The Lloyd’s re/insurance market announced the latest cohort of insurtech disruptors that will join its Lloyd’s Lab innovation accelerator program with a focus on COVID-19 products and solutions.
The insurtechs will look at new types of insurance to support the COVID-19 response; help the Lloyd’s market to assess COVID-19 risks, and help Lloyd’s customers to adapt to a changing workplace. The insurtech startups will focus on three key themes: data and models; new insurance products and markets, and response to COVID-19.
The new Lloyd’s Lab teams will join Praedicat, Metabiota and Dialogue, three teams specially selected in June to work on Lloyd’s COVID-19 response.
More than 140 applications were received from across the world for the fifth cohort of the Lloyd’s Lab, which begins Sept. 7, 2020. The 10 successful teams were selected after presenting their ideas in a competitive process during a virtual pitch day on July 29, 2020. This is the second completely virtual Lloyd’s Lab cohort following the successful completion of cohort four.
In July, the Lloyd’s Lab ran its first “Fusion” program, a new three-day event designed to test early-stage start-up ideas aimed at dealing with COVID-19 and other systemic risks. Three of the teams who took part in Fusion – Ryskex, Hivemind and Geollect – have been successful in their application to the fifth cohort of the lab.
In the first four cohorts, start-ups, entrepreneurs and businesses have presented ideas ranging from live-streaming drones to event-based parametric insurance solutions for catastrophic flooding and on-demand insurance for the gig economy. Examples of success stories so far can be seen in alumni members such as ClimaCell, Parsyl, Layr and Flock.
“This cohort of insurtechs will play an important role in our response to the COVID-19 pandemic and to help us develop the new models and insurance products of the future. We will undoubtedly need new products and services for insurers to deliver confidence and security against future waves of this pandemic and other systemic risks of the scale we have seen in 2020,” commented Trevor Maynard, head of Innovation.
Lloyd’s described the 10 teams selected for cohort five of Lloyd’s Lab as follows:
News from the Geollect team