Eleven new InsurTech startups are joining Lloyd’s of London’s innovation accelerator program.
More than 130 applications came in from across the world for the third cohort of the Lloyd’s Lab, its announcement noted. Lloyd’s selected the 11 teams as part of a competitive process involving 24 shortlisted applicants who presented their ideas to experts across the market.
Lloyd’s has recently committed to expanding the scope of the Lloyd’s Lab as part of its new Future at Lloyd’s strategy. The 10 successful teams are aligned with this strategy and will begin working in the Lab as part of a 10-week programs that kicks off on Sept. 2.
The start-ups are focused on finding ways to enhance data sharing and provide new sources of risk insight as well as pricing and risk models to help Lloyd’s market participants better understand threat scenarios. They also will be developing methods to reduce the cost of processing claims as well as the burden of compliance and regulation.
“Times are changing, and we are building a new vision for the future at Lloyd’s. The third cohort of the Lloyd’s Lab will be fully aligned with this strategy,” said Lloyd’s Chairman Bruce Carnegie-Brown.
“We see a huge opportunity to partner with the brightest and best talent from the technology sector to develop new ideas, new ways of working and of serving our customers,” he said. “Nowhere is this more keenly felt than in the Lloyd’s Lab, where talent, technology and capital intersect so creatively. We want to harness this creative spirit to help us build a new Lloyd’s, which is nimbler, more customer focused, faster and more efficient than ever.”
The teams that will be working with the Lloyd’s innovation accelerator are described below:
- ClimaCell. ClimaCell is described as the first microweather™ technology company, finding and forecasting weather that others can’t see. By taking an internet-of-things approach to collect millions of weather observations, ClimaCell forecasts at the street (not city) level.
- Digital Fineprint. Digital Fineprint (DFP) is an InsurTech that helps insurers and brokers improve their reach and profitability in the small and medium enterprise market. DFP provides data insights that can be used for risk selection, underwriting, pricing and new business generation.
- Flock. Flock is a big data start-up that helps underwriters unlock the power of risk intelligence.
- Floodflash. FloodFlash says it enables fairly-priced, no-exclusions, instant-settlement flood insurance. Customers receive a pre-agreed settlement as soon as FloodFlash sensor detect that waters have exceeded a critical depth.
- Hyperexponential. Hyperexponential is building practical, impactful pricing software for specialty insurance. It claims to be the first platform of its kind to be built by insurance professionals “at the coal-face of the market, for the needs of our actuaries and underwriters.”
- INARI. INARI is an advanced ecosystem in a box that digitizes insurance operations through the entire risk lifecycle. INARI says it combines “process automation, data ingestion processing, distributed ledger auditability, machine learning and data lake.”
- Insurdata. The Insurdata platform creates high resolution, building level, peril specific exposure data globally.
- Oasis. Oasis provides an open source catastrophe modeling platform, free to use by anyone. It is also a community that seeks to unlock and change the world around catastrophe modelling to better understand risk in insurance and beyond.
- Phinsys. Phinsys has built a platform of intelligent finance automation tools to deliver systematic controls to optimize financial close and reporting processes.
- Praedicat. Praedicat reads, curates and quantifies data from science to identify emerging and emerged risks to humans / the environment. It quantifies the loss to economy and liability insurers from litigation allowing risk management and product development.
- Tautona AI. Tautona is a “cognitive automation” company that automates processes once reserved for human judgement. It says: “Our cloud based, managed service approach provides insurers with a frictionless approach to automating claims and ancillary processes.”
*A version of this story ran previously in our sister publication Insurance Journal.