The ninth cohort accepted by the Lloyd’s Lab accelerator program includes a firm developing parametric cover for business interruption (BI) and a risk transfer product for construction delays.

OTT Risk, one of nine firms accepted, says over the past year it had developed several parametric BI prototypes to address risks ranging across pandemics, terrorist attacks, social unrest and cyber catastrophes.

“We are excited to be on this journey and thankful to have the opportunity to build new innovative insurance policies alongside thought leaders and other innovative companies, and we very much look forward to delivering on our ambitions, OTT Risk COO Quentin Saleur says on the firm’s website.

The Lloyd’s Lab program gives start-ups, scale-ups and sometimes mature companies ten weeks to work with market experts to shape their innovation.

For the latest cohort, Lloyd’s said it was interested in a wide range of solutions that can help the market understand customer risks better, respond even faster to incidents, or provide a better service.

The nine firms accepted will start the program next Monday and will have a chance to show what they have achieved on Demo Day on December 7.

Other firms accepted and their propositions were:

• AMRD, offering an ecosystem of products and services that maximises protection and minimises downtime for tradespeople, while simultaneously providing superior risk and underwriting performance for insurers
• Anansi, focusing on embedded goods in transit insurance for e-commerce businesses. The firm has started with last mile, aiming to move to larger cargo followed by freight
• Kayna, developing embedded insurance on software as a service (SaaS) platforms so small businesses have the right cover as their needs change
• Yokahu, a new insurance product to protect banks and vulnerable borrowers from major events. The policy will cover costs of loan repayments rather than the full amount borrowed
• Altelium, a proprietary end-to-end battery insurtech platform driven by data analytics and expertise
• nPlan, a risk transfer product for construction delays, developed with artificial intelligence that forecasts and helps prevent delay risk on megaprojects based on the world’s largest collection of completed project data
• Sola, a new supplemental add-on policy that leverages weather disaster data streams to help cover the underinsurance protection gap after natural catastrophes quickly and more transparently
• Innovatrix Capital, which deploys cutting edge solutions for intangible risk transfer in the life sciences sector with a mission to encourage and facilitate investment in research and development for the social good.