A dozen teams that will make up the 11th cohort of the Lloyd’s Lab have been named.
The Lab received more than 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 August 31, where the cohort, from six countries (China, Croatia, England, Norway, Singapore and the US), was chosen across three categories: Asia-Pacific Climate Risk, Cyber and Sustainability, Data & Models and New Products.
“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,” Lloyd’s Lab Senior Manager Rosie Deneé said.
The program starts on September 25, and teams will showcase their progress at Demo Day on December 7. The program, which runs twice a year, offers access to expert mentors and potential partners and investors.
It gives start-ups, scale-ups and sometimes mature companies 10 weeks to work with market experts to shape their innovation. Concepts can be tested with the support of experts from the world’s largest insurance and reinsurance market.
Here is the new cohort, by solution theme:
Asia-Pacific Climate Risk, Cyber and Sustainability:
- Hangzhou-based Fermat Co – improves aquacultural efficiency and sustainability with its team of acoustic researchers and actuaries.
- New York-based Floodbase. Monitors global flood risk for insurers and government agencies.
- Singapore-based Proto Labs. Addresses the high costs of cyber premiums through advanced risk analytics.
- London-based Renew Risk. Provides risk modelling software for renewable energy assets and enables insurers to undertake comprehensive catastrophe risk assessments.
Data & Models:
- Zagreb-based CLIMATIG. Helps insurers identify, measure and act against eight climate physical risks for any asset in resolution of 10 meters, until the year 2100.
- London-based Cyntegra’s patented Recovery Operating System enables users to fully restore a cybercrime-compromised system in minutes.
- Delaware-based Loro. Platform enables insurers or MGAs to quickly create and deploy specialty insurance products without any upfront investment. Solution is free for the first $US100,000 GWP every year.
- Colorado-based RedZone minimises the impact of wildfires with intelligence and services.
- Oakland-based Vayuh. A team of engineers and scientists from the UC Berkeley Lab community uses Physics, Data, and AI to build weather forecasts and peril risk models.
- Oslo-based Mitigrate. Platform analyses geographical locations, generating recommendations to prevent and protect against flood damage.
- Singapore-based MetaRisk. Builds risk management solutions for the emerging digital economy, bridging the gap between Web3 and insurance while leveraging blockchain technology.
- California-based Benchmark Labs and Suyana, which has offices in Chile, Bolivia and Chicago. The pair have partnered to create a hybrid-parametric flooding & hurricane insurance product, using digital technologies to make flood insurance more accessible.