Lloyd’s picks 13 insurtechs for first European-focused cohort

Lloyd’s has selected 13 insurtechs for the 10th cohort of its innovation hub focused on the European market. Lloyd’s Lab’s first ever European-focused cohort features insurtechs in three categories: digital and climate solutions, data and models, and new products.

The global accelerator programme received over 200 applications from 32 countries, of which 13 teams have been selected to form the next cohort of the Lloyd’s Lab, beginning on April 24. The selection followed a competitive pitch process where they presented innovative insurance solutions for the market.

“After receiving our highest ever number of international applications and introducing our first regional theme to this cohort, I’m excited to see the dynamism and output that will deliver solutions for our global marketplace,” said Rosie Denée, Lloyd’s Lab senior manager.

The selected insurtechs in each theme are:

European digital and climate solutions: Armilla AI – a provider of “responsible AI” technology; REOR20 – which has developed a breakthrough AI system for flood risk understanding and mitigation based on the physics governing floods; SIMULYTIC (A Siemens AG Venture) – which provides re/insurers risk exposure insights for automated vehicle (AV) deployments; and Value.Space – which deliver satellite-based risk assessments, offering a x10 faster and x25 more cost-effective way to assess risks of assets such as dams, mines tailing storage facilities and real-estate.

Data and models: Axio – a cyber risk assessment and quantification focused company; Diesta – a next-generation payment reconciliation engine for the insurance industry for an efficient and fast processing of insurance premiums; Intelligent AI – that brings together deep insurance domain expertise, together with innovation and data science to transform the commercial property underwriting sector globally with Digital Twins of Risk; and PolArctic – an oceanographic, and data science company with a focus on creating tailored products for the Arctic.

New products: Aanika Biosciences – a biotechnology company dedicated to developing food safety technologies, including a multi-trigger parametric food recall policy; FireBreak – a self-inspection app designed to fill the data and protection gaps in wildfire risk; Gabriel – an active threat solution to dramatically reduce the risk of an incident costing unnecessary lives and damage; Signal Intelligence – which work with maritime organisations to increase operational efficiency and be more environmentally responsible; and spacebands – which creates software and wearable technology to make workplaces safer.

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