Lloyds launches insurtech accelerator

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.

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An employee works at a desktop computer in the product development department at the EBM-Papst GmbH ventilation system factory in Mulfingen, Germany, on Tuesday, May 15, 2018. While Germany benefits from its world-class autobahns for delivering goods, it lacks a comparable network for data, trailing Spain, Portugal and even Kazakhstan in high-speed Internet connections. Photographer: 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
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