(Image credit: Kevin Cannings.)
Lloyd’s (London) has announced the next eleven InsurTech start-ups joining the seventh cohort of the Lloyd’s Lab global innovation accelerator program. The new cohort will focus on creating simpler products for customers, including building solutions related to cryptocurrencies, according to a Lloyd’s statement.
Lloyd’s reports that the accelerator program received 179 applications, from which eleven successful teams have been selected to form the next cohort of the Lloyd’s Lab, beginning on 6 September 2021. Each of the teams chosen impressed an expert panel of Lloyd’s and market stakeholders during a competitive pitch process, where they presented their innovative insurance product ideas for the market, Lloyd’s says.
For the seventh cohort, Lloyd’s selected InsurTech start-ups based on solutions geared towards three key themes: claims, data and models, and cryptocurrencies. Additionally, for the second cohort in a row, the Lloyd’s Lab accepted wildcard entrants who presented solutions outside of the core themes. The start-ups focus on areas such as anti-money laundering, robotics and construction. The teams will be working to create insurance products and solutions which can be adapted to the Lloyd’s market.
“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,” comments Ed Gaze, Senior Manager, Lloyd’s Lab. “We’re pleased to once again secure cutting edge InsurTech’s from across the world to work with the Lloyd’s Lab.”
Lloyd’s Lab lists the following InsurTechs selected for cohort seven:
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 anti-money laundering and more sophisticated insurance products.
Koop: specialises in commercial robotics and autonomous vehicle developers & operators. They use a modular, API-powered platform enabling competitive underwriting at scale.
ICEYE: provides near real-time flood extent and depth data enabling deployment of resources and calculate overall flood losses with speed and accuracy.
Jungle: are 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: a secure private messaging platform where the sender can always be assured of privacy and control.
Hubvia (Brush Country Claims): have an insurtech solution built to streamline the P&C claims handling process by providing ultimate claims control and expedited time to settlement.
Merkle Science: a predictive cryptocurrency risk and intelligence platform helping companies and governments detect, investigate, and prevent illegal activities.
Superscript: combine broking and underwriting expertise with technology and data science to create relevant insurance solutions for modern businesses.
BirdsEyeView: harnesses space-data and innovative parametric solutions to provide uncomplicated insurance for severe-weather risks.