Skip to main content

Lloyd’s Lab selects ten new InsurTechs for fifth cohort focused on COVID-19 risks

Tue 11 Aug 2020

Lloyd’s, the world’s leading specialist insurance and reinsurance market, today announced its new cohort of InsurTech disruptors that will join the Lloyd’s Lab innovation accelerator programme, and includes start-ups who are focused on providing solutions to support the Market to respond to the COVID-19 pandemic.

More than 140 applications were received from across the world for the fifth cohort of the Lloyd’s Lab, which begins 7 September 2020. The ten successful teams were selected after presenting their ideas in a competitive process during a virtual pitch day on 29 July 2020. This is the second completely virtual Lloyd’s Lab cohort following the successful completion of cohort four. The new Lab teams will join Praedicat, Metabiota and Dialogue; three teams specially selected in June to work on our COVID-19 response.

The InsurTech start-ups will focus on three key themes: data and models; new insurance products and markets; and response to COVID-19, This year the cohort will have a particular focus on COVID-19 products and solutions to help fast-track bringing these innovative solutions to market, looking at: new types of insurance to support the COVID-19 response; helping the Lloyd’s market to assess COVID-19 risks; and helping Lloyd’s customers to adapt to a changing workplace.

In July, the Lloyd’s Lab ran its first ‘Fusion’ programme, a new three-day event designed to test early-stage start-up ideas aimed at dealing with COVID-19 and other systemic risks. Three of the teams who took part in Fusion, Ryskex, Hivemind and Geollect, have been successful in their application to the fifth cohort of the Lab.

In the first four cohorts, start-ups, entrepreneurs and businesses have presented ideas ranging from live-streaming drones to event-based parametric insurance solutions for catastrophic flooding and on-demand insurance for the gig economy. Examples of success stories so far can be seen in alumni members such as ClimaCell, Parsyl, Layr and Flock.

“This cohort of InsurTechs will play an important role in our response to the COVID-19 pandemic and to help us develop the new models and insurance products of the future. We will undoubtedly need new products and services for insurers to deliver confidence and security against future waves of this pandemic and other systemic risks of the scale we have seen in 2020. I’m thrilled to have the best InsurTech’s across the globe join the Lloyd’s Lab and look forward to seeing the progress they make. Lloyd’s has thrived on its purpose of sharing risk and its as important now as it has ever been to combine minds and build a braver world.”
Trevor Maynard, Head of Innovation at Lloyd’s, said:

The ten teams selected for Lloyd's Lab cohort five are:

  1. Lloyd’s studio is available for TV and radio broadcasts
  2. More news and information available from lloyds.com

Enquiries to:

UK:
+44 (0) 20 7327 5111 | pressoffice@lloyds.com
+44 (0)20 7327 5391 | annie.roberts@lloyds.com

Americas:
+44 (0) 20 7327 6125 | nathan.hambrook-skinner@lloyds.com

EMEA:
+44 (0) 20 7327 5721 | Elliot.Maule@lloyds.com

APAC:
+65 6971 1097 | Jackson.Au@sandpipercomms.com


About the Lloyd’s Lab

The Lloyd’s Lab is the home of InsurTech and is a leading hub for technology-led innovation, with more than 900 applications from international InsurTechs to join the Lab in its first two years. Successful companies join the Lab for a ten-week programme, where they work with insurers in the Lloyd’s market to develop and test their ideas, using the expertise and experience of their mentors to add value to the Lloyd’s market.

Since the launch of the Future at Lloyd’s strategy, the Lab has expanded to promote greater collaboration between Lloyd’s expert underwriters and brokers, customers and capital providers.


About Lloyd’s

Lloyd’s is the world’s leading insurance and reinsurance marketplace. Through the collective intelligence and risk-sharing expertise of the market’s underwriters and brokers, Lloyd’s helps to create a braver world. The Lloyd’s market provides the leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally. It offers the efficiencies of shared resources and services in a marketplace that covers and shares risks from more than 200 territories, in any industry, at any scale. And it promises a trusted, enduring partnership built on the confidence that Lloyd’s protects what matters most: helping people, businesses and communities to recover in times of need. Lloyd’s began with a few courageous entrepreneurs in a coffeeshop. Three centuries later, the Lloyd’s market continues that proud tradition, sharing risk in order to protect, build resilience and inspire courage everywhere.