Lloyd’s Lab Announces Its Seventh Cohort With A focus On Claims & Cryptocurrencies

LLOYD’S LAB ANNOUNCES ITS SEVENTH COHORT WITH A FOCUS ON CLAIMS AND CRYPTOCURRENCIES

The 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 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. We’re pleased to once again secure cutting edge InsurTech’s from across the world to work with the Lloyd’s Lab.”

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 Lloyd’s has today laundering and more sophisticated insurance products. announced the • Koop – specialises in commercial next eleven robotics and autonomous vehicle InsurTech start-ups joining developers & operators. They use a modular, API-powered platform the seventh cohort of the enabling competitive underwriting

Lloyd’s Lab innovation at scale. accelerator programme. • ICEYE – provides near real-time flood extent and depth data

The new cohort will enabling deployment of resources focus on creating simpler and calculate overall flood losses products for customers, with speed and accuracy. • 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 operational excellence for