Ten insurtechs selected to join Lloyd's Lab

Lloyd’s has prioritised the market’s COVID-19 response in picking 10 insurtechs to join its Lloyd’s Lab innovation accelerator programme.

More than 140 global applications were received for the fifth cohort of the Lloyd’s Lab, which begins on the 7th September. The ten firms selected are detailed below.

Ryskex from Germany provides a blockchain-based ecosystem for ‘Alternative Rysk Transfers’ and innovative insurance solutions.

Hivemind Technologies from the UK provides a software platform for managing human-in-the-loop data preparation.

Geollect from the UK is a geospatial intelligence and analysis company.

KnowRisk, also from the UK, is a consortium of companies that brings the insurance and audit industries together on a single platform.

US company Predata is an AI firm focused on uncovering predictive behaviours in online activity.

Thimble is from the US and offers monthly and on-demand policies. It is developing a low-limit, parametric contingent business interruption coverage.

Blink Parametric from Ireland focuses on parametric insurance innovation.

HazardHub from the US provides a detailed set of peril risk and property characteristics to assist underwriting decisions.

US firm Hailios is an IoT and data analytics company providing real-time weather data.

South African business Inclusivity Solutions designs, builds, operates and innovates digital insurance solutions that enable financial inclusion and address the protection gap in emerging markets.

Trevor Maynard, head of innovation at Lloyd’s, said: “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.”

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