Lloyd’s of London has announced 11 new teams of InsurTech disruptors to join the global (re)insurance market’s innovation accelerator.

More than 130 applications were received from across the world for the third cohort of the Lloyd’s Lab. The successful teams were selected as part of a competitive process involving 24 shortlisted applicants which presented their ideas to experts across the market during pitch day.

Lloyd’s has recently committed to expanding the scope of the Lloyd’s Lab, with the new teams being a part of this as they begin the 10-week programme that kicks off on 2 September.

The startups are focused fully on finding solutions with the potential to contribute to the ecosystem of services as part of the future at Lloyd’s vision, including ways to enhance data sharing and provide new sources of risk insight; pricing and risk models to help Lloyd’s market participants better understand threat scenarios; and ways to reduce the cost of processing claims as well as the burden of compliance and regulation.

Lloyd’s chairman Bruce Carnegie-Brown said: “Times are changing, and we are building a new vision for the future at Lloyd’s – the third cohort of the Lloyd’s Lab will be fully aligned with this bold new strategy.”

The third cohort consists of:

• ClimaCell - the first microweather technology company, finding and forecasting weather that others can't see by using an Internet of Things approach to collect millions of weather observations.
• Digital Fineprint - is an InsurTech that helps insurers and brokers improve their reach and profitability in the SME market, using data insights for risk selection, underwriting, pricing and new business generation.
• Flock - is a big data startup that helps underwriters unlock the power of risk intelligence.
• FloodFlash - enables fairly-priced, no-exclusions flood insurance, with a pre-agreed settlement as soon as FloodFlash sensor detects that waters have exceeded a critical depth.
• Hyperexponential - is building practical pricing software for speciality insurance, built by insurance professionals “at the coal-face of the market, for the needs of our actuaries and underwriters”.
• INARI - is an advanced ecosystem that digitises insurance operations through the entire risk lifecycle, which combines “process automation, data ingestion processing, distributed ledger auditability, machine learning and data lake”.
• The Insurdata platform - creates high resolution, building level, peril-specific exposure data globally.
• Oasis - provides an open source catastrophe modelling platform, free to use by anyone, and a community that seeks to change the world around catastrophe modelling to better understand risk in insurance and beyond.
• Phinsys - has built a platform of intelligent finance automation tools to deliver systematic controls to optimise financial close and reporting processes.
• Praedicat - reads, curates and quantifies data from science to identify emerging and emerged risks to humans and the environment, in order to quantify the loss to economy and liability insurers from litigation, allowing risk management and product development.
• Tautona - automates processes once reserved for human judgement, with a cloud-based, managed service approach that provides insurers with a frictionless approach to automating claims and ancillary processes.

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