The Lloyds of London has reportedly chosen 12 promising, early-stage Insurtech firms to take part in its innovation accelerator program, called Lloyds Lab.
The 12 insurance technology startups were chosen out of over 90 companies that had submitted applications, as they were interested in participating in the bank’s accelerator training initiative.
The fourth cohort of the Lloyds Lab program has been announced. The accelerator will officially begin on April 27, 2020.
The 12 Insurtech-focused teams were chosen after they showcased their business ideas, and also participated in a competitive and highly selective process on April 2, 2020. The ideas were pitched online instead of at a physical location due to the Coronavirus outbreak.
The Insurtech firms will mainly be focused on developing useful data and models, creating new insurance products and services, and working on services related to enhancing various online insurance processes.
The Lloyds Lab aims to facilitate the development of a technologically advanced insurance marketplace. It reportedly received applications from over 500 global Insurtech firms that were interested in joining its 10-week accelerator program.
The Lloyds Lab began looking for high-potential Insurtech startups back in June 2018.
The selected Insurtech teams will work with leading insurance firms and professionals, in order to develop and test their business ideas. The program participants will be assigned mentors and will receive guidance on how to implement their insurance-related products and services.
Following the launch of the Future at Lloyds strategy, the lab has focused on supporting collaborative efforts between the bank’s professional underwriters and brokers, customers and investors.
Lloyds Lab cohort four members include:
- KASKO, which provides “Insurtech as a Service.” The platform lets insurance providers, brokers and coverholders to develop plug-and-play ready insurance products in a cost-effective manner.
- Skyline, a data and technology-focused parametric managing general agent (MGA) for under-protected insurance industry segments.
- Parametrix, a company that develops parametric insurance to handle external service downtime which may include network crashes, cloud outages, and various types of platform failures.
- Kovrr, a firm that allows insurers and reinsurers to financially quantify risks associated with online insurance products.
- BOXX Insurance, a Canadian global MGA that aims to make it easier for companies to protect themselves from online threats by leveraging Big Data analytics.
- ArtificialOS, a system of cloud-powered modular apps that allow insurance service providers to extract data from various sources, and then validate, augment and use it for making informed decisions.
- Previsico, a company providing local and real-time surface water flood warnings, customized to the requirements of insurance customers.
- Space, an Insurtech that aims to provide a new level of visibility to ground, infrastructure and real-estate deformation/subsidence detection and monitoring that helps create new capabilities for the insurance and real estate sectors.
- Optalitix, an artificial intelligence (AI) software firm that allows insurers to convert desktop models into an API without needing special code.
- Loadsure, a UK-headquartered Insurtech that provides all-risk freight insurance.
- Koffie, an insurance technology company focused on supporting the next generation of transportation.
- Orca AI, a company that uses technology to improve the safety and overall efficiency of ship operations. It uses deep learning to support an awareness system and “smart” systems.
Trevor Maynard, head of Innovation at Lloyds, stated:
“All 12 of the Insurtechs we have selected bring something different and unique.”
He added:
“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.”