloyd’s Lab, which last week welcomed a second cohort of 12 insurtech start-ups.
The Atlanta, Georgia-based firm participated in the first cohort of the Lloyd’s Lab to test their cloud-based solution for providing faster access for small businesses looking to purchase liability insurance.
The platform bypasses carriers’ APIs and instead uses its proprietary price and appetite prediction engine to match business with the right policies from the right career at the right price. This allows Layr to provide indications for more lines of coverage across more industries in real-time.
The solution uses artificial intelligence and machine learning to compare an applicant against clusters of similar small businesses, providing companies with both the coverage they need and the best price to pay for it, along with information relating to the cover purchased by similar businesses.
Lloyd’s CEO, John Neal, said: “Lloyd’s Lab provides us with an exceptional environment to test and accelerate the implementation of new technological solutions. 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.”
Layr is also exploring potential distribution opportunities with several Lloyd’s syndicates.
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