Insurance and reinsurance marketplace Lloyd’s of London has started working with three new insurtech start-ups to help the market respond to the COVID-19 pandemic.
As part of a package of measures to respond to the crisis, Lloyd’s has expanded the scope for new applicants to the Lloyd’s Lab innovation accelerator.
The aim is to fast-track the process of bringing to market products and innovations that can better protect against pandemics and other systemic risks.
The first of the new insurtechs joining the Lloyd’s Lab program on July 13 is Metabiota, a start-up focused on quantifying and mitigating epidemic and pandemic risk.
Metabiota draws on epidemiological analysis and analytic tools to help model infectious disease outbreaks and estimate their socioeconomic effects.
The second insurtech, Praedicat, was previously part of cohort 3 of the Lloyd’s Lab program. It uses litigation data and science combined with technology to anticipate future liability catastrophes.
Praedicat plans to develop a suite of cross-line clash COVID-19 scenarios, to assist the market to identify and track the emergence of COVID-19 liability risk.
And finally, Dialogue is a start-up focused on the Credit and Political Risk (CPRI) marketplace. Its solution is an online platform to create, submit, and place CPRI transactions.
Dialogue has also created a centralised availability application to help brokers see underwriter availability, as working from home becomes increasingly common.
