Lloyd’s Lab announces its sixth cohort with a focus on product simplification and climate
Lloyd’s has today announced the next eleven InsurTech start-ups joining the sixth cohort of the Lloyd’s Lab innovation accelerator programme, which will be focused on creating simpler products for customers, including building solutions related to climate risks.
This follows Lloyd’s commitments to reducing complexity and enhancing coverage clarity outlined in its key report released last year, alongside Futureset’s focus on climate change resilience initiatives.
The global programme received 177 applications, from which eleven successful teams have been selected to form the next cohort of the Lloyd’s Lab, beginning on 26 April 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.
The cohort will begin in a virtual capacity but will be able to return to the physical Lloyd’s Lab workspace in London from 21 June*.
For the sixth cohort, the InsurTech start-ups have been selected based on solutions geared towards four key themes: climate change and decarbonisation; geopolitics; data and models; and claims support services. The teams will explore how they can support Lloyd’s customers around the world by creating simpler products capable of responding quickly in the aftermath of a disaster.
Ed Gaze, Lloyd’s Lab Senior Manager, said: ‘We’re excited to welcome the new teams to the Lloyd’s Lab for our sixth cohort. Product simplification is a critical issue for the industry following the COVID-19 pandemic and Lloyd’s is committed to providing our customers with clarity in their policies so that valid claims are paid. We’re delighted that we’ve been able to secure the most innovative and cutting edge InsurTech’s across the world to work with the Lloyd’s Lab and we look forward to collaborating on these critical market issues.”
The eleven teams selected for Lloyd's Lab cohort six are:
- Moonshot – an analytics firm that builds technology to map extremism, disinformation and organised crime.
- Verisk Maplecroft – uses a combination of risk analytics and expert analysis to help companies manage risks that can undermine commercial value, damage brand reputation and disrupt global operations, investments and supply chains.
- Scrub AI – specialises in automating the repetitive task of data cleansing or ‘scrubbing’.
- Supercede Technology – helps cedents and brokers automate the creation of submission packs, for a more reliable presentation of risk to reinsurers.
- Safekeep – an AI subrogation solution that increases the number of recoverable claims by 37%, increases dollar net recoveries by 21%, and reduces effort by 90%.
- SettleIndex – a litigation risk platform that cuts the time and cost of resolving disputes.
- DistriBind – uses AI to deliver efficiencies in delegated authority through automation.
- CarbonChain – helps companies automate the accounting of their carbon emissions.
- Jupiter Intelligence – provides climate risk analysis of multiple perils, in spatial resolutions from portfolio to asset level, globally and across flexible time horizons and climate scenarios.
- Tesselo – a geospatial intelligence firm delivering solutions to monitor natural resources (trees, soils, crop) & reduce climatic risks.
- Gaia** – creators of an insurance product to make IVF treatments more accessible, affordable and personal.
** Gaia have been invited to join the Cohort based on their innovative fertility solution, which is outside of the main four themes
1. Learn more about the Lloyd's Lab
2. The Lloyd’s Lab recently launched a new initiative called'Office Hours' which is aimed at supporting early stage start-ups by providing guidance and tips from Lloyd’s market experts and providing information about the Lloyd’s market and the opportunities available within the insurance industry.
3. Since the formation of the Lloyd’s Lab, there have been several successful Insurtechs 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.
4. 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.
5. More news and information available from lloyds.com
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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.