Cohort: Cohort 2, 2019 and Cohort 5, 2020
Focus in insurance value chain/workflow: Placing I Loss modelling & analytics
Specific lines of business supported: Captive
Founded: 2018
Status: Operating, still in insurance
Company type: Risk exchange
Head office: USA
Main global offices: Germany
Locations served: Global
Employee count: 11-100
Ryskex provides a marketplace for parametric risk transfer without intermediaries. Corporate buyers of coverage, insurers and investors use Ryskex to trade risks, such as carbon credit insurance, that are otherwise difficult to transfer in the insurance market. Ryskex uses blockchain technology and smart contracts to automate claims payments. Risks are traded as securitised intangible assets on the blockchain. Tools for portfolio and individual-level transactions including pricing benchmarking.
Primary way aimed to improve insurance processes and tools whilst in the Accelerator: Improving UW tools and processes I Risk marketplace I Improving claims process
In its first period in the Accelerator, Ryskex worked to design a parametric cyber insurance product (PCyCO) which it subsequently launched to market. PCyCo allowed insurers to provide parametric cyber insurance backed by an ILS fund.
When it returned as part of Cohort 5, it designed a wider parametric risk transfer ecosystem to cover system risks such as pandemics.
"We express our gratitude to Lloyd's Lab for an exceptional journey of growth and collaboration. On this special day, we celebrate the remarkable achievements of Lloyd's Lab and its employees. Your pivotal role has ignited Innovation within RYSKEX, propelling us to success. Here's to the continued synergy and a future filled with shared accomplishments."Marcus Schmalbach, Chief Executive Officer
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RYSKEX website
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