Lloyd’s confirmed the companies moving into Cohort 16 of its Lab Accelerator after a Pitch Day session that pulled together InsurTech founders, market participants, and global partners into one room where ideas either land or don’t.
The process narrowed down to 12 insurtech startups, each heading into a ten-week programme built around direct engagement with Lloyd’s market specialists, where concepts face pressure early and often.
Rosie Denée, Director of Innovation and Commercial Education at Lloyd’s, hosted the event alongside Martin Fraser, Ireland’s Ambassador to the UK.
Shortlisted firms presented working models rather than loose concepts, then moved through selection into the Accelerator phase, where refinement and commercial testing take priority over theory.
Pitch Day demonstrates the critical role the Lloyd’s Lab plays in connecting cutting‑edge innovation with the needs of the Lloyd’s market. The quality and ambition we saw from this cohort underline the market’s commitment to tackling real‑world challenges through new ideas, new technology and new ways of working.
Rosie Denée, Director of Innovation and Commercial Education at Lloyd’s
The programme clusters around three themes tied closely to current pressure points across the Lloyd’s market.
Operational efficiency sits front and centre, targeting manual workflows, scattered data environments, and strain across claims handling, delegated authority, and finance operations, areas where friction builds fast and costs follow.
Product development forms the second track, shaped by demand for coverage that reflects emerging risks rather than legacy structures.
According to Beinsure, insurers keep adjusting product frameworks to address exposures linked to cyber threats, climate events, and shifting liability patterns, though execution often lags behind risk evolution.
The third theme leans into Ireland-specific priorities, developed with the Department of Finance, focusing on resilience and capital deployment tied to national concerns such as flood exposure, cyber security, artificial intelligence, and export finance.
Ireland’s involvement signals its growing position within Lloyd’s European footprint, where regulatory alignment and market access intersect in ways that still feel… unfinished.
Selected startups cover a wide spread of capabilities, from data infrastructure and automation tools to cyber risk analytics and flood modelling approaches, each aimed at plugging gaps that standard systems haven’t closed.
We think the mix reflects where insurers still struggle, connecting data, pricing risk accurately, and scaling solutions without adding more operational drag.
During the Accelerator, participants work directly with managing agents, brokers, and the Lloyd’s Corporation, shaping commercial propositions while testing how solutions fit inside the market’s structure.
That process often exposes limits early, which, honestly, saves time before anything reaches full deployment.
Denée describes Pitch Day as a checkpoint where innovation meets market demand, pointing to the level of ambition across the cohort and the push toward practical outcomes rather than conceptual work.
Robert Troy, Ireland’s Minister of State for Financial Services, links the partnership to national priorities, stressing the role of insurance innovation in areas like flood risk and cyber resilience, where exposure keeps shifting faster than traditional models adjust.
This partnership between the Irish Government and Lloyd’s Lab supports innovation in the insurance sector to tackle national priorities like flood risk and cyber resilience. Pitch Day is an exciting element of the Lloyd’s Lab, and it is particularly pleasing to see an Irish-specific theme.
Robert Troy, TD Minister of State at the Department of Finance with special responsibility for Financial Services, Credit Unions and Insurance
“Cohort 16 reflects the depth of talent and ambition in this space, and I am pleased to see these companies progress into the Accelerator and develop their solutions even further,” Robert Troy noted.
The successful companies that impressed an expert panel of Lloyd’s and market stakeholders with their transformative insurance solutions during the competitive pitch are:
- Defenza: Defenza’s platform makes the most sophisticated cybersecurity protection available beyond the office, safeguarding the homes, personal devices, and digital identities of high-net-worth individuals and executives in their everyday digital lives.
- Elysian: Elysian is an AI-native third-party administrator (TPA) that has developed a unified platform for complex commercial claims management. Their core technology, Conductor, enables real-time QA audits of 100% of a claims portfolio, a vast improvement over the 1-5% industry standard. This ensures total transparency and accuracy in claims handling. By solving internal operational challenges first, Elysian offers the market a proven, highcomplexity claims solution that reduces leakage and enhances portfolio performance through data-driven evaluation
- Exona Lab: Exona Lab delivers a specialised risk engine designed to quantify advanced AI risks for the Lloyd’s market. Its mission is to make emerging systemic threats, such as those posed by complex, correlated AI systems, visible and insurable. By translating advanced quantitative techniques into actionable risk intelligence, the platform helps insurers assess and underwrite exposures that traditional models miss. This enables the insurance market to lead in the coverage of next-generation technology while maintaining rigorous risk control.
- Elysia – Battery Intelligence from Fortescue: Fortescue provides Elysia, a battery intelligence platform that applies AI-driven, physics-based models to optimise battery lifetime, performance, and safety. Serving the electric vehicle, stationary storage, and mining sectors, the technology ingests vast amounts of operational data to provide deep health insights. For the insurance market, this translates into reduced technical uncertainty and improved risk assessment for battery assets. Its cloud and embedded products help manage battery assets, making battery related risks more predictable and manageable.
- ITUS Protect: ITUS Secure Technologies provides a cyber risk intelligence platform, ITUS Protect, designed to strengthen SME resilience and improve underwriting decisions. The cloud-based dashboard aggregates security control data and CVE intelligence to generate clear, shareable risk scores. This enables policyholders to evidence active risk management while providing insurers with continuous visibility into a portfolio’s cyber hygiene. By identifying weaknesses and issuing plain-English alerts, it supports more accurate pricing, smoother renewals, and more informed claims discussions.
- Nolana: Nolana is an AI-native operating system designed to automate complex insurance operations while maintaining human oversight. Its agentic AI modules offer dynamic First Notice of Loss (FNOL) intake, automated claims decisioning, and customisable AI procedures, delivering measurable improvements in accuracy and efficiency. The SOC-2 certified platform easily integrates with existing policy, claims, and CRM systems, providing a secure and unified cross-channel experience for customers, loss adjusters, and frontline support teams. Nolana allows insurers to scale their operations without compromising governance or service quality, while improving the experience for both customers and employees.
- Phyll: Phyll is building the real-time memory layer for physical infrastructure, without new hardware. Think “GitHub for physical infrastructure”: a continuously updating record of what changed, where, and when across roads, drainage, utilities, and other critical assets. They turn existing video (dashcams, CCTV, smartphones, drones) into asset-level condition data, assigning persistent unique IDs to conduct change detection. Public operators, insurers, and governments use Phyll to surface degradation earlier, cut post-event claims triage time by 25 – 40%, reduce claims uncertainty, and help lower loss frequency and severity through earlier intervention at <$0.01 per asset, dramatically faster and cheaper than field surveys.
- Plain Site: Plain Site is developing a resilience-focused property insurance product that builds nature-based flood interventions directly into the policy. Using a proprietary machine learning engine, it finds opportunities for interventions within the boundaries of high-risk properties and issues binding quotes with integrated adaptation plans. These plans fund and deliver green infrastructure, including sustainable drainage and permeable surfaces, with performance monitored through IoT sensor data.
- Plastic-i: Plastic-i provides environmental intelligence to enable the underwriting of volatile water-related hazards, such as harmful algal blooms and sargassum wash-in events. By using satellite data and AI models, we translate environmental changes into actionable signals for pricing and risk structuring. This is particularly valuable for freshwater and coastal risks where historical loss data is limited. Our technology supports the design of policy terms and parametric triggers, enabling insurers to deploy capacity with confidence in markets exposed to seasonal and climate-driven water hazards.
- PolicyCheck: PolicyCheck transforms delegated authority oversight for Lloyd’s syndicates. Their AI platform converts coverholder binding authorities and complex endorsements into queryable digital twins, delivering pre-bind clarity on every risk written. By automatically detecting wording misalignment and unintended exposure against syndicate appetite, PolicyCheck replaces post-bind disputes with proactive control, safeguarding the integrity of the Lloyd’s ecosystem.
- Resilico: Resilico is a risk management digital platform designed to collect property and behavioural data to assess, quantify, and reduce flood risk. Developed to support industry-approved flood rating schemes, the platform enables insurers to partner on data-driven subsidy models. By providing a robust framework for flood compliance, it allows stakeholders to standardise data and engage effectively in flood risk management. This proposition ensures that flood-related insurance remains viable through accurate, property-level risk assessment and verified mitigation.
- Vera: Vera is an AI placement assistant designed specifically for cyber brokers. It automates the extraction of risk data from proposal forms and security assessments, auto-filling platforms and generating Market Reform Contracts (MRCs) to eliminate manual re-keying. The technology enables brokers to compare lead quotes against expiring coverage and manage subjectivities through to bind more efficiently. Built by cyber security experts, Vera streamlines the complex document workflows inherent in cyber insurance, increasing broker productivity and placement accuracy
