These InsurTechs will be focused on creating simpler products for customers, including building solutions related to climate risks.
This follows Lloyd’s commitment to reducing product complexity and enhancing coverage clarity as well as its focus on climate change resilience, detailed in its Futureset platform.
The Lloyd’s Lab program received 177 applications, from which 11 successful teams have been selected to form the next cohort, beginning on April 26, 2021.
The cohort will begin in a virtual capacity but will be able to return to the physical Lloyd’s Lab workspace in London from June 21 (pending completion of the UK government’s plans to ease COVID-19 restrictions).
The InsurTechs have been selected based on products and services geared towards four key themes: climate change and decarbonization; geopolitics; data and models, and claims support services. The teams will explore how they can support Lloyd’s customers around the world by creating simpler products capable of responding quickly in the aftermath of a disaster.
The 11 teams selected are:
- Moonshot is an analytics firm that builds technology to map extremism, disinformation and organized crime.
- Verisk Maplecroft uses a combination of risk analytics and expert analysis to help companies manage risks that can undermine commercial value, damage brand reputation and disrupt global operations, investments and supply chains.
- Scrub AI specializes in automating the repetitive task of data cleansing or “scrubbing.”
- Supercede Technology helps cedents and brokers automate the creation of submission packs, for a more reliable presentation of risk to reinsurers.
- Safekeep is an AI subrogation product solution that increases the number of recoverable claims by 37%, increases dollar net recoveries by 21%, and reduces effort by 90%.
- SettleIndex is a litigation risk platform that cuts the time and cost of resolving disputes.
- DistriBind uses AI to deliver efficiencies in delegated authority through automation.
- CarbonChain helps companies automate the accounting of their carbon emissions.
- Jupiter Intelligence provides climate risk analysis of multiple perils, in spatial resolutions from portfolio to asset level, globally and across flexible time horizons and climate scenarios.
- Tesselo is a geospatial intelligence firm delivering solutions to monitor natural resources (trees, soils, crop) and reduce climatic risks.
- Gaia has created an insurance product to make IVF treatments more accessible, affordable and personal. (Gaia has been invited to join the cohort, based on its innovative fertility solution, despite the fact that it is outside of the main four themes).
Source: Carrier Management
