Lloyd’s has announced the 12 teams that will join the 11th cohort of the Lloyd’s Lab, the InsurTech accelerator hub for developing innovative insurance products in the Lloyd’s market.

The accelerator gives InsurTechs access to a coworking space in the Lloyd’s building and the chance to develop their ideas alongside their target audience for a period of 10 weeks.

Each InsurTech will be aligned with one of three themes:

• Asia-Pacific Climate Risk, Cyber and Sustainability will focus on developing solutions to some of the biggest risks faced by businesses and communities in the Asia-Pacific regions.
• Data & Models will focus on enhancing underwriting efficiency through improvements in risk assessment tools, portfolio management and claims handling processes.
• New Products will focus on fostering insurance products that can address underinsurance issues and significantly enhance existing coverages.

The Lloyd’s Lab received over 150 applications to join its latest cohort from a range of InsurTechs across the world. A competitive pitch day was held at Lloyd’s on Aug. 31, where 12 InsurTechs from six countries were chosen across the three categories:

Asia-Pacific Climate Risk, Cyber and Sustainability

Fermat CO. LTD is an aquacultural technology company with the vision of improving aquacultural efficiency and sustainability. The initial team of the company is a joint group of acoustic researchers, aquacultural experts and insurance actuaries.

Floodbase is an end-to-end data solution monitoring global flood risk for insurers and government agencies. Floodbase integrates satellite observations and hydrological data to provide both historical and near real-time flood data.

Proto Labs Pte Ltd, based in Singapore, addresses the high costs of cyber premiums through advanced risk analytics. The InsurTech’s proprietary model considers 360-degree data points, creating comprehensive cyber risk assessments.

Renew Risk Ltd provides risk modeling software for renewable energy assets. Its deep data science-driven risk models enable (re)insurers to undertake comprehensive catastrophe risk assessments, inform pricing and capacity, conduct event response, and confidently underwrite risks in new regions throughout all phases.

Data & Models

CLIMATIG is a climate SaaS application that helps insurers and banks to identify, measure and act against eight climate change physical risks for any asset in the world in resolution of 10 meters, until the year 2100.

Cyntegra patented Recovery Operating System enables organizations to avoid the potentially catastrophic disruption and associated costs of ransomware and disruptive malware attacks by enabling end users to fully restore a compromised system to its familiar and functional pre-attack state in minutes.

Loro Insurance‘s platform enables insurers or MGAs to quickly create, customize and deploy specialty insurance products without any upfront investment. The solution is completely free for the first $100,000 GWP every year.

RedZone provides best-in-class wildfire intelligence and services to help customers save properties and lives.

Vayuh Inc is a deep-tech company consisting of engineers and scientists from the UC Berkeley Lab community. Using physics, data and AI, they build highly accurate weather forecasts and peril-risk models for clients across industries.

New Products

Mitigrate AS focuses on climate adaption and loss prevention in property insurance. The SaaS platform performs fully automated analyses for a given geographical location, generating recommended preventative and protective measures against flood damages to help sales agents, claim handlers and appraisers minimize future claims and maximize customer loyalty.

MetaRisk is a risk financing firm specializing in digital assets and Web3, bridging the gap between Web3 and insurance while leveraging blockchain technology to enhance operational efficiency, financial openness and inclusivity.

Suyana & Benchmark Labs have partnered to create a hybrid-parametric flooding and hurricane insurance product. By using machine learning and digital technologies, they can make flood insurance more accurate, accessible and affordable.