Lloyd’s has announced the next 11 Insurtech start-ups joining the seventh cohort of its Lloyd’s Lab innovation accelerator programme.
The new cohort will focus on creating simpler products for customers, including building solutions related to cryptocurrencies. The global programme received 179 applications, from which Lloyd’s said it selected 11 teams to form the next cohort of the Lloyd’s Lab, beginning on 6 September 2021.
It added that each of the teams chosen “impressed an expert panel of Lloyd’s and market stakeholders during a competitive pitch process”, where they presented their innovative insurance product ideas for the market.
For the seventh cohort, the Insurtech start-ups have been selected based on solutions geared towards three key themes: claims, data and models, and cryptocurrencies.
Additionally, it revealed that for the second cohort in a row, the Lloyd’s Lab accepted wildcard entrants who presented solutions outside of the core themes. These start-ups focus on areas such as anti-money laundering, robotics and construction. The teams will be working to create insurance products and solutions which can be adapted to the Lloyd’s market.
The teams selected for Lloyd’s Lab cohort seven are:
- Sotera – uses machine learning to provide insurers with data to price risk on unusual objects such as antiquities and creates digital identities for legitimate objects to support better anti-money laundering and more sophisticated insurance products.
- Koop – specialises in commercial robotics and autonomous vehicle developers and operators. They use a modular, API-powered platform enabling competitive underwriting at scale.
- ICEYE – provides near real-time flood extent and depth data enabling deployment of resources and calculates overall flood losses with speed and accuracy.
- Jungle – an artificial intelligence platform designed to resolve underperformance arising from operational complexity in renewable energy and industrial processes.
- Falkonry – enables predictive operational excellence for manufacturing organisations through discrete and composite digital twins of operational systems at edge, site or cloud.
- YEO Messaging – a secure private messaging platform where the sender can always be assured of privacy and control.
- Hubvia (Brush Country Claims) – an insurtech solution built to streamline the P&C claims handling process by providing ultimate claims control and expedited time to settlement.
- Merkle Science – a predictive cryptocurrency risk and intelligence platform helping companies and governments detect, investigate, and prevent illegal activities.
- Superscript – combine broking and underwriting expertise with technology and data science to create relevant insurance solutions for modern businesses.
- BirdsEyeView – harness space-data and innovative parametric solutions to provide uncomplicated insurance for severe-weather risks.
Ed Gaze, Lloyd’s Lab senior manager, said: ‘We’re excited to welcome the new teams to the Lloyd’s Lab for our seventh cohort. The decision to invite Insurtech’s with expertise in digital currency and cyber follows an increase in new and sophisticated attacks targeted at businesses, individuals and governments, which pose an increasing challenge for the insurance industry.
“We’re pleased to once again secure cutting edge Insurtech’s from across the world to work with the Lloyd’s Lab.”