Spacebands

Cohort: Cohort 10, 2023

Focus in insurance value chain/workflow: Risk mitigation I Loss modelling & analytics I Claims  

Founded: 2020

Status: Operating, still in insurance

Company type: Data provider

Head office: United Kingdom

Main global offices: United Kingdom

Locations served: United Kingdom

Employee count: 1-10

spacebands provide businesses with wearable devices which detect if an employee is in the proximity of a workplace hazard and at risk of being injured. Users can use the spacebands website and mobile app to monitor hazards, offer wellness reminders and receive employee feedback. 

Primary focus product area whilst in the Accelerator: New sources of risk insight - data or models I Improving claims process 

Conversations in the Lab helped to shape the company’s insurance offering and go-to-market strategy. Through conversations in the Accelerator, spacebands realised that its proposed insurance dashboard concept did not work as intended. In its place, the company created a downloadable, digestible report for each insured customer.  

spacebands also uncovered some key features that were missing from its product offering which they are now looking to add, such as gas detection and working-at-height monitoring.