Lloyd’s Lab also announced two appointments alongside the candidates for its latest cohort
Lloyd’s Lab has revealed the nine insurtechs in its ninth cohort, eight of which are UK based – choosing from among more than 120 applications to the programme.
However, the insurtech innovation incubator will not be focusing on a theme this year. Instead, it said it was “interested in a wide range of solutions which can help the Lloyd’s market understand customers risks better, respond faster to incidents, or provide a better service to its customers,” according to a statement on its website.
The global ten-week programme begins officially next week on 26 September and is now run by Lloyd’s Lab and Innovation senior manage Rosie Denée, following Ed Gaze stepping down from his role after almost four years in tenure.
Denée joined Lloyd’s in 2020 and was responsible for oversight of innovation and thought leadership – she continues to oversee the organisation to support the acceleration of insurtechs in the Lloyd’s market.
Lloyd’s also confirmed the appointment of Iryna Chekanava as senior manager in the Lab.
Chekanava joined Lloyd’s from InsTech, where she was responsible for commercial performance and programme delivery.
She will focus on broadening innovation within the market by developing a more commercial model for the Lloyd’s Lab and accelerating tthe pace of innovation in the Lloyd’s market.
Dawn Miller, commercial director at Lloyd’s, said: “Since joining Lloyd’s in May, I’ve been thoroughly impressed with the dynamism, expertise and energy the insurtechs bring to the programme.
”I’m excited to see what insights and product solutions the new teams will bring to the Lab to address the challenging issues our industry faces. I’ll be watching closely to see how they progress during their ten-week cohort.”
Cohort nine insurtechs
The following nine insurtechs were selected based on solutions geared towards new products that will help the Lloyd’s market understand its customers’ risks better, respond faster to incidents and provide an enhanced service:
- ARMD (UK): Provides products and services that maximise protection and minimise downtime for tradespeople, while simultaneously providing risk and underwriting performance for insurers.
- Anansi (UK): Offers embedded goods in transit insurance for e-commerce businesses. It has started with last mile, aiming to move to larger cargo followed by freight.
- OTT Risk (UK): Provides parametric business interruption insurance using footfall, card transaction, passenger volume and revPAR data.
- Kanya (UK): An embedded insurance supplier on Software as a Service platforms for small and mid-sized businesses. It uses real-time data from the platforms to build and accurate picture of the business which can then provide more accurate insurance.
- Yokahu (UK): A new insurance product to protect banks and vulnerable borrowers from major events. This policy will cover costs of loan repayments rather than the full amount borrowed.
- Altelium (UK): Proprietary end-to-end battery insurtech platform driven by battery data analytics and battery expertise.
- nPlan (UK): A risk transfer product for construction delays. nPlan built artificial intelligence that forecasts and helps prevent delay risk on construction megaprojects, based on the world’s largest collection of completed project data. It can then use this technology to offer an insurance product on delay costs.
- Sola (USA): An entirely new supplemental add-on insurance policy that leverages weather disaster data streams to help cover the underinsurance protection gap after natural catastrophes quickly and more transparently.
- Innovatrix Capital (UK): Innovatrix deploy solutions for intangible risk transfer in the life sciences sector with a mission to encourage investment in research and development for the social good.
Embedded insurance
Devin Chawda, co-founder and chief executive of ARMD, said: “Our aim, with the support of the great mentors at Lloyd’s, will be to follow in the fine footsteps of previous success stories like Flock, Floodflash and Kovrr as we launch our next funding round before the year-end.”
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Gaze, chief executive of Innovative Risk Labs and ex-head of the Lloyd’s Lab, said: “I was impressed by ARMD’s ‘completing the loop’ solution, which provides a complete customer journey and has potential to dramatically improve the claims experience.
“Also, there was a lot of interest in ARMD’s approach to embedding insurance at the point of sale for tools, with options for both conventional and parametric insurance.”
Gaze was shortlisted for the Technology Champion of the Year award in Insurance Times’ Technology and Innovation Awards.
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