Latest Lloyd's Lab InsurTech Cohort Includes Bermuda Reinsurance Focus

Lloyd's has announced the 11 InsurTech firms that will make up the 14th cohort of the market's Lloyd's Lab innovation hub. 

The 14th cohort will introduce the theme "Shaping the Future of Reinsurance in Bermuda." It was developed in partnership with the Bermuda Monetary Authority and seeks to continue insurance and reinsurance collaboration between Lloyd's and Bermuda to develop solutions to evolving challenges. 

The successful participants were chosen following a competitive "Pitch Day" during which Lloyd's CEO John Neal emphasized the critical role of insurance in addressing emerging risks and building more resilient societies, a Lloyd's statement said. 

In addition to its Bermuda focus, the 14th cohort will continue work on two established themes: "Data, Models, and Processes," which seeks to enhance underwriting efficiency through advanced analytics and techniques, and "New Products," which focuses on developing novel insurance solutions to address underinsurance and improve coverage options, Lloyd's said. 

InsurTechs in the 14th cohort focused on data, models, and processes include the following. 

• Faura. Faura helps underwriters understand property risk from a survivability standpoint, identifying the most profitable risks in disaster-prone areas while reducing loss ratios on vulnerable assets. 
• Satva Trust. Satva Trust uses satellite data and proprietary models to provide independent, verifiable fuel use and emissions data to the commercial shipping and maritime financial industries, helping insurers create policies that help maritime stakeholders manage weather-related fuel costs and emissions. 
• QualRisk. QualRisk's team of industry and product experts helps insurance and financial service companies use data and analytics more effectively while remaining attuned to clients' challenges and industry trends.

InsurTech firms in the new products group include the following. 

• Ocean Ledger. The firm provides a geospatial tool that assesses, monitors, and predicts local erosion damage to coastal infrastructure and identifies potential interventions. 
• Novella. An AI-powered wholesaler, Novella transforms excess and surplus (E&S) sales by automatically analyzing broker submissions and matching them to appropriate insurers. 
• Testudo. Testudo uses new data technology to provide a unique view of artificial intelligence (AI) litigation risk and is building a liability product and pricing models for AI-powered work. 
• Circuit Security. The InsurTech's technology ensures institutions maintain uninterrupted access to digital assets during disasters and disruptions. 
• GWT Insight Ltd. The firm unlocks unseen commercial buildings data to create real-time insights and intelligent products. 

InsurTechs in the Bermuda reinsurance-focused group include the following. 

• Supercede Technology Ltd. The firm is a reinsurance technology platform that empowers ceding companies and brokers with automated data preparation, seamless collaboration, and portfolio insights. 
• Unwind Finance. Unwind Finance is an AI platform for casualty risks. The firm's analytics solution uses AI and benchmarks trained on million of policies, claim files, data records, and underwriting narratives. 
• 7Analytics AS. The InsurTech uses hydrology, geology, and data to develop precise risk data to help everyone from infrastructure owners to insurance companies plan for imminent and future impacts of climate change.