The global (re)insurance market accelerator has unveiled twelve new insurtech disruptors to join its programme
More than 190 applications were received from across the world for the fourth cohort of the Lloyd’s Lab, which begins on the 27 April.
The twelve insurtechs were selected after presenting their ideas during a virtual pitch day earlier this month.
They will be focussed on four key themes: data and models, new insurance products and markets, the future of transportation and cyber.
Trevor Maynard, head of innovation at Lloyd’s said: “All twelve of the insurtechs we have selected bring something different and unique. I am thrilled to be working with some of the brightest and best talent from the insurtech sector to help the Lloyd’s Market develop new ideas that better serve our customers by developing solutions to the problems they face today.
“As the Covid-19 crisis continues its devastating march around the world it has never been more important for us to pull together, to use our combined resources and creativity to make a difference.”
Since the launch of the Future at Lloyd’s strategy the lab has expanded its scope to promote greater collaboration between Lloyd’s expert underwriters and brokers, customers and capital providers.
The following insurtechs will become part of Lloyd’s Lab cohort four:
- KASKO offers “InsurTech as a Service”. The platform allows insurers, brokers and cover-holders to create digital plug-and-play ready insurance products very quickly and cost effectively.
- Skyline is a data and technology focused parametric managing general agent (MGA) for emerging risks and under-protected segments.
- Parametrix creates parametric (index-based) insurance for external service downtime such as cloud outages, network crashes and platform failures. Its products help to close the protection gap in business interruption.
- Kovrr is a platform that enables (re)insurers to financially quantify cyber risk.
- Boxx is a Canada-based, award-winning fintech dedicated to protecting small businesses and individuals from cyber threats.
- Artificial OS is a system of cloud-based applications that empowers insurers to rapidly and digitally quote, bond and issue policies.
- Previsico offers local and real-time surface water flood warnings, tailored to the needs of a range of global insurance customers.
- Sille.Space brings a new visibility to ground, infrastructure and real estate subsidence detection and monitoring that opens up new capabilities for the insurance, infrastructure, energy and real estate industries.
- Optalitix is an artificial intelligence software company, one of its products enables insurers to convert any desktop model into an API without any infrastructure or code.
- Loadsure is a UK-based Insurtech MGA that offers “all risk” freight insurance at the click of a button.
- Koffie is an insurance company purpose built for the next generation of transportation. It uses vehicle-specific artificial intelligence models to redefine underwriting, pricing, and loss control and incentivise the adoption of advanced safety technology.
- Orca AI brings technology into the maritime world with the mission to enhance the safety and efficiency of ship operations. It combines data and deep learning to provide a powerful awareness system and smart alarms.
Last year Lloyd’s invested in Layr – a cloud-based platform that helps small businesses buy liability insurance. Other investments include Parsyl, which uses an internet-of-things sensor that can help protect sensitive shipments, as well as Flock, which uses real time weather, building density and operating temperatures to understand the risks of drone flights.
In its first three cohorts, Lloyd’s saw startups, entrepreneurs and businesses presenting ideas that ranged from live-streaming drones to event-based parametric insurance solutions for catastrophic flooding and on-demand insurance for the gig economy.
Insurercore, a digital risk-appetite directory, was part of the first cohort for Lloyd’s Lab.
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