Lloyd’s Lab eighth cohort to focus on decarbonisation and climate change

Lloyd’s Lab, the experimental development hub for  Lloyd’s of London, has unveiled its eighth cohort of 11 insurtech start-ups that will focus on solutions geared towards four key themes: decarbonisation and climate change; supply chains; data and models; and claims.

The teams will start the 10-week programme on April 25, with the aim to create insurance products to address the issues and challenges facing the Lloyd’s market.

The global programme, which brings together insurtechs, insurers, and brokers to test out new, innovative solutions, received over 150 applications for its eighth cohort. The selected teams impressed an expert panel of Lloyd’s and market stakeholders by presenting their innovative insurance product ideas in a competitive pitch process.

For the third time, the Lloyd’s Lab also accepted wildcard entrants who presented solutions outside of the core themes, such as space safety and contract review.

Ed Gaze, senior manager, Lloyd's Lab, said: “It’s really exciting to be welcoming the eleven successful teams to the Lloyd’s Lab for our eighth cohort. We’ve invited InsurTechs to address some of the most pressing issues the Lloyd’s market faces, from supporting the transition to a low carbon economy to getting better at dealing with business interruption claims. We’re delighted to be working with some of the most innovative InsurTechs in the world and look forward to seeing how they help our market, customers and society progress.”

Among the teams selected for Lloyd's Lab cohort are:

Kita, which provides insurance for the voluntary carbon markets to enable more high-quality carbon removal solutions and generate positive climate impact.

Persefoni, a global software company whose SaaS Platform enables companies and financial institutions to easily meet stakeholder and regulatory climate disclosure requirements and requests.

Kettle, a Bermuda-based Reinsurance MGA which aims to protect the world against climate change using deep learning and reinsurance.

Otonomi, a blockchain-enabled parametric insurance platform that transforms the way cargo policyholders get compensated by compressing resolution times from 45 days to 45 minutes, lowering administrative costs by more than 50% for both clients & carriers, and providing algorithmic underwriting solutions.

Privateer Space, which delivers a space applications technology focused on space safety, sustainability, and security in near-earth space.

Definely, a Microsoft-backed software company redefining how contracts are understood. Definely's tools shorten the contract lifecycle and time to revenue by optimising how professionals understand and review complex contracts.

Marmalade, a simple deal pricing and data capture system, built for underwriters.

FRISS, which helps insurers gain a deeper understanding of the risk in their portfolio, stay compliant, detect fraud, and make better decisions across the end-to-end underwriting and claims lifecycle.

InsurX, a digital capacity exchange for the complex commercial insurance market. It enhances broker and carrier follow capacity trading using proprietary algorithmic matching technology.

ClearConnect, which uses proprietary technology, ClearTrac, to give stakeholders in the transportation and insurance industries a 360 Degree, real-time view into the risk associated with drivers and fleets out on the road.

BakerTilly – Quantum is a business interruption claims processing platform that delivers seamless, data-driven claims. Paired with hands-on, personalized service from experienced Baker Tilly forensic accountants, Quantum delivers the benefits of automation with a more personal touch.