Lloyd’s Lab, the innovator accelerator established by the specialist insurance marketplace Lloyd’s, is set to launch a new search for the next group of InsurTech innovators across the globe.

The programme, according to the company, will look for entrepreneurs and startup firms technically equipped to develop solution to solve problem challenges faced by it.

Specifically, Lloyd’s Lab is looking for firms which can power data-driven underwriting with new insights; improve customer experience; enable back-office efficiencies; and develop next-gen insurance products or services.

The global search for applications will close on 3 February 2019. The initiative is being led by L Marks, an applied corporate innovation and early-stage investors specialist, the company said.

The most promising applicants will be invited to present their ideas on 20 March. Subsequently, the ten final start-ups will be chosen by the industry experts that will be part of the second Lloyd’s Lab cohort.

The second Lloyd’s Lab cohort will have to develop their ideas over the ten weeks beginning on 29 April, the company added.

Lloyd’s head of innovation Trevor Maynard said: “The Lloyd’s Lab’s first global talent search drew in almost 220 applications from 36 different countries.

“Start-ups, entrepreneurs and businesses presented ideas ranging from live-streaming drones for fast risk and disaster assessment, to harnessing the Internet of Things for live cargo tracking, to on-demand insurance for the gig economy.

“The fact that Lloyd’s can attract such a high calibre of tech talent and ideas shows that we are well placed to lead the way in terms of insurance innovation. We are excited to see what the next cohort will bring us.”