Lloyd’s Lab announces its sixth cohort with a focus on product simplification and climate
Lloyd’s has today announced the next eleven InsurTech start-ups joining the sixth cohort of the Lloyd’s Lab innovation accelerator programme, which will be focused on creating simpler products for customers, including building solutions related to climate risks.
This follows Lloyd’s commitments to reducing complexity and enhancing coverage clarity outlined in its key report released last year, alongside Futureset’s focus on climate change resilience initiatives.
The global programme received 177 applications, from which eleven successful teams have been selected to form the next cohort of the Lloyd’s Lab, beginning on 26 April 2021. Each of the teams chosen impressed an expert panel of Lloyd’s and market stakeholders during a competitive pitch process, where they presented their innovative insurance product ideas for the market.
The cohort will begin in a virtual capacity but will be able to return to the physical Lloyd’s Lab workspace in London from 21 June*.
For the sixth cohort, the InsurTech start-ups have been selected based on solutions geared towards four key themes: climate change and decarbonisation; geopolitics; data and models; and claims support services. The teams will explore how they can support Lloyd’s customers around the world by creating simpler products capable of responding quickly in the aftermath of a disaster.
Ed Gaze, Lloyd’s Lab Senior Manager, said: ‘We’re excited to welcome the new teams to the Lloyd’s Lab for our sixth cohort. Product simplification is a critical issue for the industry following the COVID-19 pandemic and Lloyd’s is committed to providing our customers with clarity in their policies so that valid claims are paid. We’re delighted that we’ve been able to secure the most innovative and cutting edge InsurTech’s across the world to work with the Lloyd’s Lab and we look forward to collaborating on these critical market issues.”
The eleven teams selected for Lloyd's Lab cohort six are:
Moonshot – an analytics firm that builds technology to map extremism, disinformation and organised crime.
Verisk Maplecroft – uses a combination of risk analytics and expert analysis to help companies manage risks that can undermine commercial value, damage brand reputation and disrupt global operations, investments and supply chains.
Scrub AI – specialises in automating the repetitive task of data cleansing or ‘scrubbing’.
Supercede Technology – helps cedents and brokers automate the creation of submission packs, for a more reliable presentation of risk to reinsurers.
Safekeep – an AI subrogation solution that increases the number of recoverable claims by 37%, increases dollar net recoveries by 21%, and reduces effort by 90%.
SettleIndex – a litigation risk platform that cuts the time and cost of resolving disputes.
DistriBind – uses AI to deliver efficiencies in delegated authority through automation.
CarbonChain – helps companies automate the accounting of their carbon emissions.
Jupiter Intelligence – provides climate risk analysis of multiple perils, in spatial resolutions from portfolio to asset level, globally and across flexible time horizons and climate scenarios.
Tesselo – a geospatial intelligence firm delivering solutions to monitor natural resources (trees, soils, crop) & reduce climatic risks.
Gaia** – creators of an insurance product to make IVF treatments more accessible, affordable and personal.