Lloyd’s Lab’ sixth cohort focuses on product simplification and climate
The 11 insurtech start-ups joining the sixth cohort of the Lloyd’s Lab innovation accelerator programme will be focused on creating simpler products for customers, including building solutions related to climate risks.
This follows Lloyd’s commitments to reducing complexity and enhancing coverage clarity outlined in its key report released last year, alongside Futureset’s focus on climate change resilience initiatives.
The global programme received 177 applications, from which 11 successful teams have been selected to form the next cohort of the Lloyd’s Lab, beginning on 26 April 2021. Each of the teams chosen impressed an expert panel of Lloyd’s and market stakeholders during a competitive pitch process, where they presented their insurance product ideas for the market.
The cohort will begin in a virtual capacity but will be able to return to the physical Lloyd’s Lab workspace in London from June 21.
For the sixth cohort, the insurtech start-ups have been selected based on solutions geared towards four key themes: climate change and decarbonisation; geopolitics; data and models; and claims support services. The teams will explore how they can support Lloyd’s customers around the world by creating simpler products capable of responding quickly in the aftermath of a disaster.
Ed Gaze, Lloyd’s Lab senior manager, said: “We’re excited to welcome the new teams to the Lloyd’s Lab for our sixth cohort. Product simplification is a critical issue for the industry following the COVID-19 pandemic and Lloyd’s is committed to providing our customers with clarity in their policies so that valid claims are paid. We’re delighted that we’ve been able to secure the most innovative and cutting edge insurtechs across the world to work with the Lloyd’s Lab and we look forward to collaborating on these critical market issues.”
The 11 teams selected for Lloyd's Lab cohort six include Moonshot, an analytics firm that builds technology to map extremism, disinformation and organised crime;
Verisk Maplecroft, which uses a combination of risk analytics and expert analysis to help companies manage risks that can undermine commercial value, damage brand reputation and disrupt global operations, investments and supply chains; and Supercede Technology, which helps cedents and brokers automate the creation of submission packs, for a more reliable presentation of risk to reinsurers.
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