Lloyd’s Lab announces InsurTechs joining first ever Americas-focused Cohort

25 Mar 2024

Lloyd’s, the world’s leading marketplace for insurance and reinsurance, has announced the 12 InsurTech firms joining the 12th Cohort of the award-winning and globally renowned Lloyd’s Lab Accelerator programme.

Receiving record number of applications from over 33 countries, the incoming cohort teams will have access to the Lloyd’s Lab’s extensive network and expertise across a ten-week fast-tracked incubator to develop products and solutions with the support of industry experts.

Recently recognised in the Top 25 start-up hubs across Europe by the Financial Times and Statista, the Lloyd’s Lab’s unique approach to fostering global innovation is helping to tackle some of the world’s biggest challenges.

Progressing the Lab’s mission of supporting innovative insurance solutions across the globe, Cohort 12 focuses on developing solutions to some of the biggest risks faced by businesses and communities in the Americas region such as challenges arising from natural hazard prediction to risks associated with cybersecurity.

Alongside the ‘Americas’ theme, applications were also accepted under two further themes: ‘Data, Models and Processes’ and ‘New Products’. ‘Data, Models and Processes’ aims to tackle challenges through innovative platforms for underwriting progress within the Lloyd's market. ‘New Products’ is dedicated to fostering insurance products that can address underinsurance issues and significantly enhance resilience.

“Each new team in Cohort 12 brings unique innovation and expertise to the table, supporting Lloyd’s continued commitment to redefining the future of insurance.
“The Lab’s recent success with region-specific themes further validates the work the Lab is doing to deliver solutions for our global marketplace. We are thoroughly impressed with the teams who presented at Pitch Day and look forward to welcoming them through our doors.” 

Rosie Denée, Lloyd’s Lab Senior Manager

Each of the teams chosen impressed an expert panel of Lloyd’s and market stakeholders with their innovative insurance solutions during a competitive pitch process. The successful teams are:

New Products

CoverYourAI

CoverYourAI helps enterprise teams leverage AI through their dynamically priced, parametric product protection plan embedded at the checkout. They close the AI adoption gap by making AI risk transferable so that coverholders can achieve more with AI.

https://coveryourai.com/

OpenCover

OpenCover protects the growing number of businesses transacting on blockchain networks against technical, economic, and cybersecurity risks. OpenCover’s real-time blockchain transaction cover, recreates the safety net businesses rely on when transacting on traditional rails.

https://opencover.com/

SAMP Risk

SAMP Risk is helping insurers with power machine breakdown insurance by providing insights that reduce failures in power assets and improve insurer loss ratios. SAMP Risk has commenced its journey to establish an MGA shaped by these insights.

https://samptechnology.com/

SHINC

SHINC leverage parametric insurance and deep domain expertise in the commodity and maritime markets to transform the demurrage claims process and provide risk management tools not available in the market to date.

https://www.shinc.io/

Data, Models and Processes

Astroteq.ai

Astroteq.ai transforms earthquake predictions and readiness with its AI driven earthquake forecasting system, designed to provide forecasting horizons of up to 14 days rather than mere seconds

https://astroteq.ai/

CatX

CatX bridges the gap between alternative capital and insurance risk. Their technology helps insurers reduce their cost of capital, brokers improve their client experiences and investors unlock uncorrelated investment opportunities.

https://www.catxre.com/

Maximum Information

Maximum Information is committed to increasing societal resilience to disasters through evolving risk modelling of natural hazards. Key to their vision is proving the value that catastrophe models have in forming real world views of risk and empowering end-users to make confident decisions.

https://www.maxinfo.io/

Sixfold

Sixfold is an AI solution purpose-built for insurance underwriting. Sixfold reduces manual workload for underwriters which helps make underwriting decisions with improved accuracy, transparency, and capacity.

https://www.sixfold.ai/

Building Resilience in an ever-changing Americas Landscape

Authentic Art

Authentic Art services the art & collectibles market. They address this market by streamlining the collection, processing and exchange of data and insights through its platform iamart, which connects insurers, brokers, appraisers and collectors, enabling the delivery of faster service and better risk underwriting.

https://www.authentic-art.co/

Latú Seguros

Latú Seguros’ goal is to boost resilience in Latin America, helping businesses thrive by addressing the insurance gap through AI-driven underwriting and risk management techniques, proprietary cyber software and modelling, and a full carrier system built on WhatsApp.

https://latuseguros.com/

Pascal Metrics

Pascal Metrics is a data analytics company enabling clients across all healthcare sectors to improve patient safety, reduce risk, and maximise business performance. Their Virtual Patient Safety (VPS) solution enables insurers in the medical professional liability (MPL) domain.

https://pascalmetrics.com/

ZeroEyes

ZeroEyes is a proactive, AI powered, and human verified visual gun detection platform that provides situational awareness and integrates into existing digital security cameras to stop mass shootings and gun-related violence

https://zeroeyes.com/

“Each team of Cohort 12 brings unique innovation and expertise to the table, reflecting Lloyd’s continued commitment to redefining the future of insurance. “The Lab’s recent success with region-specific themes further validates the work the Lab is doing to deliver solutions for our global marketplace. We are thoroughly impressed with the teams who presented at Pitch Day and look forward to welcoming them through our doors.” 

Rosie Denée, Lloyd’s Lab Senior Manager

Notes to Editors

Enquiries to

pressoffice@lloyds.com

Jack.Petch@lloyds.com

About Lloyd's

Lloyd's is the world’s leading marketplace for insurance and reinsurance. Through the collective intelligence and expertise of the market’s underwriters and brokers, we’re sharing risk to create a braver world.

The Lloyd’s market offers the resources, capability, and insight to develop new and innovative products for customers in any industry, on any scale, in more than 200 territories.

We’re made up of more than 50 leading insurance companies, over 200 registered Lloyd’s brokers and a global network of over 4,000 local coverholders. Behind the Lloyd’s market is the Corporation: an independent organisation and regulator working to maintain the market's successful reputation and operation.

We’re working to build solutions for the most current and prevalent threats. As Chair of the Insurance Task Force for HM King Charles III’s Sustainable Markets Initiative, Lloyd’s is bringing the industry together to insure the transition to net zero. Our research community is pooling expertise from across the industry to provide cutting edge insight on systemic risks from climate change to cyber security.

And through our digital-led strategy, The Future at Lloyd’s, we’re making it easier and cheaper to place, price and process cover in the Lloyd’s market.

Find out more about The Future at Lloyd's