Lloyd’s Lab, the innovation accelerator launched by the Lloyd’s market last year, has revealed the second cohort of insurtechs to be selected for its 10-week program.
As with the first cohort, which commenced in October 2018, 10 teams of insurtech start-ups have been chosen to develop technology driven products and processes to help overcome the market’s challenges.
Additionally, the new cohort includes two further teams that will focus specifically on the Lloyd’s corporation.
Selected teams consist of: ClauseMatch, a real-time collaboration software for managing internal governance documentation; CoVi Analytics, which automates internal processes to achieve operational efficiencies; Describe Data, which uses data and AI to improve risk understanding; and Field Pros Direct, an adjuster platform that reduces a claim’s time in process.
Also in the cohort are: ImageFast, which improves contract quality and shares quality checks; miBroker, a digital brokerage for gig economy workers; OPTIMIZ Claims, a platform connecting cargo underwriters and carriers; RequirementONE, an automated compliance lifecycle management platform that reduces regulatory costs; and Retechnica, a natural language processing solution.
Further teams include: RYSKEX, a hedging platform for emerging risks embedded in a B2B ecosystem; Sustema, a behavioural analytics tool that looks at publicly available company data; and Tremor Technologies, a marketplace for the reinsurance industry that uses auction and optimisation technology to ensure that trade happens at fair market prices efficiently.
The cohort will now have ten weeks to develop their ideas, supported by Lloyd’s experts, potential investments, and working space at the Lloyd’s building.
The inclusion of Tremor Technologies in the shortlist is notable due to Lloyd’s previously stated desire to put a risk exchange in place, enabling insurance and reinsurance deals to be placed and transacted more efficiently into the market.
Lloyd’s syndicates could participate in the auctions that Tremor runs for ceding companies and use the insurtech as an exchange for placing their own risk into reinsurance and retrocessional markets without requiring Lloyd’s to set up or run an exchange itself.
The timing of the announcement is also significant, with Lloyd’s due to release its ‘Prospectus’ in the coming days, which will likely include details on new measures to help the marketplace become a more competitive and innovative place to do business.