Lloyd’s Lab names the 13 insurtechs to join cohort 10

Lloyd’s Lab has announced the insurtechs that will join the tenth cohort of its innovation hub after receiving its highest number of international applications.

More than 200 applications across 32 countries were received for the programme, but only 13 businesses made the cut following a pitch process where they presented insurance solutions for the market.

A statement published yesterday (28 March 2023) said that the firms chosen “impressed an expert panel of Lloyd’s and market stakeholder participants”.

Rosie Denée, Lloyd’s Lab senior manager, said: “We’re thrilled to welcome the new insurtechs to the Lloyd’s Lab for our 10th cohort.

“Together with the expert panel of judges, we were thoroughly impressed with the calibre of the teams who presented at our pitch day and have earnt a place in cohort 10.”

European focus

Throughout the 10 week programme, the insurtechs will develop their products and explore how their innovations can support the Lloyd’s market.

The new cohort, which will begin on the 24 April 2023, includes three themes – European digital and climate solutions, data and models and new products.

This is the first time the cohort will have a European focused theme – Lloyd’s explained it made the move to increase collaboration between the London and European insurtech sectors.

It said four of the 13 successful teams will address the European digital and climate solutions theme.

Denée added: “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.”

The firms and their relevant themes are:

European digital and climate solutions

• Armilla AI – Provider of responsible artificial technology (AI).
• ReOrd20 – The insurtech has developed an AI system for flood risk understanding and mitigation based on the physics governing floods. 
• Simulytic (a Siemens AG Venture) – Provides reinsurers with risk exposure insights for automated vehicles deployments. 
• Value.Space – This insurtech delivers satelite risk assessments for dams, mines, tailing storage facilities and real estate. This is the insurtech’s second time taking part in the accelerator, it was also in cohort four. 

Data and models

• Axio – A cyber risk assessment and quantification focussed insurtech that looks at consultancy, professional services and Software as a Service (SaaS).
• Dietsa – A payment reconciliation engine for the insurance sector.
• Intelligent AI – This firm brings together insurance domain expertise, coupled with innovation and data science as it looks to transform the commercial property underwriting sector.
• PolArtic – An oceanographic and data science firm with a focus on creating bespoke products for the Arctic. 

New products

• Aanika Biosciences – A biotechnology firm dedicated to developing food safety technologies.
• FireBreak – This team is dedicated to filling both the data and protection gaps in wildfire risk. 
• Gabriel – A next-generation active threat solution that reduces the risk of an incident.
• Spacebands – This insurtech creates software and wearable technology for workplaces.