In recent years Lloyd’s have been dedicated to making the marketplace a more competitive and innovative place to do business. The Lloyd’s Lab, their annual startup accelerator programme, shows their commitment to supporting new thinking.
We’re proud to share that FloodFlash, pioneers of property level parametric insurance, are the latest company to enter into the lab. In September they will join notable alumni that include Parsyl, Tremor Technologies and miBroker. I sat down with the team at FloodFlash to chat about how they made it on the programme and what they’re expecting from it.
“Our inclusion in the Lloyd’s Lab this year is another example of parametric insurance being embraced by the market.” Brent Jackson, FloodFlash Commercial Director
What is Lloyd’s Lab?
Started in 2018, the Lab has just welcomed it’s third cohort into a 10 week programme designed to supercharge the progress of the participating businesses. FloodFlash and 10 other companies will benefit from the support that includes mentorship from market experts and industry leaders; product development and validation; possible funding from the Lloyd’s Lab investment pot; and co-working space within the Lloyd’s building.
How did FloodFlash get into the Lab?
The process Lloyd’s use to find each cohort is designed to unearth the most innovative and progressive companies working in the insurance industry today. It is broken down into two stages: the initial application and the final pitch session.
The application stage is a case of best representing the concept and product that has already gained traction with underwriters, brokers and customers across the UK.
The second stage is a test of the team and their ability to take this concept to the heights that evidence shows it can reach. The setting was a beautiful modern room befitting somewhere calling itself a “Lab”. The cast consisted of representatives from the FloodFlash team (Ian Bartholomew, Brent Jackson and Ola Raji) and a 50-strong audience of insurance experts, all with a vote as to how the company would fare.
“I’m proud that the idea that started this company can inspire confidence in the insurance establishment. The possibilities of parametric insurance have never been more exciting.” Adam Rimmer, FloodFlash Co-Founder
Walking away from the pitch the team were confident of how they performed, but with the intense competition for places it was still a real unknown. The good news? In just 24hours the team received news. Our pitch was successful and we were accepted into the third cohort of the lab.
What is next for FloodFlash and the Lloyd’s Lab?
Having been officially named on the third cohort of the accelerator this month, the real work begins in September. This is an opportunity for FloodFlash to grow our role as a member of the international insurance community in partnership with a 330 year-old insurance market. Our hopes for the accelerator are unlimited but we’re particularly excited about a few specific benefits:
- Better understanding and developing our capacity: we’re already underwritten by syndicates within Lloyd’s. We’re looking forward to developing those relationships and establishing new ones.
- Developing and scaling the product: at FloodFlash we specialise in writing catastrophe. Being in London helps us seek out support – being part of the Lloyd’s lab grants direct access to those resources.
Finally, we’re excited about our newfound access to the iconic Lloyd’s building. Having a change of scene from our office near the South Bank has huge value, particularly when entertaining partners and brokers. Working on the future of insurance within hearing distance of the Lutine Bell will inspire us to keep pushing FloodFlash to new heights. Building on this latest success we will continue to champion parametric as a crucial means of closing the global protection gap and ensuring everyone has access to cover.