Cohort: Cohort 10, 2023
Focus in insurance value chain/workflow: Risk mitigation I Point of underwriting
Specific lines of business supported: Personal
Founded: 2022
Status: Operating, still in insurance
Company type: Data provider
Head office: North America
Main global offices: USA
Locations served: USA
Employee count: 1-10
FireBreak provides a mobile app for self-inspection of property wildfire risk. The app provides users with the best actions that can be taken to mitigate the risk to their properties. Insurers can use the submitted data and images for underwriting and risk selection, to sell coverage, and verify eligibility for mitigation discounts required by the California Department of Insurance.
Primary way aimed to improve insurance processes and tools whilst in the Accelerator: Improving UW tools and processes I New sources of risk insight - data or models
FireBreak left the Lab at the end of cohort 10, earlier in 2023. After working closely with mentors and other InsurTechs in the Accelerator, they continued to develop their app and are currently experiencing such high demand that there is a waitlist for their services.
“Lloyd's Lab accelerated years of product requirements research. The Lab matched us with innovation-seeking mentors from the Lloyd’s insurance market. We met our mentors weekly, refined our product to meet their companies' requirements, and secured five proof of concept projects in 10 weeks.”Tac Leung, Co-Founder
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