Lloyd's Lab launches COVID-19 cohort with three new insurtechs

Specialist re/insurance marketplace Lloyd’s of London has started work with three new insurtechs to help fast-track the market's response to the COVID-19 pandemic, following the launch of its  recovery and resilience proposals.

The three new teams that will work exclusively on COVID-19-related Lloyd’s Lab programme starting July 13, will include Metabiota, Praedicat and Dialogue.

Lloyd’s said that it has "reimagined and expanded the scope, process and timings" for new applicants to the Lloyd’s Lab innovation accelerator, with the aim to bring COVID-19-related products and innovations more quickly to the market.

Lloyd’s wants to understand, model and create products that better protect customers against pandemics, and other systemic risks, as outlined in its recently proposed ‘open source’ frameworks to fast-track global economic and societal recovery, and build resilience for future systemic catastrophic events.

Metabiota is a start-up focused on quantifying and mitigating epidemic and pandemic risk. The start-up draws on rigorous epidemiological analysis and a wide range of analytic tools to advance the science of modelling infectious disease outbreaks and estimating their socioeconomic effects.

Praedicat are a Lloyd’s Lab alumni from cohort 3. It uses litigation data and science combined with technology to anticipate the next big liability catastrophe. The insurtech plans to develop a suite of cross-line clash COVID-19 scenarios, to assist the market to identify and track the emergence of COVID-19 liability risk.

Finally, Dialogue is a start-up focused on the credit and political risk (CPRI) marketplace. It is an online platform sitting between brokers and underwriters, to create, submit, negotiate, and place complex CPRI transactions. Dialogue has also created a centralised availability application to help brokers see underwriter availability, as working from home becomes increasingly common..

Furthermore, Lloyd’s is running a "short, but intense" Fusion programme from July 21 to July 23. It has been designed to provide a setting for Lloyd’s market teams to work with insurtechs to explore and develop early-stage ideas for tackling pandemics and systemic risk. Partner insurtechs selected for this programme include Hivemind, Geollect, Ryskex and Survenus.