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Lloyd’s Lab reveals its eighth cohort focusing on decarbonisation and climate change

Thursday 31 March 2022

Lloyd’s, the world’s leading marketplace for commercial, corporate and speciality risk solutions, has today announced the next eleven InsurTech start-ups that will join the eighth cohort of the Lloyd’s Lab in its ten-week programme, which brings together InsurTechs, insurers, and brokers to test out new, innovative solutions. The teams will be working to create insurance products to address the issues and challenges facing the Lloyd’s market.

The global programme received over 150 applications, from which eleven successful teams were selected to form the next cohort of the Lloyd’s Lab, beginning on 25 April 2022. Each of the selected teams impressed an expert panel of Lloyd’s and market stakeholders when presenting their innovative insurance product ideas in a competitive pitch process.

For the eighth cohort, the InsurTechs have been selected based on solutions geared towards four key themes: decarbonisation and climate change; supply chains; data and models; and claims. For the third time, the Lloyd’s Lab also accepted wildcard entrants who presented solutions outside of the core themes, such as space safety and contract review.

“It’s really exciting to be welcoming the eleven successful teams to the Lloyd’s Lab for our eighth cohort. We’ve invited InsurTechs to address some of the most pressing issues the Lloyd’s market faces, from supporting the transition to a low carbon economy to getting better at dealing with business interruption claims. We’re delighted to be working with some of the most innovative InsurTechs in the world and look forward to seeing how they help our market, customers and society progress.”
Ed Gaze, Senior Manager, Lloyd's Lab

The teams selected for Lloyd's Lab cohort eight

  • Kita– Provides insurance for the voluntary carbon markets to enable more high-quality carbon removal solutions and generate positive climate impact.
  • Persefoni – A global software company whose SaaS Platform enables companies and financial institutions to easily meet stakeholder and regulatory climate disclosure requirements and requests.
  • Kettle – A Bermuda-based Reinsurance MGA which aims to protect the world against climate change using deep learning and reinsurance.
  • Otonomi – A blockchain-enabled parametric insurance platform that transforms the way cargo policyholders get compensated by compressing resolution times from 45 days to 45 minutes, lowering administrative costs by more than 50% for both clients & carriers, and providing algorithmic underwriting solutions.
  • Privateer Space – Delivers a space applications technology focused on space safety, sustainability, and security in near-earth space.
  • Definely – Is a Microsoft-backed software company redefining how contracts are understood. Definely's tools shorten the contract lifecycle and time to revenue by optimising how professionals understand and review complex contracts.
  • Marmalade – A simple deal pricing and data capture system, built for underwriters.
  • FRISS – Helps insurers gain a deeper understanding of the risk in their portfolio, stay compliant, detect fraud, and make better decisions across the end-to-end underwriting and claims lifecycle.
  • InsurX – Is the digital capacity exchange for the complex commercial insurance market. It enhances broker and carrier follow capacity trading using proprietary algorithmic matching technology.
  • ClearConnect – Through its proprietary technology, ClearTrac, gives stakeholders in the transportation and insurance industries a 360 Degree, real-time view into the risk associated with drivers and fleets out on the road.
  • BakerTilly – Quantum is a business interruption claims processing platform that delivers seamless, data-driven claims. Paired with hands-on, personalized service from experienced Baker Tilly forensic accountants, Quantum delivers the benefits of automation with a more personal touch.

1. Learn more about the Lloyd’s Lab.
2. Since the formation of the Lloyd’s Lab, several successful InsurTechs have pioneered products now in use in the Lloyd’s market. These include Gaia, who launched a first-of-its-kind IVF insurance in February 2022; Tautona, which uses AI to automate claims processing; and Parametrix, a new business interruption policy for SMEs which launched in 2020.
3. More news and information available from lloyds.com 
 
Enquiries to:
 
UK: 

+44 (0) 20 7327 5111 | pressoffice@lloyds.com 
+44 (0) 20 7327 5391 | annie.roberts@lloyds.com
+44 (0) 20 7327 5849 | gary.connor@lloyds.com 
+44 (0) 20 7327 6144 | bud.hedges@lloyds.com 
 
Americas: 
+44 (0) 20 7327 6125 | nathan.skinner@lloyds.com 
 
EMEA: 
+44 (0) 20 7327 5721 | Elliot.Maule@lloyds.com 
 
APAC: 
+65 6870 9227 | Suganthy.Selva@lloyds.com

About Lloyd’s

Lloyd’s is the world’s leading marketplace for commercial, corporate and specialty risk solutions. 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 HRH The Prince of Wales’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.