Cohort: Cohort 4, 2020 and Cohort 10, 2022
Focus in insurance value chain/workflow: Point of underwriting
Specific lines of business supported (if applicable): Corporate I SME I Speciality I Reinsurance I Captive I Government
Founded: 2022
Status: Operating, still in insurance
Company type: Data provider
Head office: United Kingdom & Estonia
Main global offices: United Kingdom, Estonia
Locations served: Global
Employee count: 11-100
Value.Space delivers satellite-based infrastructure risk assessments and monitoring to underwriters and risk engineers. It specialises in mines, dams, and business property, providing a fast and low-cost way to assess and monitor the structural integrity of assets.
Primary way aimed to improve insurance processes and tools whilst in the Accelerator: Improving UW tools and processes
In Cohort 4, Value.Space tailored its asset and portfolio-level structural integrity audits for the insurance industry. It has been delivering these risk assessments globally to insurers ever since and raising venture capital funding. After its time in the Lab, it evaluated that its risk assessments are ten times faster and 25 times cheaper than alternative methods of risk assessment.
In Cohort 10, Value.Space developed a liability model to help insurers understand how potential risks shown on asset risk assessments could materialise to a liability loss event. This product is designed to help underwriters price policies and advise clients.
“Value.Space built its core product at Lloyd’s Lab with underwriters and risk engineers, specifically with their needs in mind. That has been invaluable for the company and is a key component in why Value.Space is delivering to the Lloyd’s market, across the world today.”Reijo Pold, Founder and Chief Strategy Officer
Read Value.Space’s case study: Infrastructure health checks that help to plug the liability gap
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