Re/insurance marketplace Lloyd’s has announced the 12 insurtech firms set to join the 11th cohort of its innovation hub, the Lloyd’s Lab, which will focus on climate, cyber and sustainability in Asia Pacific.
The new theme introduced this year will focus on developing solutions to some of the biggest risks faced by businesses and communities in the Asia-Pacific regions.
In addition to the ‘Asia-Pacific Climate Risk, Cyber and Sustainability’ theme, ‘Data & Models’ and ‘New Products’ will be carried forward, with each insurtech being aligned with one of the three themes.
By improving risk assessment tools, portfolio management and claims handling processes, the Lloyd’s market looks to enhance underwriting efficiency. The ‘Data & Models’ theme aims to tackle these challenges by providing innovative platforms to drive progress within the Lloyd’s market.
Similarly, the ‘New Products’ theme is dedicated to fostering insurance products that can address underinsurance issues and significantly enhance existing coverages.
Rosie Deneé, Lloyd’s Lab Senior Manager, commented: “We are delighted to welcome the teams joining our 11th cohort and look forward to helping them develop their solutions for the market through the Lab’s accelerator programme. We are continuing to grow the global reach of the Lloyd’s Lab with the introduction of an Asia-Pacific theme and the international spread of InsurTechs joining this year.
“It’s been brilliant to see the Lab growing in prominence over the last year, with outstanding attendance at our Pitch Day. “We’re also excited to be celebrating the Lab’s 5th anniversary next month, which gives us an opportunity to reflect on the success of the accelerator programme over the past few years, as we look forward to partnering with future cohorts in the years to come.”
The Lab received over 150 applications to join its latest cohort from a range of insurtechs across the world. Following a competitive potch day, 12 firms from six countries were chosen across the three categories.
The chosen insurtechs for the ‘Asia-Pacific Climate Risk, Cyber and Sustainability’ category include Fermat CO. LTD, Floodbase, Protos Labs, and Renew Risk.
For the ‘Data & Models’ category the chosen insurtechs include CLIMATIG, Cyntegra, Loro, RedZone, and Vayun. For ‘New Products’ include Mitigrate, MetaRisk, and Suyana.