Lloyd’s picks 'brightest and best' insurtech talent for fourth cohort

Lloyd’s Lab, the global re/insurance market’s innovation accelerator, has unveiled its fourth cohort of 12 new insurtech disruptors focussed on four key themes - data and models, new insurance products and markets, the future of transportation, and cyber.

Lloyd's said that more than 190 applications were received for the cohort that starts on April 27. The initiative is a part of Lloyd’s commitment to becoming the most technologically advanced insurance marketplace in the world.

The selected insurtechs will join the Lab for a ten-week programme, where they work with insurers in the Lloyd’s market to develop and test their ideas, using the expertise and experience of their mentors to add value to the Lloyd’s market.

“All twelve of the InsurTechs we have selected bring something different and unique," said Trevor Maynard, head of innovation at Lloyd’s. "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,” he added.

In the first three cohorts, start-ups, entrepreneurs and businesses have presented ideas ranging from live-streaming drones to event-based parametric insurance solutions for catastrophic flooding and on-demand insurance for the gig economy.

In 2019, Lloyd’s invested in Layr, a cloud-based platform that helps small businesses buy liability insurance. Other success stories include Parsyl, which provides an internet-of-things sensor that can help protect sensitive shipments; Flock, which uses real time weather, building density, and operating temperatures to understand the risks associated with drone flights; and ClimaCell, which uses micro-weather forecasting to help customers reduce their exposure to meteorological events.

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 insurtechs that will become part of the Lloyd's Lab cohort four include:

KASKO, which offers “InsurTech as a Service”. The platform allows insurers, brokers and coverholders to create digital plug-and-play ready insurance products very quickly and cost effectively.

Skyline - a data and technology focused parametric managing general agent (MGA) for emerging risks and under-protected segments.

Parametrix, which 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 - a platform that enables re/insurers to financially quantify cyber risk.

Boxx - a Canadian based fintech dedicated to protecting small businesses and individuals from cyber threats.

Artificial OS - a system of cloud-based applications that empowers insurers to rapidly and digitally quote, bond and issue policies.

Previsico - a provider of local and real time surface water flood warnings, tailored to the needs of a range of global insurance customers.

Sille.Space, which 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, an artificial intelligence software company, one of their products enables insurers to convert any desktop model into an API without any infrastructure or code.

Loadsure, a UK based insurtech MGA, that offers “all risk” freight insurance at the click of a button.

Koffie - 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, which 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.