Cohort: Cohort 10, 2023
Focus in insurance value chain/workflow: Risk mitigation I Point of underwriting I Loss modelling & analytics I Claims
Specific lines of business supported: Personal I Corporate I SME | Government
Founded: 2019
Status: Operating, still in insurance
Company type: Data models
Head office: Europe
Main global offices: Switzerland
Locations served: Global (inferred)
Employee count: 1-10
REOR20 develops flood models by combining computational engineering tools with artificial intelligence methodologies to produce high-resolution models at scale. The company’s models incorporate factors including accumulated water, speed of water movement and duration of flooding which affect how much damage a building sustains from flooding. This could be used to support improved risk mitigation, underwriting and claims management.
Primary way aimed to improve insurance processes and tools whilst in the Accelerator: New sources of risk insight - data or models I Improving claims process
As part of the Lab, REOR20 was able to validate its model with access to a large volume of loss data from the marketplace, which in turn began the design process on products to bring the model insights to market.
"Being part of Cohort 10 enabled us to get otherwise elusive claims data and talk to dozens of potential users to shape our product. The input we got in these 10 weeks would have taken us years to accumulate without the Lloyd’s Lab!"David Schenkel, Head of Product
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