Flood loss estimates, secure private messaging, money laundering detection and severe weather parametrics are the objectives of a few in a group of startups chosen by Lloyd’s of London for its latest Lloyd’s Lab innovation accelerator program.

Lloyd’s said its global program received 179 applications, from which 11 have been selected to form the next cohort beginning on Sept. 6, 2021.

For the seventh cohort, Lloyd’s said the start-ups were selected based on three themes: claims, data and models, and cryptocurrencies. Also the Lloyd’s Lab accepted wildcard entrants with proposals that fell outside of the core themes— including anti-money laundering, robotics and construction.

The 11 teams that will be working to create insurance products that can be adapted to the Lloyd’s market are:

• Sotera – uses machine learning to provide insurers with data to price risk on unusual objects such as antiquities and creates digital identities for legitimate objects to support better anti-money laundering and more sophisticated insurance products.
• Koop – specialises in commercial robotics and autonomous vehicle developers and operators. It uses a modular, API-powered platform enabling competitive underwriting at scale.
• ICEYE – provides near real-time flood extent and depth data enabling deployment of resources and calculates overall flood losses with speed and accuracy.
• Jungle – an artificial intelligence platform designed to resolve underperformance arising from operational complexity in renewable energy and industrial processes.
• Falkonry – enables predictive operational excellence for manufacturing organisations through discrete and composite digital twins of operational systems at edge, site or cloud.
• YEO Messaging – a secure private messaging platform where the sender can always be assured of privacy and control.
• Hubvia (Brush Country Claims) – built to streamline the P/C claims handling process by providing ultimate claims control and expedited time to settlement.
• Merkle Science – a predictive cryptocurrency risk and intelligence platform helping companies and governments detect, investigate, and prevent illegal activities.
• Superscript – combine broking and underwriting expertise with technology and data science to create relevant insurance solutions for modern businesses.
• BirdsEyeView – harness space-data and innovative parametric solutions to provide uncomplicated insurance for severe-weather risks.

Source: Lloyd’s

*This story ran previously in our sister publication Insurance Journal.