Lloyd’s has unveiled the 13 insurtech firms that will participate in the 10th cohort of its innovation hub, the Lloyd’s Lab.
This time, the focus will be on the European market, and the insurtechs were chosen based on their solutions related to three themes: European Digital and Climate Solutions, Data and Models, and New Products.
The Lloyd’s Lab provides a platform for insurtech startups and entrepreneurs to develop innovative solutions that can help solve some of the challenges faced by the insurance industry.
The Lloyd’s Lab runs several cohorts throughout the year, with each cohort lasting for 10 weeks. During this time, selected startups work with Lloyd’s market experts to refine their ideas, develop prototypes, and test their products in a real-world environment. The lab also provides startups with access to funding, office space, and networking opportunities with industry professionals.
The themes of the Lloyd’s Lab cohorts vary and are based on the most pressing challenges faced by the insurance industry. The lab has previously focused on themes such as emerging risks, data analytics, and cyber risks.
During the 10-week programme starting on April 24th, the teams will work with market experts to develop their products and explore how their innovations can support the Lloyd’s market. For the first time, a region-specific theme for Europe has been introduced, with four of the 13 successful teams addressing European Digital and Climate Solutions.
Stiff competition for Lloyds Innovation Lab
The global accelerator programme received more than 200 applications from 32 countries for its latest cohort, with the successful teams impressing a panel of Lloyd’s and market stakeholders and participants.
Rosie Denée, Lloyd’s Lab Senior Manager, said she was thrilled to welcome the new insurtechs to the Lloyd’s Lab for their 10th Cohort, and was excited to see the dynamism and output that would deliver solutions for their global marketplace.
“Together with the expert panel of judges, we were thoroughly impressed with the calibre of the teams who presented at our Pitch Day and have earnt a place in Cohort 10, and the dynamism they’ll bring to the programme.”
Denée added: “After receiving our highest ever number of international applications and introducing our first regional theme to this cohort, I’m excited to see the dynamism and output that will deliver solutions for our global marketplace.”’
The Lloyd’s Lab global accelerator programme received over 200 applications from 32 countries for its latest cohort, with the successful teams having impressed a panel of Lloyd’s and market stakeholders and participants.
Lloyds Innovation Lab insurtech participants
Thirteen participants chosen to part in the Europe-focused cohort.
- Aanika Biosciences: Aanika Biosciences, Inc.: A biotechnology company dedicated to developing food safety technologies. It has developed a multi trigger parametric food recall policy designed to embed with its microbial barcode tags and provide coverage against financial loss resulting from a food pathogen event.
- Armilla AI: A leading provider of Responsible AI technology, empowering vendors and enterprises to guarantee the quality of their AI products and mitigate associated risks. The company’s automated testing platform tracks the underlying risk of a model, thus enabling them to insure AI and launch new products to market.
- Axio: A cyber risk assessment and quantification focused company which encompasses consultancy, professional services, and SaaS solution provider.
- Diesta: A Next-Gen payment reconciliation engine for the insurance industry. The company’s technology connects internal systems and external partners onto a single financial ledger for streamlined processing of insurance premiums.
- FireBreak: An insurtech that mitigates wildfire risk through data and parametric offerings. Their self-inspection mobile app encourages mitigation while generating first-party, on-the-ground data for underwriting.
- Gabriel: A Next-Gen active threat solution that lowers the risk of an incident costing unnecessary lives and damage. Gabriel uses a preventative approach, leveraging innovative technology, and user-friendly solutions.
- Intelligent AI: An insurtech that combines deep insurance domain expertise with innovation and data science to change the commercial property underwriting sector globally with Digital Twins of Risk. Their Intelligent Risk Underwriting provides a 360 degree view of risk across 100% of global commercial property portfolios.
- PolArctic: An oceanographic, and data science company concentrating on generating bespoke products for the Arctic. They are developing solutions to business and policy questions about the Arctic via Artificial Intelligence (AI) and Machine Learning (ML) techniques.
- REOR20: Has developed a breakthrough AI system for flood risk that understands and mitigation based on the physics governing floods. The solution combines accuracy with scaling capabilities.
- Signal Intelligence: Works with maritime organisations who want to increase operational efficiency and be more environmentally responsible. The insurtech uses IoT technologies to free up vessel performance data and deliver value to their partners.
- Simulytic, A Siemens AG Venture: Provides (re-)insurers risk exposure insights for automated vehicle (AV) deployments. The Simulytic platform contextualises an AV deployment with digital replicas and models, simulates a rich synthetic driving history and analyses the operational lifetime of AVs to support pricing a policy and scenario-based insurance products.
- spacebands: Creates software and wearable technology that makes workplaces safer.
- Value.Space: Provides satellite-based risk assessments. The insurtech provides a x10 faster and x25 more cost-efficient way to assess risks of high-value infrastructure assets such as dams, mines, tailings storage facilities and real-estate.
The Lloyd’s Lab has become an important hub for insurtech innovation, and many of the startups that have participated in the programme have gone on to secure funding and partnerships with insurance companies. The lab has also helped to drive innovation within the Lloyd’s market itself, with many of the ideas developed in the lab being adopted by Lloyd’s syndicates and brokers.
