Lloyd’s Lab Selects 13 InsurTechs for Its Next Innovation Accelerator

The Lloyd’s marketplace announced it has invited 13 insurtechs to join the next cohort of its innovation accelerator, the Lloyd’s Lab, following a competitive pitch process where the firms presented innovative insurance solutions for the market.

Lloyd’s Lab received more than 200 applications from 32 countries for the 10^th cohort, which begins on April 24, 2023. Insurtechs were selected if they are offering solutions geared towards one of three themes: “European Digital and Climate Solutions,” “Data and Models,” and “New Products.”

Throughout the 10-week program, teams will develop their products with the support of market experts and explore how their innovations can support the Lloyd’s market.

This year for the first time, to increase collaboration between London and European insurtech sectors, the Lloyd’s Lab has introduced a region-specific theme, with four of the 13 successful teams addressing the theme of European Digital and Climate Solutions.

“We’re thrilled to welcome the new insurtechs to the Lloyd’s Lab for our 10th cohort. Together with the expert panel of judges, we were thoroughly impressed with the calibre of the teams who presented at our pitch day and have earnt a place in Cohort 10, and the dynamism they’ll bring to the programme,” commented Rosie Denée, Lloyd’s Lab senior manager.

“After receiving our highest ever number of international applications and introducing our first regional theme to this cohort, I’m excited to see the dynamism and output that will deliver solutions for our global marketplace.”‘

The successful teams and their tech themes are:

European Digital and Climate Solutions

• Armilla AI – a provider of Responsible AI technology, empowering vendors and enterprises to guarantee the quality of their AI products and mitigate associated risks.
• REOR20 – have developed a breakthrough AI system for flood risk understanding and mitigation based on the physics governing floods. The solution combines accuracy with unprecedented scaling capabilities, providing high resolution hazard data down to the individual building element.
• SIMULYTIC (a Siemens AG venture) – provides re/insurers risk exposure insights for automated vehicle (AV) deployments, using digital replicas and models that simulate a rich synthetic driving history.
• Value.Space – deliver satellite-based risk assessments, it has opened a up a new and proven capability that provides a x10 faster and x25 more cost-effective way to assess risks of assets such as dams, mines tailing storage facilities and real-estate.

Data and Models

• Axio – a cyber risk assessment and quantification focused company which encompasses consultancy, professional services and SaaS.
• Dietsa – a next-generation payment reconciliation engine for the insurance industry. Their technology links internal systems and external partners onto one financial ledger for an efficient and fast processing of insurance premiums.
• Intelligent AI – brings together deep insurance domain expertise, together with innovation and data science to transform the commercial property underwriting sector globally with Digital Twins of Risk.
• PolArtic – an oceanographic, and data science company with a focus on creating tailored products for the Arctic. They are identifying and creating solutions to business and policy questions about the Artic through the use of AI and Machine Learning techniques.

New Products

• Aanika Biosciences – a biotechnology company dedicated to developing food safety technologies. As Aanika has created a multi-trigger parametric food recall policy designed to embed with its microbial barcode tags and provide coverage against financial loss resulting from a food pathogen event.
• FireBreak – a team dedicated to filling both the data and protection gaps in wildfire risk. Their mobile app for self-inspection encourages mitigation while generating first-party, on-the-ground data for underwriting.
• Gabriel – a next-generation active threat solution that dramatically reduces the risk of an incident costing unnecessary lives and damage.
• spacebands – create software and wearable technology that makes workplaces safer.

Source: Lloyd’s Lab