Lloyd’s Lab also accepted wildcard entries that presented solutions outside the core themes, claims and cryptocurrency
Lloyd’s Lab has today (6 August 2021) revealed its seventh cohort, confirming that 11 insurtech startups will be joining the innovation accelerator programme.
The new cohort, beginning on 6 September 2021, will focus on creating simpler products for customers, including building solutions related to cryptocurrencies.
Ed Gaze, Lloyd’s Lab’s senior manager, 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.”
The global programme received 179 applications overall from which the final 11 were selected.
Each of the teams chosen impressed an expert panel of Lloyd’s and market stakeholders during a competitive pitch process, where each insurtech presented their innovative insurance product ideas for the market.
The startups have been selected based on solutions geared towards three key themes: claims, data and models and cryptocurrencies.
Additionally, for the second cohort in a row since April’s sixth cohort, the Lloyd’s Lab accepted wildcard entrants that presented solutions outside of the core themes.
These wildcard startups presented on important 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. Those selected for Lloyd’s Lab’s seventh cohort are:
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 and operators. It uses a modular, API-powered platform to enable competitive underwriting at scale.
ICEYE: Provides near real-time flood extent and depth data, enabling deployment of resources and the ability to calculate overall flood losses with speed and accuracy.
Jungle: An artificial intelligence (AI) 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 be assured of privacy and control.
Hubvia (Brush Country Claims): An insurtech solution built to streamline the property and casualty claims handling process by providing 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: Combines broking and underwriting expertise with technology and data science to create relevant insurance solutions for modern businesses.
BirdsEyeView: Harnesses space data and parametric solutions to provide uncomplicated insurance for severe weather risks.