Lloyd’s today welcomed eleven new teams of InsurTech disruptors to join the global (re)insurance market’s innovation accelerator.
More than 130 applications were received from across the world for the third cohort of the Lloyd’s Lab. The eleven successful teams were selected as part of a competitive process involving twenty-four shortlisted applicants who presented their ideas to experts across the market during pitch day.
Lloyd’s has recently committed to expanding the scope of the Lloyd’s Lab, as part of its bold new strategy for the future. The eleven successful teams are aligned with this strategy. They will begin working in the Lab as part of a ten-week programme that kicks off on September 2.
The full list of teams that will be working with Lloyd’s innovation accelerator as part of Cohort three is below. The start-ups are focused fully on finding solutions with the potential to contribute to the ecosystem of services as part of the future at Lloyd’s vision, including ways to enhance data sharing and provide new sources of risk insight; pricing and risk models to help Lloyd’s market participants better understand threat scenarios; and ways to reduce the cost of processing claims as well as the burden of compliance and regulation.
Bruce Carnegie-Brown, Lloyd’s Chairman, said:
“Times are changing, and we are building a new vision for the future at Lloyd’s. The third cohort of the Lloyd’s Lab will be fully aligned with this bold new strategy. We see a huge opportunity to partner with the brightest and best talent from the technology sector to develop new ideas, new ways of working and of serving our customers. Nowhere is this more keenly felt than in the Lloyd’s Lab, where talent, technology and capital intersect so creatively. We want to harness this creative spirit to help us build a new Lloyd’s, which is nimbler, more customer focused, faster and more efficient than ever.”
Congratulations to the following for becoming part of the Lloyd's Lab cohort three:
- ClimaCell is the first microweather™ technology company, finding and forecasting weather that others can't see. By taking an internet-of-things approach to collect millions of weather observations, ClimaCell forecasts at the street (not city) level.
- Digital Fineprint (DFP) is an Insurtech that helps insurers and brokers improve their reach and profitability in the SME market. DFP provides data insights that can be used for risk selection, underwriting, pricing and new business generation.
- Flock is a big data start-up that helps underwriters unlock the power of risk intelligence.
- FloodFlash says it enables fairly-priced, no-exclusions, instant-settlement flood insurance. Customers receive a pre-agreed settlement as soon as FloodFlash sensor detect that waters have exceeded a critical depth.
- Hyperexponential is building practical, impactful pricing software for speciality insurance. It claims to be the first platform of its kind to be built by insurance professionals “at the coal-face of the market, for the needs of our actuaries and underwriters”.
- INARI is an advanced ecosystem in a box that digitises insurance operations through the entire risk lifecycle. INARI says it combines “process automation, data ingestion processing, distributed ledger auditability, machine learning and data lake”.
- The Insurdata platform creates high resolution, building level, peril specific exposure data globally.
- Oasis provides an open source catastrophe modelling platform, free to use by anyone. It is also a community that seeks to unlock and change the world around catastrophe modelling to better understand risk in insurance and beyond.
- Phinsys has built a platform of intelligent finance automation tools to deliver systematic controls to optimise financial close and reporting processes.
- Praedicat reads, curates and quantifies data from science to identify emerging and emerged risks to humans and the environment. They quantify the loss to economy and liability insurers from litigation allowing risk management and product development.
- Tautona is a “cognitive automation” company that automates processes once reserved for human judgement. It says: “Our cloud based, managed service approach provides insurers with a frictionless approach to automating claims and ancillary processes.”