Lloyd's Selects 13 InsurTech Firms for 10th Lloyd's Lab Cohort

Lloyd's of London has announced the 13 InsurTech firms that will form the 10th cohort of its innovation hub, the Lloyd's Lab. The 13 firms were chosen following a competitive pitch process in which they presented innovative insurance solutions to the market.

Lloyd's said the global accelerator program received more than 200 applications from 32 countries for this next Lloyd's Lab cohort, set to begin April 24.

InsurTech firms chosen for the 10th cohort were selected based on solutions focused on three themes: European digital and climate solutions, data and models, and new products. Throughout the 10-week program, teams will develop their products with the support of market exports and explore how their innovations can support the Lloyd's market.

This year, to increase collaboration between the London and European InsurTech centers, Lloyd's introduced a region-specific theme, with four of the 13 successful teams addressing European digital and climate solutions. Those four teams include the following.

• Armilla AI: A leading provider of responsible artificial intelligence (AI) technology, Armilla AI empowers vendors and enterprises to guarantee the quality of their AI products and mitigate associated risks.
• REOR20: REOR20 has developed an AI system for improving flood risk understanding and mitigation based on the physics of floods. Combining accuracy with scaling capabilities, the solution provides high-resolution hazard data.
• SIMULYTIC (A Siemens AG venture): The SIMULYTIC platform provides (re)insurers risk exposure insights for automated vehicle (AV) deployments.
• Value.Space: Delivering satellite-based risk assessments, Value.Space provides a faster and more cost-effective way to assess risks associated with assets such as dams, mine-tailing storage facilities, and real estate.

Insurtechs in the data and models group include the following.

• Axio: Axio is a cyber-risk assessment and quantification-focused company that encompasses consultancy, professional services, and software as a service (SaaS).
• Diesta: Diesta provides a next-generation payment reconciliation engine for the insurance industry linking internal systems and external partners onto a single financial ledger for more efficient and faster premium processing.
• Intelligent AI: Intelligent AI brings together insurance domain expertise with innovation and data science to transform commercial property underwriting.
• PolArctic: An oceanographic and data science company focusing on creating tailored products for the Arctic, PolArctic is identifying and creating solutions to business and policy questions about the Arctic through the use of AI and machine learning techniques.

The 10th Lloyd's Lab cohort's new products group includes the following InsurTech firms.

• Aanika Biosciences: A biotechnology company dedicated to developing food safety technologies, Aanika has created a multitrigger parametric food recall policy designed to embed with its microbial barcode tags and provide coverage against financial losses resulting from a food pathogen event.
• FireBreak: FireBreak's team is dedicated to filling both the data and protection gaps in wildfire risk. The company's mobile app for self-inspection encourages risk mitigation while generating first-party, on-the-ground data for underwriting.
• Gabriel: Gabriel offers a next-generation active threat solution that reduces the risk of an incident costing unnecessary lives and damage.
• Signal Intelligence: Signal Intelligence works with maritime organizations looking to increase operational efficiency while being more environmentally responsible. The company harnesses the power of the Internet of Things (IoT) to unlock siloed vessel performance data.
• spacebands: spacebands creates software and wearable technology intended to increase workplace safety.