The Lloyd’s Lab Effect: Scrub AI’s Evolution
Three years ago, Scrub AI was selected to join Lloyd’s Lab Cohort 6, marking the beginning of an incredible journey. Reflecting on our time in the Lab, we’re filled with gratitude for the experience and the opportunities it provided, which have helped us achieve all that we have since then.
About the Lloyd’s Lab
The Lloyd’s Lab describes itself as ‘dedicated to accelerating and fostering new products and solutions fit for the needs of our customers around the world’. The Lab offers a unique 10-week program where InsurTech startups can test ideas and products with the support and active involvement of the market, developing innovative solutions that could contribute to the future of insurance.
As John Neal, CEO of Lloyd’s, puts it, ‘A jewel in our crown, and a bee in our bonnet – challenging us to embrace new ways of thinking and go further and faster in innovating to insure society’s risks’.
The Lloyd’s Lab experience
During our 10 weeks in Cohort 6, we split our time between researching, building, and piloting our new features with the market. We had three main goals:
- Enhance our product with AIR and OED outputs, alongside RMS;
- Further our strong network within the insurance industry;
- Understand big insurance companies’ and enterprise purchasing processes.
The Lloyd’s Lab was fundamental in helping us achieve these goals. Our mentors gave us invaluable guidance and introduced us to relevant, experienced people in their companies, significantly boosting our progress. Introductions made during the Lab also helped us understand the security and procurement requirements of large insurance companies, leading us to pursue and achieve ISO 27001 accreditation.
Nicola Turner, our Co-founder & COO, shared:
The Lloyd’s Lab was an incredibly valuable experience for us, helping us to develop and pilot a new release of the product, as well as opening our eyes to insurance companies’ purchasing processes. We are still asked about it in client meetings today, and we’re fortunate to still be in touch with many of our mentors. We would highly recommend it to anyone considering applying.
Scrub AI – Post Lloyd’s Lab
Since the Lloyd’s Lab, we’ve gone on to achieve major milestones that have continued to drive us forward.
- Within six months, we secured our first major client, validating our product and opening doors to more opportunities.
- Our active involvement in the Lloyd’s Lab Alumni Events has kept us connected and growing.
- In April 2023, we also closed a Seed Round, allowing us to further expand our brilliant team and begin developing our next product offerings.
These achievements have solidified our position in the industry and set the foundation for future success.
We’re proud of Scrub AI’s success since their time at Lloyd’s Lab. Their solution has significantly improved insurance back-end data processes, enhancing business efficiency. The collaboration between Lloyd’s Lab and start-ups like Scrub AI continues to drive innovation in the insurance industry. – Lloyd’s Lab.
Join the journey
If you’re considering applying for the Lloyd’s Lab or becoming a mentor, we can’t recommend it enough. Find out more about the Lab here or reach out if you’d like to hear more about our experience.
