The business aims to streamline the credit and political risk marketplace
Insurtech Dialogue Exchange Global has been selected to participate in a Covid-19 programme at Lloyd’s Lab, forming part of cohort five.
The Lloyd’s Lab initiative, based at Lloyd’s of London, is a 10 week programme that pairs startups with managing agent mentors from the market; the scheme enables these young businesses to develop their solutions, fully utilising the experience of the Lloyd’s market.
This month, Lloyd’s Lab plans to run two Covid-19 themed programmes, with the first one earmarked to start on 6 July with cohort five.
Ben Heaney, founder and chief executive at Dialogue, said: “Lloyd’s Lab is one of the top insurtech accelerators in the world and we are thrilled to have been selected for the latest cohort.
“Dialogue will benefit from the mentoring and deeper communication with the market - a market we have been actively engaging with in developing Dialogue to date.
“We look forward to talking with and learning further from the market as we support Lloyd’s in having the technology in place to regulate peoples’ physical movements and safety on the trading floor, as well as handle high volumes of virtual negotiations and underwriting decisions running in parallel.
“Getting this right now will shape the future of complex risk and the Lloyd’s market for years to come.”
Independent credit and political risk insurance (CPRI) platform provider Dialogue offers an online platform for brokers and underwriters – this enables insurance professionals to create, submit, negotiate and place CPRI transactions.
Dialogue has also developed a Box Hours solution, designed to help regulate physical meetings at Lloyd’s and ensure the most efficient use of boxes under lockdown conditions.
Heaney continued: “When Dialogue launched a test product to market in December 2019, 95% of CPRI broking houses were registered within a month and since then, the pandemic has accelerated the need to digitise complex insurance classes such as CPRI - we’ve seen a large volume of enquiries from brokers and underwriters alike.
“Smooth, efficient negotiation and placement of insurance contracts under remote working conditions is now essential, as is the most efficient and safe use of box hours when physical negotiations take place again at Lloyd’s.
“Our aims are to provide an independent solution for the market, including developing a non-proprietary, open standard dataset specific to CPRI. Our platform also supports existing electronic placement systems and integrations with brokers and insurers through published APIs; in a one size does not fit all world, interoperability is key.”