Lloyd's Lab selected 12 new InsurTechs to join the global reinsurance market's innovation accelerator as part of its commitment to becoming the most technologically advanced insurance marketplace in the world.

The twelve successful teams were selected after presenting their ideas in a competitive process during a virtual pitch day on April 2. The start-ups will be focused on four key themes: data and models, new insurance products and markets, the future of transportation, and cyber.

In the first three cohorts, start-ups, entrepreneurs and businesses have presented ideas ranging from live-streaming drones to event-based parametric insurance solutions for catastrophic flooding and on-demand insurance for the gig economy. In 2019, Lloyd's invested in Layr, a cloud-based platform that helps small businesses buy liability insurance.

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

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

KASKO offers "InsurTech as a Service". The platform allows insurers, brokers and coverholders to create digital plug-and-play ready insurance products.
Skyline is a data and technology focused parametric Managing General Agent (MGA) for emerging risks and under-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 to financially quantify cyber risk.
BOXX Insurance, a Canadian-based, global MGA, is making it easy for businesses and families to protect themselves from cyber threats by interlocking insurance, big data and technology.
ArtificialOS is a system of cloud-based modular applications that empowers insurers to extract data from both structured and unstructured sources then validate, augment and utilize it for rapid decision making.
Previsico offers local and real-time surface water flood warnings, tailored to the needs of a range of global insurance customers.
Sille.Space brings a new level of visibility to ground, infrastructure and real-estate deformation/subsidence detection and monitoring.
Optalitix is an artificial intelligence software company; one of their products enables insurers to convert any desktop model into an API without any infrastructure or code.
Loadsure is a United Kingdom-based InsurTech MGA that offers "all risk" freight insurance at the click of a button.
Koffie is an insurance company purpose built for the next generation of transportation. It uses vehicle-specific artificial intelligence models to redefine underwriting, pricing, and loss control and incentivize the adoption of advanced safety technology.
Orca AI brings technology into the maritime world with the mission to enhance the safety and efficiency of ship operations. It combines data and deep learning to provide a powerful awareness system and smart alarms.

"All twelve of the InsurTechs we have selected bring something different and unique. I am thrilled to be working with some of the brightest and best talent from the InsurTech sector to help the Lloyd's Market to develop new ideas that better serve our customers by developing solutions to the problem they face today," Trevor Maynard, head of innovation at Lloyd's, said in a statement. "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."

Applications open for Cohort 5

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

Lloyd's is seeking new applications from startups that can introduce ideas that will directly support customer and economic recovery in the short-term amid the COVID-19 pandemic as well as build resistance for future crises.

Startups from within and outside the insurance industry are encouraged to apply.

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12 InsurTechs selected for Lloyd's Lab's fourth cohort

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