Our partnership with Lloyd's unlocks new insurance products and provides regulatory guidance all while creating opportunities to make our best-in-class customer experience even better.
Last week, we announced that the world’s oldest and most respected insurance marketplace was investing in and partnering with Layr. The decision is in line with a modernization initiative called the Future at Lloyd’s and comes after Layr successfully participated in the first cohort of a technology accelerator run by Lloyd’s, the Lloyd’s Lab. But what exactly do this investment and partnership mean for our current and prospective business insurance customers?
Improved Customer Experience
While we already have access to many of the specialty commercial insurance products that run through Lloyd’s, we currently contract with wholesale insurance brokers to act as middlemen between Layr and Lloyd’s to get non-admitted coverage placed for our customers. And while this is a common practice across the industry, the additional layer (no pun intended) of interaction results in more work, time, and cost. Part of the use of funds from the Lloyd’s investment is obtaining our surplus lines licenses which will open direct access to the non-admitted and specialty products being placed through Lloyd’s. Best of all, these products can be fully integrated into the Layr platform eliminating the additional work, time, and cost associated with running small commercial through wholesale brokers.
Broader Insurance Product Offering
The traditional insurance broker model makes distributing insurance to small businesses and startups unprofitable. As a result, tens of millions of companies across the country struggle to gain access to the important and valuable products that Lloyd’s can offer. Once we have obtained our surplus lines licenses, we will be in a better position to work with Lloyd’s and their carriers, or syndicates as they’re called, to bring highly specialized and even new insurance products to market via the Layr platform. Lloyd’s product through Layr is especially good news for business owners and founders who are operating highly unique, cutting edge, or especially vulnerable companies and are unable to obtain the coverage they need from admitted insurance carriers.
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As Layr grows and expands into new markets, offers new products, and works with new industries, the regulatory requirements and standards we must meet will also increase. We do, after all, operate in one of the most regulated industries in existence and for good reason. Lloyd’s of London has been in operation for more than 330 years and North America and the United States, in particular, represent one of its largest markets. To say Lloyd’s understands navigating complex global insurance regulations would be an understatement. We’ll be making full use of our access to the knowledge, experience, and resources that Lloyd’s can offer to ensure continued and accurate regulatory compliance.
As head of product at Layr, I’m constantly looking at everything through the lens of the entrepreneurs, business owners, and startup founders who depend on Layr to help them and their companies thrive. I’m proud and excited to have the backing of Lloyd’s and know that our customers will benefit greatly from this new partnership.