Lloyd’s, the world’s leading marketplace for commercial, corporate and speciality risk solutions, today announces the 12 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.
Protos Labs, a cyber risk company accoladed by the Cyber Security Agency of Singapore (CSA), is among the 12 selected out of 150+ applicants worldwide to join Lloyd's Lab Cohort 11, and is also the first Singaporean company to make it into Lloyds. The new theme could not be more timely as APAC recently emerged as the top hotspot for global cybercrime in 2021. The team at Protos Labs put forth a frontier approach, where they combined 2 real-time risk solutions - underwriting and risk orchestration - to create a closed-loop ecosystem that derisks insurers and lowers premium prices for the end-customer.
“We are delighted to welcome the teams joining our 11th cohort and look forward to helping them develop their solutions for the market through the Lab’s accelerator programme. 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 Day. “We’re also excited to be celebrating the Lab’s 5th anniversary next month, which gives us an opportunity to reflect on the success of the accelerator programme over the past few years, as we look forward to partnering with future cohorts in the years to come.” Rosie 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 CO. LTD. (HANGZHOU) - Fermat CO. LTD 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 Ltd - 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 Ltd - 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.
Lloyd’s is the world’s leading marketplace for commercial, corporate and specialty risk solutions. Through the collective intelligence and expertise of the market’s underwriters and brokers, we’re sharing risk to create a braver world. The Lloyd’s market offers the resources, capability, and insight to develop new and innovative products for customers in any industry, on any scale, in more than 200 territories. We’re made up of more than 50 leading insurance companies, over 200 registered Lloyd’s brokers and a global network of over 4,000 local coverholders. Behind the Lloyd’s market is the Corporation: an independent organisation and regulator working to maintain the market's successful reputation and operation. We’re working to build solutions for the most current and prevalent threats. As Chair of the Insurance Task Force for HM King Charles III’s Sustainable Markets Initiative, Lloyd’s is bringing the industry together to insure the transition to net zero. Our research community is pooling expertise from across the industry to provide cutting edge insight on systemic risks from climate change to cyber security. And through our digital-led strategy, The Future at Lloyd’s, we’re making it easier and cheaper to place, price and process cover in the Lloyd’s market.
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Written by: Lloyd's
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