PRESS RELEASE: Independent CPRI insurtech Dialogue joins Lloyd’s Lab
Start-up focused on digitally streamlining the Credit and Political Risk Insurance sector fast-tracked for Lloyd’s Lab COVID-19 cohort
London, 1st July, 2020: Independent CPRI platform Dialogue Exchange Global Limited (Dialogue) is delighted to announce that it has been selected for the fast-tracked Lloyd’s Lab COVID-19 cohort 5.
Dialogue is a start-up focused on digitally streamlining the Credit and Political Risk Insurance (CPRI) marketplace.
An online platform enabling brokers and underwriters to create, submit, negotiate, and place complex CPRI transactions, Dialogue has also developed the innovative Box Hours solution to help regulate physical meetings at Lloyd's and ensure the most efficient use of the box under lockdown conditions.
The Lloyd's Lab is the home of insurtech at Lloyd's. Innovative start-ups are selected on merit to join the Lab for a ten-week programme, where they are partnered with mentors from managing agents from across the market who help them develop and grow their service or product.
Ben Heaney, Founder and CEO of insurtech 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.
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 crisis 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 - and in a one size does not fit all world, interoperability is key.
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.”
Notes to editors
Dialogue is a single, secure, independent platform for sending, receiving, negotiating and responding to enquiries in the CPRI market. Dialogue has also created Box Hours, an innovative solution to promote the most efficient use of face-to face box hours in the underwriting room.
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