Lloyd’s Lab announces its seventh cohort with a focus on claims and cryptocurrencies
Lloyd’s has today announced the next eleven InsurTech start-ups joining the seventh cohort of the 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 eleven successful teams have been selected to form the next cohort of the Lloyd’s Lab, beginning on 6 September 2021. 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, 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 important 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.
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.”
The teams selected for Lloyd's Lab cohort seven:
- 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 & 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 calculate overall flood losses with speed and accuracy.
- Jungle – develops 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 – is a secure private messaging platform where the sender can always be assured of privacy and control.
- Hubvia (Brush Country Claims) – have an insurtech solution built to streamline the P&C claims handling process by providing ultimate claims control and expedited time to settlement.
- Merkle Science – are 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.
1. Learn more about the Lloyd’s Lab
2. Since the formation of the Lloyd’s Lab, there have been several successful Insurtech’s which have created products that are now being used in the Lloyd’s market. One of these is Parsyl, whose tailored product supports the insurance and transportation of COVID-19 vaccines to emerging markets. In December 2020, Lloyd’s and Parsyl announced the launch of the public-private Global Health Risk Facility. A major part of this is the creation of Syndicate 1796, a SIAB set up to support the global deployment of a COVID-19 vaccine to emerging countries around the world.
3. Futureset is Lloyd’s new global platform and community dedicated to driving greater societal and economic resilience to the world’s most challenging risks. Find out more here.
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About the Lloyd’s Lab
The Lloyd’s Lab is the home of InsurTech and is a leading hub for technology-led innovation, with more than 900 applications from international InsurTechs to join the Lab in its first two years.
Successful companies join the Lab for a ten-week programme, where they work with insurers in the Lloyd’s market to develop and test their ideas, using the expertise and experience of their mentors to add value to the Lloyd’s market.
Since the launch of the Future at Lloyd’s strategy, the Lab has expanded to promote greater collaboration between Lloyd’s expert underwriters and brokers, customers and capital providers.
Lloyd’s is the world’s leading insurance and reinsurance marketplace. Through the collective intelligence and risk-sharing expertise of the market’s underwriters and brokers, Lloyd’s helps to create a braver world.
The Lloyd’s market provides the leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally.
It offers the efficiencies of shared resources and services in a marketplace that covers and shares risks from more than 200 territories, in any industry, at any scale.
And it promises a trusted, enduring partnership built on the confidence that Lloyd’s protects what matters most: helping people, businesses and communities to recover in times of need.
The Future at Lloyd's sets out our strategy to build the most advanced insurance marketplace in the world.