London: Lloyd’s has started work with three new InsurTechs to help the Market respond to the COVID-19 pandemic. As part of its package of measures to respond to the COVID-19 pandemic, Lloyd’s has reimagined and expanded the scope, process and timings for new applicants to the Lloyd’s Lab innovation accelerator. The purpose of this is to help Lloyd’s and the start-ups bring to market more quickly their COVID-19 related products and innovations. Lloyd’s wants to understand, model and create products that better protect customers against pandemics, and other systemic risks.
``We are pleased to welcome three new teams to an exclusively COVID-19 related Lloyd’s Lab programme, which begins on July 13,'' said Lloyd's.
The teams Lloyd's selected are:
• Metabiota is a start-up focused on quantifying and mitigating epidemic and pandemic risk. The start-up draws on rigorous epidemiological analysis and a wide range of analytic tools to advance the science of modelling infectious disease outbreaks and estimating their socioeconomic effects.
• Praedicat are a Lloyd’s Lab alumni from cohort 3. They use litigation data and science combined with technology to anticipate the next big liability catastrophe. They plan to develop a suite of cross-line clash COVID-19 scenarios, to assist the market to identify and track the emergence of COVID-19 liability risk.
• Dialogue is a start-up focused on the Credit and Political Risk (CPRI) marketplace. Their solution is an online platform sitting between brokers and underwriters, to create, submit, negotiate, and place complex CPRI transactions. Dialogue has also created a centralised availability application to help brokers see underwriter availability, as working from home becomes increasingly common..
Lloyd’s is also running a short, but intense, three-day programme from July 21 to July 23. The Lloyd’s Lab Fusion programme has been designed to provide a setting for Lloyd’s market teams to work with InsurTechs to explore and develop early-stage ideas for tackling pandemics and systemic risk. Partner InsurTechs selected for this programme include Hivemind, Geollect, Ryskex and Survenus.
News from the Geollect team