NEWS - LLOYD’S OF LONDON
LLOYD’S LAB ANNOUNCES ITS SEVENTH COHORT WITH A FOCUS ON CLAIMS AND CRYPTOCURRENCIES
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he global programme received 179 applications, from which eleven successful teams have been selected to form the next cohort of the Lloyd’s Lab, beginning on 6 September 2021. Each of the teams chosen impressed an expert panel of Lloyd’s and market stakeholders during a competitive pitch process, where they presented their innovative insurance product ideas for the market. For the seventh cohort, the InsurTech start-ups have been selected based on solutions geared towards three key themes: claims, data and models, and cryptocurrencies. Additionally, for the second cohort in a row, the Lloyd’s Lab accepted wildcard entrants who presented solutions outside of the core themes. These start-ups focus on important areas such as anti-money laundering, robotics and construction. The teams will be working to create insurance products and solutions which can be adapted to the Lloyd’s market. Ed Gaze, Lloyd’s Lab Senior Manager, said: ‘We’re excited to welcome the www.chart-exchange.com
new teams to the Lloyd’s Lab for our seventh cohort. The decision to invite InsurTech’s with expertise in digital currency and cyber follows an increase in new and sophisticated attacks targeted at businesses, individuals and governments, which pose an increasing challenge for the insurance industry.
The teams selected for Lloyd’s Lab cohort seven: •
Sotera – uses machine learning to provide insurers with data to price risk on unusual objects such as antiquities and creates digital identities for legitimate objects to support better anti-money laundering and more sophisticated Lloyd’s has today insurance products. • Koop – specialises in commercial announced the robotics and autonomous vehicle next eleven developers & operators. They use InsurTech start-ups joining a modular, API-powered platform enabling competitive underwriting the seventh cohort of the at scale. Lloyd’s Lab innovation • ICEYE – provides near real-time accelerator programme. flood extent and depth data enabling deployment of resources The new cohort will and calculate overall flood losses focus on creating simpler with speed and accuracy. products for customers, • Jungle – develops an artificial including building solutions intelligence platform designed to related to cryptocurrencies.” resolve underperformance arising from operational complexity in renewable energy and industrial processes. • Falkonry – enables predictive We’re pleased to once again secure operational excellence for cutting edge InsurTech’s from across the world to work with the Lloyd’s Lab.” See Lloyd’s 7th Cohart Pg 36 TABLE OF CONTENTS
OCTOBER 2021
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