"All twelve of the InsurTechs we haveselected bring something different and unique. I am thrilled to beworking with some of the brightest and best talent from theInsurTech sector to help the Lloyd's Market to develop new ideasthat better serve our customers by developing solutions to theproblem they face today," Trevor Maynard, head of innovation atLloyd's, said in a statement. (Photo: The Associated Press/AlastairGrant)

Lloyd's Lab selected 12 new InsurTechs to join the globalreinsurance market's innovation accelerator as part of itscommitment to becoming the most technologically advanced insurancemarketplace in the world.

The twelve successful teams were selected after presenting theirideas in a competitive process during a virtual pitch day on April2. The start-ups will be focused on four key themes: data andmodels, new insurance products and markets, the future oftransportation, and cyber.

In the first three cohorts, start-ups,entrepreneurs and businesses have presented ideas ranging fromlive-streaming drones to event-based parametric insurance solutionsfor catastrophic flooding and on-demand insurance for the gigeconomy. In 2019, Lloyd's invested in Layr, a cloud-based platformthat helps small businesses buy liability insurance.

Since the launch of the Future at Lloyd'sstrategy, the Lab has expanded its scope to promote a greatercollaboration between Lloyd's expert underwriters and brokers,customers and capital providers.

The following teams were selected to become a part of theLloyd's Lab fourth cohort:

• KASKO offers "InsurTech as a Service". Theplatform allows insurers, brokers and coverholders to createdigital plug-and-play ready insurance products.
• Skyline is a data and technology focusedparametric Managing General Agent (MGA) for emerging risks andunder-protected segments.
• Parametrix creates parametric (index-based)insurance for external service downtime such as cloud outages,network crashes and platform failures.
• Kovrr is a platform that enables reinsurers tofinancially quantify cyber risk.
• BOXX Insurance, a Canadian-based, global MGA,is making it easy for businesses and families to protect themselvesfrom cyber threats by interlocking insurance, big data andtechnology.
• ArtificialOS is a system of cloud-basedmodular applications that empowers insurers to extract data fromboth structured and unstructured sources then validate, augment andutilize it for rapid decision making.
• Previsico offers local and real-time surfacewater flood warnings, tailored to the needs of a range of globalinsurance customers.
• Sille.Space brings a new level of visibilityto ground, infrastructure and real-estate deformation/subsidencedetection and monitoring.
• Optalitix is an artificial intelligencesoftware company; one of their products enables insurers to convertany desktop model into an API without any infrastructure orcode.
• Loadsure is a United Kingdom-based InsurTechMGA that offers "all risk" freight insurance at the click of abutton.
• Koffie is an insurance company purpose builtfor the next generation of transportation. It uses vehicle-specificartificial intelligence models to redefine underwriting, pricing,and loss control and incentivize the adoption of advanced safetytechnology.
• Orca AI brings technology into the maritimeworld with the mission to enhance the safety and efficiency of shipoperations. It combines data and deep learning to provide apowerful awareness system and smart alarms.

"All twelve of the InsurTechs we have selected bring somethingdifferent and unique. I am thrilled to be working with some of thebrightest and best talent from the InsurTech sector to help theLloyd's Market to develop new ideas that better serve our customersby developing solutions to the problem they face today," TrevorMaynard, head of innovation at Lloyd's, said in a statement. "Asthe COVID-19 crisis continues its devastating march around theworld it has never been more important for us to pull together,to use our combined resources and creativity tomake a difference."

Applications open for Cohort 5

In light of the coronavirus, the Lloyd's Lab has reimagined theapplication and process for its fifth cohort to help fast-track thedevelopment of innovative new products and solutions.

Lloyd's is seeking new applications fromstartups that can introduce ideas that will directlysupport customer and economic recovery in the short-term amid theCOVID-19 pandemic as well as build resistance for futurecrises.

Startups from within and outside the insuranceindustry are encouraged to apply.

To submit an application, click here.

Related:

• Digital transformation in a time ofcrisis
• 2020 Agent Survey: Insurance agents andInsurTech
• 5 ways insurers can accelerate InsurTechROI