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Our seventh cohort

With a focus on product simplification

Meet cohort 7

Discover more about the cohort 7 InsurTechs here, and view a selection of their Demo Day presentations below.

Koop Technologies

Koop specialises in commercial robotics and AV developers & operators. Their modular, API-powered platform allows them to competitively underwrite machine-centric risks at scale.

Location: Pennsylvania, USA

Sotera Heritage

Sotera uses Machine Learning to provide insurers with data to price risk on unusual objects such as antiquities and creates digital identities for legitimate objects to support better AML and more sophisticated insurance products. Additionally, Sotera uses these tools to combat the illicit trade in art and antiquities.

Location: UK

ICEYE

ICEYE provides near real-time flood extent and depth data within 24 hours of an event enabling deployment of resources, the calculation of overall flood losses to be estimated faster and more accurately, and claims automation & efficiency. ICEYE is currently developing a portfolio of natural catastrophe solutions that produce near-real-time wind, earthquake, and wildfire damage data”

Location: Finland

YEO Messaging

YEO Messaging provides a secure private messaging platform where the sender can be assured of privacy and control at all times.

Location: Location: UK

Hubvia (Brush Country Claims)

Hubvia is a suite of insurtech solutions built to streamline the P&C Claims handling process by providing ultimate claims control, expedited time to settlement and a world class customer experience.

Location: Texas, USA

Merkle Science

Merkle Science’s next generation predictive cryptocurrency risk and intelligence platform helps crypto companies, financial institutions, and government entities detect, investigate, and prevent illegal activities involving crypto.

Location: Singapore

Superscript

Superscript combines broking and underwriting expertise with technology and data science to create relevant insurance solutions for modern businesses.

Location: UK

BirdsEyeView Technologies

BirdsEyeView harnesses space-data and innovative parametric solutions to provide uncomplicated insurance for severe-weather risks. This is insurance for the climate-change era.

Location: UK

Falkonry

Falkonry enables predictive operational excellence for manufacturing organizations through discrete and composite digital twins of operational systems at edge, site or cloud.

Location: California, USA

Demo Day videos

Here are a selection of the presentations that our cohort recorded and kindly allowed us to share with you. Beware though, start-ups move quickly, so what you see here might be old news by now!

Our themes for cohort 7

SME

The past year has put a massive strain on businesses, particularly small and medium ones where they don’t necessarily have the resources to adapt to changing rules, new ways of working, and consumer demands.

The changing business landscape creates new risks, new opportunities, and therefore new requirements from insurers.

Global movement of people and goods has been disrupted through quarantines, Brexit, and issues such as the Suez canal blockage. We expect to see some small business looking more locally for their supply chains.

The cost of doing business will come under pressure, the ability to match risk to capacity needs to be slicker, and there needs to be new products to cover new risks.

This is why we have decided to create a theme around Small to Medium sized Enterprises. This would also include micro-SME solutions which could cover policies in emerging markets, or entrepreneurs leveraging the gig economy.

A major focus of this theme would be automation. To be profitable on low-value policies, the customer journey needs to be very hands-off. What ideas do you have which could bring this type of business to Lloyd’s?


Claims

This same context is relevant for our Claims theme.

Lloyd’s has a reputation of paying all valid claims, and we want to continue to build on this through the use of new ideas and technologies.

Do you have a solution which we should look at? Can you help pay claims more quickly, or even before the customer knows they have a loss? Do you have a solution which can deal with some of the specific challenges experienced by insurers? If you do, we’d like to hear from you.


Crypto

We all hear regularly about cryptocurrencies. They have dramatic growth spurts, and catastrophic crashes. Some are supported by those seeking somewhere to invest their money outside of fiat currency, others may be speculating on the latest meme-driven craze.

The numbers are huge and we can’t ignore the rise of these currencies, or the solutions which are springing from them. Take NFTs (Non Fungible Tokens) for example – millions of dollars are being spent on them, but there are risks, and many of these are not insured.

What insurance products can we create for cryptocurrencies? We’d like your ideas.


Data & Models

It wouldn’t be the Lloyd’s Lab without InsurTechs coming in to help us with new sources, and new ways of modelling data. That’s why we have the Data & Models theme.

This is a broad category, but for cohort 7 we’re paying particular interest to Internet of Things (IoT) solutions. Perhaps you have access to data which can help our underwriters understand risk better, or help us to provide an ongoing risk service to our customers to proactively prevent claims from happening?


Wildcard

Finally, what else are we missing? We’d be keen to hear from anyone with a new insurance product which doesn’t fit in the above list; so once again we’re having a wildcard theme.

Timeline

2021

27

Jun

Scouting closes

Scouting will close at midnight on 27 June

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28

Jul

Pitch day

Pitch will run on the afternoons of 28 and 29 July. This is where the shortlisted applicants get to pitch their ideas to the Lloyd's market

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06

Sep

Programme starts

This will be the first week of the new programme

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17

Nov

Demo day

The teams who made it through will get the chance to show the market what they achieved during the programme

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