Lloyd’s launches future-focused insurtech development program

This is the third cohort of the insurtech development program, which runs twice per year in 10-week increments. The first cohort launched in …

Lloyd’s has announced eleven insurtechs to participate in its Lloyd’s Lab program beginning Sept. 2.

This is the third cohort of the insurtech development program, which runs twice per year in 10-week increments. The first cohort launched in September 2018; the second one wrapped its program on July 3, 2019.

The underwriting room at Lloyd's headquarters in London.
The underwriting room at Lloyd’s headquarters in London. Lloyd’s

Recently minted CEO John Neal is focused on using digital to drive down the costs of insuring risks. Lloyd’s says it selected startups that “are focused fully on finding solutions with the potential to contribute to the ecosystem of services as part of the future at Lloyd’s vision, including ways to enhance data sharing and provide new sources of risk insight; pricing and risk models to help Lloyd’s market participants better understand threat scenarios; and ways to reduce the cost of processing claims as well as the burden of compliance and regulation.” The 11 participants are:

  • ClimaCell, which uses sensors to predict weather at a micro level
  • Digital Fineprint, which provides data to help insurers cover small businesses
  • Flock, a data platform for underwriting
  • FloodFlash, a parametric insurance program for flood
  • Hyperexponential, pricing software for specialty insurance
  • INARI, which provides automation and data storage for insurers
  • Insurdata, a platform for granular data on buildings
  • Oasis, a catastrophe modeling platform
  • Phinsys, providing finance automation tools
  • Praedicat, a data-science program
  • Tautona, a platform for claims automation

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Lloyd’s chooses 11 insurtechs to support manifesto

Lloyds of London has welcomed 11 new teams of insurtech disruptors to join its innovation accelerator programme, the Lloyd’s Lab, and support the …

Lloyds of London has welcomed 11 new teams of insurtech disruptors to join its innovation accelerator programme, the Lloyd’s Lab, and support the Future of Lloyd’s manifesto.

The 11 teams selected were part of a competitive process involving 24 shortlisted applicants who presented their ideas to experts across the market during pitch day.

They will be focused on finding solutions that could potentially contribute to services that are part of the Future at Lloyd’s vision. This includes ways to enhance data sharing and provide new sources of risk insight.

These teams will begin working in the Lab as part of a ten-week programme that kicks off on 2 September.

It follows Lloyd’s recently committing to expanding the scope of its Lloyd’s Lab as part of its new strategy for the future. The selected teams will be aligned with this.

Best talent

Bruce Carnegie-Brown, Lloyd’s chairman, said: “Times are changing, and we are building a new vision for the Future at Lloyd’s.

“We see a huge opportunity to partner with the brightest and best talent from the technology sector to develop new ideas, new ways of working and of serving our customers.

“Nowhere is this more keenly felt than in the Lloyd’s Lab, where talent, technology and capital intersect so creatively. We want to harness this creative spirit to help us build a new Lloyd’s, which is nimbler, more customer focused, faster and more efficient than ever.”

Lloyd’s chief executive, John Neal said in June that it risks becoming irrellevant unless it grasps the tech revolution.

Most recently it delayed the launch of its platform Chorus until 2020.

The full list of teams in Lloyd’s Lab are:

  • ClimaCell: Claims to be the first microweather™ technology company, finding and forecasting weather that others can’t see. It does this using an internet-of-things approach to collect millions of weather observations, ClimaCell forecasts at the street (not city) level.
  • Digital Fineprint: An Insurtech that helps insurers and brokers improve their reach and profitability in the SME market. DFP provides data insights that can be used for risk selection, underwriting, pricing and new business generation.
  • Flock:A big data start-up that helps underwriters unlock the power of risk intelligence.
  • Floodflash:It says it enables fairly priced, no-exclusions, instant-settlement flood insurance. Customers receive a pre-agreed settlement as soon as FloodFlash sensor detect that waters have exceeded a critical depth
  • Hyperexponential: It is building practical, impactful pricing software for speciality insurance. It claims to be the first platform of its kind to be built by insurance professionals “at the coal-face of the market, for the needs of our actuaries and underwriters”.
  • INARI: An advanced ecosystem in a box that digitises insurance operations through the entire risk lifecycle. INARI says it combines “process automation, data ingestion processing, distributed ledger auditability, machine learning and data lake”.
  • Insurdata: The Insurdata platform creates high resolution, building level, peril specific exposure data globally.
  • Oasis: It provides an open source catastrophe modelling platform, free to use by anyone. It is also a community that seeks to unlock and change the world around catastrophe modelling to better understand risk in insurance and beyond.
  • Phinsys: It has built a platform of intelligent finance automation tools to deliver systematic controls to optimise financial close and reporting processes.
  • Praedicat: It reads, curates and quantifies data from science to identify emerging and emerged risks to humans / the environment. They quantify the loss to economy and liability insurers from litigation allowing risk management and product development.
  • Tautona AI: Tautona is a “cognitive automation” company that automates processes once reserved for human judgement. It says: “Our cloud based, managed service approach provides insurers with a frictionless approach to automating claims and ancillary processes.”

More than 130 applications were received from across the world for the third cohort of the Lloyd’s lab.

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Lloyd’s Lab third cohort features ‘best talent from the tech sector’, says chair Carnegie-Brown

Among the teams are insurtech analytics company Praedicat; microweather technology company ClimaCell; cognitive automation company Tautona …

Lloyd’s Lab third cohort features 'best talent from the tech sector', says chair Carnegie-Brown

Lloyd’s of London (Source: Shutterstock)

Lloyd’s Lab, the experimental development hub for Lloyd’s of London, has unveiled its third cohort of 11 teams, which include AI, big data, microweather technology, risk modelling and language processing innovators. Lloyd’s chair Bruce Carnegie-Brown said the chosen firms are the “brightest and best talent from the technology sector”.


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Lloyd’s of London, Lloyd’s Lab, Insurtech, Cohort three, Technology, Future of Lloyd’s, Bruce Carnegie-Brown

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Lloyds Syndicate Attempt to Tackle Late Payments with Insurtech

Beat Syndicate 4242 of Lloyd’s has become the first globally to insure the instant payment of business to business invoices against dilution risk, …

Beat Syndicate 4242 of Lloyd’s has become the first globally to insure the instant payment of business to business invoices against dilution risk, creating a brand new category of insurance for pre-approval invoice payments.

Working with UK fintech Previse, Beat Syndicate, owned by Beat Capital Partners Ltd. and managed by Asta Managing Agency Ltd., is underwriting its first pre-approval invoice payments for a large UK based buyer and expects to scale rapidly to underwrite invoices globally over the next few years.

Previse invented the instant invoice payment technology which analyses invoice data from large corporations to tackle the persistent problem of slow invoice payments to SME suppliers and enables payment as soon as an invoice is received.

Previse’s InstantPay technology, trained on trillions of dollars of real invoice spending, precisely quantifies dilution risk, i.e. the contingent risk that a large company won’t pay an invoice for legitimate reasons such as it being incorrect or fraudulent, or the goods were not correctly delivered. This sophisticated risk analysis and risk management, together with an extremely close collaboration with Beat in the development of the insurance product made the underwriting of this risk possible.

By underwriting pre-approval invoice payments that have been authorised by InstantPay, it is now possible for large firms to have their suppliers paid on the day an invoice is received

By underwriting pre-approval invoice payments that have been authorised by InstantPay, it is now possible for large firms to have their suppliers paid on the day an invoice is received without ever having to give a cumbersome, formal payment undertaking. At the same time, the firms which provide the early payment funding can rely on the cover provided by Beat with the backing of A rated Lloyd’s security.

Each year, SMEs sell approximately $31.5 trillion to large firms globally. However, much of this is marred by the problem of slow payments for SME suppliers, caused by long payment terms and late payments. In Europe, for example, 88 per cent of suppliers reported frequent late payments by business customers. In APAC, almost one third (30 per cent) of the total value of B2B invoices is paid after its due date while in North America one quarter (26 per cent) is paid past due.

Each year, SMEs sell approximately $31.5 trillion to large firms globally.

Tom Milligan, Active Underwriter of Beat Syndicate 4242, said: “Unlocking value in data through artificial intelligence is becoming one of the biggest transformations in the world of insurance. What excited us about this was the opportunity to create a brand-new market, enabling us to support the trillions of dollars of global B2B spend and help solve one of business’s most intractable problems. At the same time, the artificial intelligence developed by Previse provides us an unparalleled level of control over the risk profile of the invoices we underwrite, making it a very attractive insurance proposition.”

Phillipp Schoenbucher, Chief Data Scientist and Co-Founder of Previse, said: “Most progressive business leaders understand that the current trend of stretching supplier payment terms to breaking point is unsustainable and needs to end. But moving from aspiration to reality always brings its own challenges.

“By working with underwriters such as Beat, we’re able to provide an added level of assurance to the institutions which fund our instant payment schemes. Ultimately, by reducing the risks to their capital, we’re able to even further bring down the costs of instant invoice payments, widening access for the SME suppliers which need this service most.”

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Third Point Re hires David Sinclair to grow specialty reinsurance

Third Point Reinsurance has appointed David Sinclair as senior vice president of marketing and investments, he will start his new role on September 2 …

Third Point Reinsurance has appointed David Sinclair as senior vice president of marketing and investments, he will start his new role on September 2 and reports to marketing director Clare Himmer.

Sinclair has more than 25 years’ insurance experience, having spent most of his career at Transatlantic Re. Most recently he was head of capital solutions, where he was responsible for marketing and sourcing underwriting opportunities to provide capital for reinsurance capacity.

He has experience of capital provision at Lloyd’s, non-traditional structures and specialty lines including mortgage, credit, surety, political violence, political risks and legal expenses.

This hire is part of Third Point Re’s strategy to grow its presence in specialty reinsurance, following the appointment of Tracey Gibbons to lead the specialty reinsurance underwriting team in April. Sinclair will work with Himmer and the Bermuda specialty treaty team, as well as with David Govrin, president of Third Point Re USA, to explore investment opportunities.

Dan Malloy, CEO of Third Point Re, said: “This year we have focused on building out our presence in the specialty treaty space, making a number of excellent hires and David’s appointment continues this progress. We have had the pleasure of co-participating with David on a number of placements so know first-hand of his excellent reputation and strong track record in the market.”

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