Lloyd's Selects 9 InsurTechs To Participate in Its Next Lloyd's Lab

Lloyd's of London has announced the next nine InsurTech companies that will join the ninth cohort of its Lloyd's Lab program, bringing together InsurTechs, insurers, and brokers to test new insurance products that address issues and challenges facing the Lloyd's market.

Lloyd's said the global program received more than 120 applications, from which nine successful teams were selected to form the latest cohort of Lloyd's Lab, which began September 26. A Lloyd's statement said the selected teams impressed an expert panel of Lloyd's and market stakeholders with their presentations of innovative ideas for insurance products and solutions for natural catastrophes, energy, and construction in a competitive pitch process.

The selected InsurTechs provided solutions geared toward new products that will help the Lloyd's market better understand its customers' risks, respond faster to incidents, and provided enhanced service.

The InsurTechs selected for the ninth Lloyd's Lab cohort include the following.

• Kayna: A company providing embedded insurance on software as a service (SaaS) platforms for small and medium-sized businesses. Kayna uses real-time data from the platforms to build an accurate picture of the business, which can then provide more accurate insurance coverage.
• nPlan: Offering a risk transfer product for construction delays, nPlan builds artificial intelligence that forecasts and helps prevent delays on large-scale construction projects, based on the world's largest collection of completed project data. The company uses this technology to offer an insurance product addressing delay costs.
• Altelium: Altelium is a proprietary end-to-end battery InsurTech platform driven by battery data analytics and battery expertise.
• Innovatrix: The company 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.
• ARMD: ARMD offers a unique ecosystem of products and services that maximizes protection and minimizes downtime for tradespeople, while simultaneously providing superior risk and underwriting performance for insurers.
• Yokahu: Yokahu offers a new insurance product to protect banks and vulnerable borrowers from major events. The policy covers costs of loan repayments rather than the full amount borrowed.
• Anansi: The company provides embedded goods in transit insurance for e-commerce businesses.
• OTT Risk: OTT Risk provides parametric business interruption insurance using footfall, card transactions, passenger volume, and revenue per available hotel room data.
• Sola: Parametric insurance from Sola covers the underinsurance protection gap after natural disasters, specifically tornados.