Business Mentorship Programme Supports Insurtech Innovation

Business Mentorship Programme Supports Insurtech Innovation

Paul Harris is a professional indemnity underwriter with Syndicate 1200 in London. He is also a mentor for Lloyd’s Lab, an innovative programme that provides insurtech companies with a unique opportunity to discuss and develop their ideas with Lloyd’s market experts.

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How did you get involved with Lloyd’s Lab?

I have always been interested in how emerging technology is going to affect the industry and our profession. It’s been a hot topic in the Lloyd’s market for some time, so when they set up this business mentorship programme, I was keen to get involved. I am one of around 50 Lloyd’s Lab mentors and have so far worked with the second and third cohort of insurtech companies.

What does your role involve?

Our role as Lloyd’s Lab mentors is to provide an opportunity for companies, entrepreneurs and start-ups to discuss their ideas with an industry-based team and gain insight and feedback from those who may actually use their products. We get together once a week for an hour and can follow up with one-to-one sessions for more detailed discussions.

“Praedicat benefitted tremendously from our mentors’ ideas and practical feedback, as well as the introductions they were able to make within their respective companies and the Lloyd’s marketplace. The whole experience was integral to the creation of Hundreds, which we look forward to bringing to market in 2020 under the new Future at Lloyd’s framework.”

— Lauren Restell, Manager, Rating and Regulatory Affairs, Praedicat

Tell us about your latest mentee.

I’ve been mentoring an insurtech company called Praedicat, who provide product risk analytics and liability modelling. What really caught my interest is their solution to address a significant underinsurance issue.

Praedicat have highlighted that around half of tort (damages) payments in the U.S. in the last year were uninsured. They also showed that insured levels have been dropping year on year for over 30 years.

So, either clients aren’t purchasing enough to limit their exposures, or underwriters are simply excluding them.

Praedicat’s solution (Hundreds) was developed in the Lab and will provide ‘top-up’ insurance with $100 million limit excess of $100 million attachment point for 100 named perils. The coverage will include emerging technologies, such as 5G or nanotechnology, as well as essential chemicals in manufacturing and agriculture.

“We have been delighted by the support from the Lloyd’s market through the mentor programme. We always believed this would be a great opportunity for mentors to learn from the Lab teams – but also to use their expertise to help ensure the services and products the teams deliver are matched to Lloyd’s market’s needs. As with all our mentors, our thanks go to Paul for his support and guidance.”

— Trevor Maynard, Head of Innovation, Lloyd’s

What do you get out of this business mentorship programme?

The benefits of mentorship for companies like Praedicat is obvious, but as mentors, we get a lot out of it as well. It’s always useful to collaborate with different people within Lloyd’s and the wider industry. 

As an underwriter, my work can be quite siloed, so this sort of activity expands my knowledge and helps me understand the broader issues within the market. It’s a good way of keeping up to date.

Get another inside look at the benefits of mentorship.