The 11 successful teams were selected from more than 130 applications around the world, and will begin working in the Lab from September 2.
Lloyd’s said the insurtechs will focus on finding solutions with the potential to contribute to the ecosystem of services as part of the future at Lloyd’s vision.
This will include 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.
Selected insurtechs consist of: ClimaCell, a microweather forecasting firm; Digital Fineprint, which provides data for insurers and brokers in the SME market; Flock, a big data start-up that helps underwriters with risk intelligence; and FloodFlash, which enables no-exclusions, instant-settlement flood insurance.
Also in the cohort are: Hyperexponential, which builds pricing software for specialty insurance; INARI, an advanced ecosystem in a box that digitalises insurance operations; Insurdata, a platform that creates high-resolution exposure data; and Oasis, which provides an open source catastrophe modelling platform.
Further teams include: Phinsys, a platform of finance automation tools to optimise reporting processes; Praedicat, which analyses scientific data to identify emerging risks to humans and the environment; and Tautona AI, a cloud-based firm that automates insurance processes.
“Times are changing, and we are building a new vision for the future at Lloyd’s,” said Lloyd’s Chairman Bruce Carnegie-Brown. “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,” he continued.
“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.”
Lloyd’s Lab previously announced its first cohort of insurtechs in October 2018, and the subsequent group in April 2019.