Lloyd’s Lab hosts cohort 11 Demo Day
Over 500 insurtechs and key industry figures came together on Wednesday to hear teams from the 11th Lloyd’s Lab cohort talk about their innovative insurance solutions.
Demo Day marks the end of the Lloyd’s Lab 10-week accelerator program and is an opportunity for insurtechs to demonstrate what they have developed to the market.
This year’s solutions included an Asia-Pacific focus and protecting against associated costs of cyber attacks, providing solution-monitoring for global flood risk, and developing bushfire intelligence.
Lloyd’s Lab Senior Manager Rosie Denée says Cohort 11 had demonstrated "Lloyd’s global vision for the Lab and for the market, made possible through strong collaboration with respective Asia-Pacific colleagues.”
The Asia-Pacific region contributes 11% of Lloyd’s global premium and remains a diverse market for insurers, being home to nearly a third of the global population, and certain regions particularly vulnerable to climate-related risks.
The regional reach of the program will continue to grow, Ms Denée says, with the 12th cohort to focus on the Americas.
Here is 11th cohort:
- Hangzhou-based Fermat Co – improves aquaculture with acoustic research and actuarial work
- New York-based Floodbase
- Singapore-based Proto Labs. Addresses the high costs of cyber premiums through advanced risk analytics
- London-based Renew Risk. Provides risk modelling software for renewable energy assets and enables insurers to assess catastrophe risk
- Zagreb-based CLIMATIG. Helps insurers identify, measure and act against eight climate physical risks for any asset in resolution of 10 meters, until the year 2100
- London-based Cyntegra’s patented Recovery Operating System enables users to fully restore a cybercrime-compromised system in minutes
- Delaware-based Loro. Platform enables insurers to quickly create and deploy specialty insurance products without any upfront investment. Solution is free for the first $US100,000 GWP every year
- Colorado-based RedZone minimises the impact of wildfires with intelligence
- Oakland-based Vayuh. A team of engineers and scientists from the UC Berkeley Lab community uses Physics, Data, and AI to build weather forecasts and peril risk models
- Oslo-based Mitigrate. Platform analyses geographical locations, generating flood risk advice
- Singapore-based MetaRisk. Bridges the gap between Web3 and insurance while leveraging blockchain technology
- California-based Benchmark Labs and Suyana partnered to create a hybrid-parametric flooding & hurricane insurance product.