Insurtechs selected for latest Lloyd's Lab
Insurtechs selected for latest Lloyd’s Lab
3 April 2023
Lloyd’s has revealed 13 insurtechs selected to join the 10th Lloyd’s Lab, which gets underway on April 24.
The winners were chosen after a pitch day centred on the themes New Products, Data & Models, and European Cyber & Climate Solutions. Over 200 applications from 32 countries were received.
The program, which runs twice a year, offers access to expert mentors and potential partners and investors. Teams will showcase their progress at Demo Day on July 5.
“We were thoroughly impressed with the calibre of the teams who presented,” Lloyd’s Lab Senior Manager Rosie Denée said. “I’m excited to see the dynamism and output that will deliver solutions for our global marketplace.”
The winning “New Products” themed applicants were:
Brooklyn-based Aanika Biosciences, which created a multi-trigger parametric food recall policy designed to embed with barcode tags, providing coverage against financial loss resulting from a food pathogen event.
California-based FireBreak’s mobile app for self-inspection which encourages mitigation while generating first-party, on-the-ground data for underwriting.
Israel-based Gabriel which uses AI and machine learning to replace legacy security systems dependent on human interaction with automated systems that reduce response time, chaos and cost in events such as a mass shooting. “Together with Lloyd’s we will create a tech-enabled insurance offering that helps get ahead of active assailant risks before they take more unnecessary lives,” said Co-Founder Yoni Sherizen.
UK-based Signal Intelligence, which works with maritime organisations who want to increase operational efficiency and be more environmentally responsible and says it “harnesses the power of IoT to unlock siloed vessel performance data and deliver value”.
UK-based spacebands, which creates software and wearable technology that makes workplaces safer.
Winning “Data & Models” themed applicants were:
New York-based Axio, a cyber risk assessment and quantification focused company
London-based Diesta, a next-generation payment reconciliation engine for the insurance industry which links internal systems and external partners onto one financial ledger for fast processing of insurance premiums.
UK-based Intelligent AI, which uses data science to transform commercial property underwriting
Virginia-based PolArctic, which creates tailored products for the Arctic.
Winning “Europe Cyber & Climate Solutions” applicants were:
Toronto-based Armilla AI, which helps vendors and enterprises guarantee the quality of their AI products.
Zurich-based REOR20, which has an AI system for flood risk mitigation based on the physics governing floods
Barcelona-based Simulytic, which provides insurers with risk exposure insights for automated vehicle (AV) deployments.
London-based Value.Space, which delivers satellite-based risk assessments for a”x10 faster and x25 more cost-effective way” to assess the risk of assets such as dams, mines tailing storage facilities and real-estate.
