Lloyd's of London has launched Lloyd's Lab, an insurtech accelerator program.
The Lab runs from October 8 to December 12, culminating in a demo day. Ten companies were selected from 200 total applications and 20 finalists. Over that time, the companies will be in a co-working space located in the Lloyd’s building in London, with access to funding and the chance to develop products, platforms and processes to help the market. Partners include innovation specialist L Marks and The Boston Consulting Group.
"The launch of our new innovation accelerator is an important step forward into our technology-driven future and we’re excited to see how the ideas develop," says Inga Beale, Lloyd's CEO.
Dominik Osswald/Bloomberg
The 10 participating companies are:
- Layr, which provides an AI platform for small businesses to buy liability insurance
- CargoSnap, offering a mobile transportation inspection app
- DropIn, a drone- and mobile phone-based live video streaming platform for inspections and catastrophe response
- Insurercore, a digital risk directory
- BelMead Tech, a claims support platform using blockchain and other technologies
- Parsyl, a supply-chain data platform that combines sensors and data mining help anticipate risk and improve claims
- Geollect, creators of intelligence software for businesses to improve efficiencies
- ZASTI, an AI-based predictive modeling platform
- Qnity, a digital platform that allows individuals to design their own insurance solutions.
- iCede, a cloud-based platform that enables large insurance companies to arrange cover for multinational corporations
