177 applications were received across the world, with 11 companies selected after presenting their ideas in a competitive process and virtual pitch day. Since its launch, more than 900 startups have applied to be in the programme. SettleIndex will now work collaboratively with insurers in the Lloyd’s market to further develop the product over a 10-week programme.
SettleIndex provides insurers with a tailor-made solution to reduce litigation-related loss adjustment expenses. Its proprietary cloud software enables lawyers and insurers to work collaboratively to identify optimum settlement timing, make earlier risk-based decisions, and lower claims expenses through earlier settlement. Use of the platform improves reserve accuracy by replacing generalised assessments with calculated values, and provides visibility over litigation, enabling clients to track cases as they progress and identify where action needs to be taken. Over time, insurers can use SettleIndex to benchmark the performance of cases, portfolios and firms.
Nick Sinfield, former CEO of Catlin Syndicate and Group Head of Claims at Tokio Marine Kiln, recently joined the company as an advisor and commented:
“Insurers have made huge progress in claims service, but there’s been one area where we’ve been relatively static – and that’s in the relationship with lawyers. This lack of change has been driven by two factors. First – behaviours and competencies haven’t changed significantly, perhaps for 150 years. There’s been no burning platform for change because actual performance has been difficult to measure. Second – claims adjusters have had no data from which they can analyse and manage performance.
With SettleIndex, for the first time, we can drive change in the legal market, be that burning platform, and provide claims handlers with the system and data to actually manage performance. That’s pretty revolutionary, and its impact could be huge, benefiting everyone – insured clients, brokers and insurers. SettleIndex is an opportunity to create significant and sustainable change for good.”
SettleIndex is a litigation risk platform for assessing, tracking and analysing disputes, based on the principles of decision tree analysis. Lawyers from leading firms use SettleIndex to model case outcomes accurately and consistently, identify settlement values and measure the profitability of settlements. As cloud software, SettleIndex is used collaboratively by lawyers, clients and insurers, providing transparency and visibility over litigation. SettleIndex creates universal metrics in a proprietary data model that can be used to compare performance across cases, benchmark performance and drive efficiency improvements.
About the Lloyd’s Lab
The Lloyd’s Lab is the home of InsurTech and is a leading hub for technology-led innovation, with more than 900 applications from international InsurTechs to join the Lab in its first two years. Successful companies join the Lab for a ten-week programme, where they work with insurers in the Lloyd’s market to develop and test their ideas, using the expertise and experience of their mentors to add value to the Lloyd’s market.
Lloyd’s is the world’s leading insurance and reinsurance marketplace. Through the collective intelligence and risk-sharing expertise of the market’s underwriters and brokers, Lloyd’s helps to create a braver world.
The Lloyd’s market provides the leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally.
It offers the efficiencies of shared resources and services in a marketplace that covers and shares risks from more than 200 territories, in any industry, at any scale.
And it promises a trusted, enduring partnership built on the confidence that Lloyd’s protects what matters most: helping people, businesses and communities to recover in times of need.
Lloyd’s began with a few courageous entrepreneurs in a coffeeshop. Three centuries later, the Lloyd’s market continues that proud tradition, sharing risk in order to protect, build resilience and inspire courage everywhere.