Lloyd’s Lab reveals fourth cohort of insurtechs

Global tech accelerator Lloyd’s Lab has announced its 12 new insurtech disruptors to join its programme for the next year.

More than 190 applications were received from across the world for the fourth cohort of the Lloyd’s Lab, which officially began on April 27.

The insurtechs were selected after presenting their ideas in a virtual pitch earlier in the month, keeping within the lockdown restrictions.

The finalists were able to meet the four key themes including data and models, new insurance product and markets, future of transportation and cyber. Finalists have been chosen across the globe, with representation from Canada, Israel and the UK.

The twelve finalists include KASKO, Parametrix, Skyline, Kovrr, Boxx, Artificial OS, Previsico, Sille.Space, Optalitix, Loadsure, Koffie and Orca AI.

One of the UK’s winners was Optalitix, an AI solutions and data analytics company based in London. With a team of over 20 using data to build models that can be integrated in any business – using AI and machine learning to grow and scale those businesses. So far, they have found their core competence in the finance and insurance industry, working closely with Vitality and GoCompare.

Another finalist is Israeli-tech firm, Kovrr, which uses cyber risk modelling to help insurers assess cyber threats on a more granular level.

Trevor Maynard, head of innovation at Lloyd’s said: “All 12 of the insurtechs we have selected bring something different and unique. I am thrilled to be working with some of the brightest and best talent from the insurtech sector to help the Lloyd’s Market develop new ideas that better serve our customers by developing solutions to the problems they face today.

“As the Covid-19 crisis continues its devastating march around the world, it has never been more important for us to pull together, to use our combined resources and creativity to make a difference.”

Since the launch of the Future at Lloyd’s strategy, the lab has expanded its scope to promote greater collaboration between Lloyd’s expert underwriters and brokers, customers and capital providers.

Last year Lloyd’s invested in Layr – a cloud-based platform that helps small businesses buy liability insurance. Other investments include Parsyl, which uses an internet-of-things sensor that can help protect sensitive shipments, as well as Flock, which uses real time weather, building density and operating temperatures to understand the risks of drone flights.

In its first three cohorts, Lloyd’s saw startups, entrepreneurs and businesses presenting ideas that ranged from live-streaming drones to event-based parametric insurance solutions for catastrophic flooding and on-demand insurance for the gig economy.