12 insurtech teams that will join the 11th cohort of the Lloyd’s Lab, the InsurTech accelerator hub for developing innovative insurance products in the Lloyd’s market.
Following the success of the first regional theme in Cohort 10, the Lab have announced ‘Asia-Pacific Climate Risk, Cyber and Sustainability’ as the new theme for Cohort 11. In addition, ‘Data & Models’ and ‘New Products’ will be carried forward, with each InsurTech being aligned with one of the three themes.
The new theme introduced this year will focus on developing solutions to some of the biggest risks faced by businesses and communities in the Asia-Pacific regions.
The Lloyd’s market is also focused on enhancing underwriting efficiency through improvements in risk assessment tools, portfolio management, and claims handling processes. The ‘Data & Models’ theme aims to tackle these challenges by providing innovative platforms to drive progress within the Lloyd’s market.
Similarly, the ‘New Products’ theme is dedicated to fostering insurance products that can address underinsurance issues and significantly enhance existing coverages.
We are continuing to grow the global reach of the Lloyd’s Lab with the introduction of an Asia-Pacific theme and the international spread of InsurTechs joining this year. It’s been brilliant to see the Lab growing in prominence over the last year, with outstanding attendance at our Pitch DayRosie Deneé, Lloyd’s Lab Senior Manager
The Lab received over 150 applications to join its latest cohort from a range of InsurTechs across the world.
A competitive pitch day was held at Lloyd’s on 31 August, where the below 12 InsurTechs from six countries were chosen across the three categories.
1. Asia-Pacific Climate Risk, Cyber and Sustainability:
- FERMAT S&T – Fermat is an innovative aquacultural technology company with the vision of improving aquacultural efficiency and sustainability and initial team of the company is a joint group of acoustic researchers, aquacultural experts and insurance actuaries.
- Floodbase – Floodbase is an end-to-end data solution monitoring global flood risk for insurers and government agencies. Floodbase integrates satellite obeservations and hydrological data to provide both historical and near real-time flood data.
- Protos Labs Pte – Protos Labs, a Singapore-based InsurTech, addresses the high costs of cyber premiums through advanced risk analytics. Their proprietary model considers 360-degree data points, creatin comprehensive cyber risk assessments that sets them apart from typical approaches and contributes to a safer and secure Asia.
- Renew Risk – Renew Risk provides risk modelling software for renewable energy assets. Renew Risk’s deep data science-driven risk models enable (re)insurers to undertake comprehensive catastrophe risk assessments, inform pricing and capacity, conduct event response and confidently underwrite risks in new regions throughout all phases
2. Data & Models:
- CLIMATIG – CLIMATIG is a climate InsurTech Saas application that helps insurers and banks to identify, measure and act against eight climate chance physical risks for any asset in the World in resolution of 10 meters, until the year 2100.
- Cyntegra – Cyntegra’s patented Recovery Operating System enables organizations to avoid the potentially catastrophic disruption and associated costs of ransomware and disruptive malware attacks by enabling end users to fully restore a compromised system to its familiar and functional pre-attack state in minutes.
- Loro Insurance – Loro’s platform enables insurers or MGAs to quickly create, customize, and deploy specialty insurance products without any upfront investment. Additionally, Loro’s solution is completely free for the first $100,000 GWP every year, providing unmatched accessibility and affordability.
- RedZone – RedZone is on a mission to minimise the impact of wildfires. By providing best-in-class wildfire intelligence and services, they work with their customers to save properties and, more importantly, save lives.
- Vayuh Inc – Vayuh is a deep-tech company consisting of engineers and scientists from the UC Berkeley Lab community. Using Physics, Data, and AI they build highly accurate weather forecasts and peril risk models for clients across industries. They are looking to help the insurance industry to adapt to the changing climate by providing actionable insights.
3. New Products:
- Mitigrate AS – Mitigrate focuses on climate adaption and loss prevention in property insurance. The SaaS platform performs fully automated analyses for a given geographical location, generating recommended preventative and protective measures against flood damages to help sales agents, claim handlers and appraisers minimise future claims and maximise customer loyalty.
- MetaRisk – MetaRisk is an innovative risk financing firm specialising in digital assets and Web3, bridging the gap between Web3 and insurance while leveraging blockchain technology to enhance operational efficiency, financial openness and inclusivity.
- Suyana & Benchmark Labs – Suyana has partnered with Benchmark Labs to create a hybrid-parametric flooding & hurricane insurance product. By using machine learning and digital technologies they can make flood insurance more accurate, accessible and affordable. Their value proposition lies in creating tailor-made products for our customers.
The Lloyd’s Lab is a fast-track, fast-fail environment where new concepts, ideas and products can be tested with the support of experts from the world’s insurance and reinsurance market.
The Lloyd’s Lab brings together InsurTechs, start-ups and ideas which support our market’s shared goal of sharing risk to create a braver world.
by Peter Sonner