Lloyd’s Lab names cohort 11 insurtechs as it approaches fifth anniversary

Lloyd’s of London’s accelerator Lloyd’s Lab has named the 12 insurtech firms selected to be in its eleventh cohort.

In a statement published yesterday (6 September 2023), as the accelerator approached its upcoming fifth anniversary, it announced that Asia-Pacific was the new theme being introduced this year.

Cohort 11 will focus on developing solutions to major risks faced by businesses in this geography with focus on three core themes – Asia-Pacific, climate risk and cyber and sustainability.

In addition to these three themes, data and models and new products will also represent a focus for each insurtech.

Similarly, the new products theme will be dedicated to fostering insurance products that can address underinsurance issues and significantly enhance existing coverages.

The data and models theme, on the other hand, has been designed to tackle challenges such as underwriting efficiency via improved risk assessment to drive improvements within the Lloyd’s market.

Rosie Deneé, Lloyd’s Lab senior manager, said: “We are continuing to grow the global reach of the Lloyd’s Lab with the introduction of an Asia-Pacific theme and the international spread of insurtechs joining this year.

”It’s been brilliant to see the lab growing in prominence over the last year, with outstanding attendance at our pitch day.

“We’re also excited to be celebrating the lab’s fifth anniversary next month, which gives us an opportunity to reflect on the success of the accelerator programme over the past few years, as we look forward to partnering with future cohorts in the years to come.”

Cohort eleven

The chosen insurtech firms will be embarking on a ten week accelerator programme, which aims to develop their products and explore how innovations can support the Lloyd’s market.

Lloyd’s Lab received more than 150 applications for its eleventh cohort and managed to whittle down the entries to the below twelve insurtechs, which were chosen following a competitive pitch day that took place at Lloyd’s on 31 August 2023. 

Asia-Pacific, climate risk, cyber and sustainability

• Fermat – An aquacultural technology company aiming to improve aquacultural efficiency and sustainability.
• Floodbase – Provides end-to-end data solution monitoring for global flood risk for insurers and government agencies that integrates satellite observations and hydrological data.
• Proto Labs – The insurtech addresses the high costs of cyber premiums through advanced risk analytics.
• Renew Risk – A provider of risk modelling software for renewable energy assets that use deep data science-driven risk models to enable reinsurers and insurers to monitor pricing and capacity, conduct event response and underwrite risks in new regions.

Data and models

• Climatig – A climate insurtech Software as a Service (SaaS) application that helps insurers and banks to identify, measure and act against climate change physical risks.
• Cyntegra – The Richmond-based patented recovery operating system, which enables organisations to avoid the potentially catastrophic disruption and associated costs of ransomware and disruptive malware attacks.
• Loro Insurance – A platform that enables insurers or MGAs to quickly create, customise and deploy specialty insurance products without any upfront investment. 
• RedZone – This insurtech is on a mission to minimise the impact of wildfires by providing wildfire intelligence and services.
• Vayuh – A deep-tech insurtech consisting of engineers and scientists from the UC Berkeley Lab community. The firm uses physics, data and artificial intelligence (AI) to build accurate weather forecasts and peril risk models for clients.

New products

• Mitigrate – Focuses on climate adaption and loss prevention in property insurance using its SaaS platform to generate recommended preventative and protective measures against flood damages for example.
• MetaRisk – The insurtech is an innovative risk financing firm specialising in digital assets and Web3, bridging the gap between Web3 and insurance while leveraging blockchain technology.
• Suyana and Benchmark Labs – It has partnered with AI forecasting weather firm Benchmark Labs to create a hybrid-parametric flooding and hurricane insurance product by using machine learning and digital technologies.

Deneé added: “We are delighted to welcome the teams joining our eleventh cohort and look forward to helping them develop their solutions for the market through the Lab’s accelerator programme.”