For the first time in its 330 year history, insurance behemoth Lloyd's of London is launching a global innovation sandbox to find tech talent that can develop new solutions as it attempts to digitise.

Nicknamed Lloyd's Lab, the new initiative will see corporate innovation specialist L Marks go on the hunt for entrepreneurs, early and growth stage insurtech startups to partner with the Lloyd's market.

Over ten weeks, selected startups will work alongside Lloyd's to deliver answers to some of its key challenges, based in a co-working space inside the Lloyd's building in Leadenhall. They will also get the chance to grab some potential funding for their ideas, as they develop products, platforms and processes to bring Lloyd's into the tech-driven insurance world.

The sandbox will focus on four key themes, which range from the customer experience, building a "relationship-driven culture" and creating smarter insurance products.

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“Were looking for solutions that can create true commercial value for the Lloyds market," said Lloyd's of London head of innovation Trevor Maynard.

"Whether by reducing costs, helping make better underwriting decisions, making operations more efficient or improving the policyholder experience, we want to see ideas that make a real impact on market performance.”

Applications to be considered alongside L Marks' search for entrepreneurs close are open now, closing on 22 July. The first cohort of Lloyd's Lab will start working on 8 October, later this year.

Lloyd's of London CEO Inga Beale said:

“The Lloyds Lab will contribute towards a more sustainable and competitive insurance market by providing a dynamic environment where start-ups can come in with different ways of thinking and fresh ideas.

"We want to challenge how we do things and we are looking for entrepreneurs that can help Lloyds redefine how we use technology to better serve our customers in this hyperconnected world.”