’The lab’s recent success with region specific themes further validates the work of the lab,’ says senior manager 

Lloyd’s Lab has revealed the insurtechs joining its 12th cohort will focus on developing solutions for a range areas across the insurance market – including mitigating risks in America.

A total of 12 firms will join the new cohort, which received a record number of applications from over 33 countries.

They will join a ten-week incubator programme to develop products and solutions with the support of industry experts.

Some of these solutions will be used for the biggest risks faced by businesses and communities in the Americas region, such as challenges arising from natural hazard prediction to risks associated with cybersecurity. 

Rosie Denèe, Lloyd’s Lab senior manager, said: “The lab’s recent success with region specific themes further validates the work of the lab is doing to deliver solutions for our global marketplace.

“Each new team in cohort 12 brings unique innovation and expertise to the table, supporting Lloyd’s continued commitment to redefining the future of insurance.”

Other themes

Lloyd’s also revealed that alongside the American theme, applications were also accepted under the data, models and processes and new products themes.

Data, models and processes aims to tackle challenges through innovative platforms for underwriting progress within the Lloyd’s market.

New products, meanwhile, is dedicated to fostering insurance products that can address underinsurance issues and enhance resilience. 

Denèe added: “We are thoroughly impressed with the teams who presented at pitch day and look forward to welcoming them through the doors.”

Insurtechs under each theme in cohort 12 include:

 Building resilience in an ever-changing Americas Landscape

  • Authentic Art: Services the arts and collectibles market by streamlining the collection, processing and exchange of data and insights through its platform.
  • Latú Seguros: Boosts resilience in Latin America by helping businesses address the insurance gap using AI driven underwriting.
  • Pascal Metrics: Data analytics firm enabling clients in the healthcare sector to improve patient safety.
  • ZeroEyes: AI-powered and human verified visual gun detection platform.

New products

  • CoveryourAI: Uses AI to help enterprise teams leverage AI through parametric product protection plans.
  • OpenCover: Aims to protect the growing number of businesses transacting via blockchain networks.
  • Samp Risk: Helps insurers with power machine breakdown insurance.
  • Shinc: Uses parametric insurance and domain expertise in the commodity and maritime markets.

Data, models and processes

  • Astrteq.ai: Transforms earthquake predictions and readiness with its AI driven earthquake forecasting system.
  • CatX: Aims to bridge the gap between alternative capital and insurance risk.
  • Maximum Information: Committed to increasing societal resilience to disasters via evolving risk modelling of natural disasters.
  • Sixfold: An AI solution purpose built for insurance underwriting.