Lloyd’s unveils next insurtechs joining innovation program

Lloyd’s has announced the next 11 insurtech start-ups joining the seventh cohort of its Lloyd’s Lab innovation accelerator program. The latest cohort will focus on creating simpler products for customers, including building products related to cryptocurrency.

The program received 179 applications, from which 11 teams were selected to form the next cohort, beginning September 06. The teams were chosen by an expert panel of Lloyd’s and market stakeholders during a competitive pitch process.

The start-ups were chosen based on pitches geared toward three themes: claims, data and models, and cryptocurrencies. For the second cohort in a row, Lloyd’s also accepted wild-card entrants who presented pitches outside the core themes. These start-ups focus on areas such as money-laundering, robotics and construction. The teams will be working to create insurance products and services that can be adapted to the Lloyd’s market.

“We’re excited to welcome the new teams to the Lloyd’s Lab for our seventh cohort,” said Ed Gaze, senior manager of Lloyd’s Lab. “The decision to invite insurtechs with expertise in digital, currency and cyber follows an increase in new and sophisticated attacks targeted at businesses, individuals and governments, which pose an increasing challenge for the insurance industry. We’re pleased to once again secure cutting-edge insurtechs from across the world to work with Lloyd’s Lab.”

The teams selected for the current cohort are:

• Sotera – uses machine learning to provide insurers with data to price risk on unusual objects like antiquities, creates digital identities for legitimate objects to better support anti-money laundering and more sophisticated insurance products
• Koop – specialises in commercial robotics and autonomous vehicle developers and operators. Koop uses a modular, API-powered platform enabling competitive underwriting at scale
• ICEYE – provides near real-time flood extent and depth data, enabling deployment of resources; calculates overall flood losses with speed and accuracy
• Jungle – is an artificial intelligence platform designed to resolve underperformance arising from operational complexity in renewable energy and industrial processes
• Falkonry – enables predictive operational excellence for manufacturing organisations through discrete and composite digital twins of operational systems at edge, site or cloud
• YEO Messaging – is a secure private messaging platform where the sender can be assured of privacy and control
• Hubvia (Brush Country Claims) – has an insurtech product built to streamline the P&C claims-handling process
• Merkle Science – is a predictive cryptocurrency risk and intelligence platform helping companies and governments detect, investigate and prevent illegal activity
• Superscript – combines broking and underwriting expertise with technology and data science to create relevant insurance products for businesses
• BirdsEyeView – harnesses space-data and parametric solutions to provide uncomplicated insurance for severe-weather risks