Insurtech: Lloyd’s Lab Announces 6th Cohort of Insurance Tech Startups with Focus on Climate, Product Simplification

Lloyd’s Lab has announced its sixth cohort with a special focus on “product simplification” and climate.

Lloyd’s revealed on April 15, 2021 that the next eleven insurance technology (Insurtech) startups joining the sixth cohort of the Lloyd’s Lab innovation accelerator program will aim to develop “simpler” products for clients  including implementing various solutions related to “climate risks.”

As noted in the release, 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 international program reportedly received 177 applications, from which eleven “successful” teams have been
chosen to form the next cohort of the Lloyd’s Lab, starting on April 26, 2021.

As mentioned in the announcement, each of the teams selected “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 start in a “virtual” capacity but will be able to “return to the physical Lloyd’s Lab workspace in London from June 21, 2021.”

As stated in the release:

“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, stated:

“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 COVID19 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 11 teams chosen for Lloyd’s Lab cohort six include:

  • Moonshot – an analytics firm that “builds technology to map extremism, disinformation and organized 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 – specializes 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.”
  • CarbonChains – 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 Fertility – creators of an insurance product “to make IVF treatments more accessible, affordable and personal.”
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