Lloyd’s of London has invested around $150,000 in artificial intelligence start-up Layr, which focuses on commercial insurance products for small businesses.

The insurance giant made the investment after testing the American star-up’s cloud-based commercial insurance platform in Lloyd’s Lab, its insurtech innovation lab.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Lloyd’s Lab welcomed a second cohort of 12 insurtech start-ups last week. Layr participated in the first cohort of the innovation lab.

Layr, which was founded in 2016 in the US, tested its cloud-based solution at Lloyd’s Lab for providing faster access for small businesses looking to purchase liability insurance.

The insurtech company said that it will use the money to further develop its product.

Additionally, Layr is also looking for potential distribution opportunities with several Lloyd’s syndicates.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Layr’s platform side-steps carriers’ APIs and instead leverages its proprietary price and appetite prediction engine to match business with the right policies.

The US start-up uses AI and machine learning to compare an applicant against clusters of similar small businesses.

Lloyd’s CEO John Neal said: “Lloyd’s Lab provides us with an exceptional environment to test and accelerate the implementation of new technological solutions.

“I am delighted that syndicates have teamed up with Parsyl and Lloyd’s itself has invested in Layr following the Lab’s first cohort, and I am looking forward to seeing what solutions emerge from the second cohort.”

Layr CEO Phillip Naples said: “Modern business owners do everything online, so Layr is the natural evolution for small business insurance.

“We feel validated that the world’s oldest and most respected insurance marketplace agrees and recognises that the technology we’re creating is the future of small commercial distribution.”