Lloyd's launches future-focused insurtech development program
Lloyd's has announced eleven insurtechs to participate in its Lloyd's Lab program beginning Sept. 2.
This is the third cohort of the insurtech development program, which runs twice per year in 10-week increments. The first cohort launched in September 2018; the second one wrapped its program on July 3, 2019.
Recently minted CEO John Neal is focused on using digital to drive down the costs of insuring risks. Lloyd's says it selected startups that "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." The 11 participants are:
- ClimaCell, which uses sensors to predict weather at a micro level
- Digital Fineprint, which provides data to help insurers cover small businesses
- Flock, a data platform for underwriting
- FloodFlash, a parametric insurance program for flood
- Hyperexponential, pricing software for specialty insurance
- INARI, which provides automation and data storage for insurers
- Insurdata, a platform for granular data on buildings
- Oasis, a catastrophe modeling platform
- Phinsys, providing finance automation tools
- Praedicat, a data-science program
- Tautona, a platform for claims automation