Insurtechs announced for Lloyd’s innovation programme
Lloyd’s, an insurance company based in London, has announced the lineup of the next insurtech startups joining the seventh cohort of its Llyod’s Lab innovation accelerator programme. The focus of the latest group will be on creating simpler products which include cryptocurrency-related building products.
Out of the 179 applications the programme received, 11 were selected to form the cohort, which will start on 6th September. The teams were chosen by a panel of Llyod’s and market stakeholders who based their selection process on a series of business pitches. The pitches were based on three themes: cryptocurrencies, claims, and data and models. The company also took into consideration wild-card entrants who presented their pitches on themes other than the three mandatory ones.
Themes for these pitches included money laundering, robotics, and construction. AS part of the programme, the insurtechs will create insurance products and services that can be applied at adapted to Llyod’s market.
The seventh cohort of Llyod’s innovation accelerator programme
The successful companies chosen to form the seventh group of Llyod’s innovation programme are:
- Sotera, which 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, an insurtech specialising in commercial robotics and autonomous vehicle developers and operators. Koop uses a modular, API-powered platform enabling competitive underwriting at scale
- ICEYE, which provides near real-time flood extent and depth data, enabling the deployment of resources; calculates overall flood losses with speed and accuracy
- Jungle, an artificial intelligence platform designed to resolve underperformance arising from operational complexity in renewable energy and industrial processes
- Falkonry, which allows 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 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, a predictive cryptocurrency risk and intelligence platform helping companies and governments detect, investigate and prevent illegal activity
- Superscript, which combines broking and underwriting expertise with technology and data science to create relevant insurance products for businesses
- BirdsEyeView, a company that harnesses space-data and parametric solutions to provide uncomplicated insurance for severe-weather risks
Ed Gaze, Senior Manager of Lloyd’s Lab, said: “We’re excited to welcome the new teams to the Lloyd’s Lab for our seventh cohort. 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.”