Lloyd’s Lab second cohort features AI, gig economy and language tech

Lloyd’s Lab, the experimental development hub for Lloyd’s of London, has unveiled its second cohort of 12 teams, which include AI, gig economy, and language processing innovators.

The teams started the 10-week programme on 29 April, with applications for cohort three expected to open in June.

Among the teams are Ireland-based Describe Data and US-based Field Pros Direct, which both use AI. The former will develop the use of new data sources and AI to give underwriters a “superior understanding of risk”, while the latter is working on an on-demand adjuster platform that combines AI, machine learning, predictive analytics, and a network of more than 4,000 licensed adjusters to slash claim process time and boost quality.

Labs teams also include Swiss-based Sustema, which is developing a tool that analyses the publicly available data of more than 17,000 listed companies and applies behavioural analytics to improve underwriting performance.

Canadian miBroker has created miCtrl, which is a digital insurance brokerage that offers on demand insurance for gig economy workers.

ClauseMatch, located in the UK and Singapore, is building real-time collaboration software to help firms manage and comply with internal governance documentation more effectively.

UK-based CoVi Analytics aims to support leaders of regulated businesses to monitor, measure and achieve operational efficiencies with technology that simplifies and automates internal processes.
ImageFast, also based in the UK, plans to improve contract quality and enable firms to share this with brokers and the follow market.

OPTIMIZ Claims, based in the UK, is developing a platform to connect cargo underwriters to cargo carriers in a bid to foster AI enabled claims resolution and provide deeper insights into risk exposures.
UK-based RequirementONE is creating an automated compliance lifecycle management platform to provide actionable insights from thousands of sources of regulatory intelligence. It aims to cut regulatory compliance costs by 50 percent.

Retechnica, also in the UK, is the maker of Ingenia, an advanced natural language processing solution, designed to create end-to-end solutions focusing on process automation and content intelligence.

Located in Germany, RYSKEX is an AI-driven hedging platform for emerging risks embedded in a B2B ecosystem. It brings together risk management, captive units and institutional investors.

And US-based Tremor Technologies is a marketplace for the reinsurance industry that uses auction and optimisation technology to efficiently support trade at fair market prices.

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