Lloyd’s Lab third cohort features 'best talent from the tech sector', says chair Carnegie-Brown

Lloyd’s Lab, the experimental development hub for Lloyd’s of London, has unveiled its third cohort of 11 teams, which include AI, big data, microweather technology, risk modelling and language processing innovators. Lloyd's chair Bruce Carnegie-Brown said the chosen firms are the "brightest and best talent from the technology sector".

Two of the selected insurtechs are from the US, one each from Spain and South Africa, and the rest from the UK.

Lloyd's said it received more than 130 applications from across the world and the 11 successful teams were selected as part of a competitive process. They will begin working in the Lab as part of a 10-week programme that kicks off on September 2.

Lloyd’s has recently committed to expanding the scope of the Lloyd’s Lab, as part of its bold new strategy for the future.

Among the teams are insurtech analytics company Praedicat; microweather technology company ClimaCell; cognitive automation company Tautona AI; big data start-up Flock; FloodFlash that offers insurance for previously uninsurable flood risk; catastrophe modelling platform Oasis; intelligent finance automation solutions provider Phinsys; insurtech INARI; Hyperexponential, a provider of pricing software platform for speciality insurance.

Jason Futers' insurtech Insurdata, which intelligently creates, enhances, scores and transfers high resolution, peril-specific exposure and risk data; and Erik Abrahamsson founded Oxford start-up Digital Fineprint, which helps insurers and brokers improve their reach and profitability in the SME market, have also been selected for the third cohort.

ClimaCell and Praedicat are US-based organisations. Tautona comes from South Africa. INARI comes from Spain. All the other insurtechs joining cohort three are UK-based.

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The start-ups are focused 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.

Carnegie-Brown, Lloyd’s chairman, said: “Times are changing, and we are building a new vision for the future at Lloyd’s. The third cohort of the Lloyd’s Lab will be fully aligned with this strategy. We see a huge opportunity to partner with the brightest and best talent from the technology sector to develop new ideas, new ways of working and of serving our customers. Nowhere is this more keenly felt than in the Lloyd’s Lab, where talent, technology and capital intersect so creatively. We want to harness this creative spirit to help us build a new Lloyd’s, which is nimbler, more customer focused, faster and more efficient than ever.”