Lloyd's Lab Accelerates Insurtech Startups
The Lloyd’s re/insurance marketplace announced 11 new insurtech start-ups that will join the eighth cohort of the Lloyd’s Lab in its 10-week program.
The Lloyd's Lab is the heart of innovation for Insurance. An award winning space dedicated to accelerating and fostering new products and solutions. The market’s innovation accelerator, brings together insurtech, insurers, and brokers to test new, innovative solutions to help the UK economy grow the buoyant sector. The teams will be working to create insurance products to address the most pressing issues facing the Lloyd’s market.
The global scheme received over 150 applications, from which 11 successful teams were selected to form the next cohort of the Lloyd’s Lab, beginning on April 25, 2022.
For the eighth cohort, the insurtechs have been selected based on solutions geared towards four key themes: decarbonization and climate change; supply chains; data and models, and claims.
Lloyd’s Lab also accepted wildcard entrants who provided solutions outside of the core themes, such as space safety and contract review.
“It’s really exciting to be welcoming the 11 successful teams to the Lloyd’s Lab for our eighth cohort. We’ve invited insurtechs to address some of the most pressing issues the Lloyd’s market faces, from supporting the transition to a low carbon economy to getting better at dealing with business interruption claims,” commented Ed Gaze, senior manager, Lloyd’s Lab.
“We’re delighted to be working with some of the most innovative insurtechs in the world and look forward to seeing how they help our market, customers and society progress,” Gaze added.
The teams selected for Lloyd’s Lab cohort eight are:
- Kita – Provides insurance for the voluntary carbon markets to enable more high-quality carbon removal solutions and generate positive climate impact.
- Persefoni – A global software company whose SaaS platform enables companies and financial institutions to easily meet stakeholder and regulatory climate disclosure requirements and requests.
- Kettle – A Bermuda-based reinsurance MGA which aims to protect the world against climate change using deep learning and reinsurance.
- Otonomi – A blockchain-enabled parametric insurance platform that transforms the way cargo policyholders get compensated by compressing resolution times from 45 days to 45 minutes, lowering administrative costs by more than 50% for both clients & carriers, and providing algorithmic underwriting solutions.
- Privateer Space – Delivers a space applications technology focused on space safety, sustainability, and security in near-earth space.
- Definely – Is a Microsoft-backed software company redefining how contracts are understood. Definely’s tools shorten the contract lifecycle and time to revenue by optimising how professionals understand and review complex contracts.
- Marmalade – A simple deal pricing and data capture system, built for underwriters.
- FRISS – Helps insurers gain a deeper understanding of the risk in their portfolio, stay compliant, detect fraud, and make better decisions across the end-to-end underwriting and claims lifecycle.
- InsurX – Is the digital capacity exchange for the complex commercial insurance market. It enhances broker and carrier follow capacity trading using proprietary algorithmic matching technology.
- ClearConnect – Through its proprietary technology, ClearTrac, gives stakeholders in the transportation and insurance industries a 360 Degree, real-time view into the risk associated with drivers and fleets out on the road.
- BakerTilly – Quantum is a business interruption claims processing platform that delivers seamless, data-driven claims. Paired with hands-on, personalized service from experienced Baker Tilly forensic accountants, Quantum delivers the benefits of automation with a more personal touch.