Insurtech weekly: Lloyd's; DataCubes; Insurwave; Qover

Published in: Risk, Risk management, Corporate strategy, UK, Rest of Europe, US - Canada - Bermuda, Software - IT

Companies: Lloyd’s of London, DataCubes, Insurwave, Qover

Insurtechs join Lloyd’s innovation accelerator

Who’s involved: Lloyd’s of London and insurtech startups: ClimaCell; Digital Fineprint; Flock; FloodFlash; Hyperexponential; Inari; Insurdata; Oasis; Phinsys; Praedicat; Tautona AI.

What’s happening: Eleven insurtech companies have joined Lloyd’s innovation accelerator programme. More than 130 applications were received from across the world for the third cohort of the Lloyd’s Lab.

Significance of development: The accelerator programme opens the opportunity for the insurtechs to partner with Lloyd’s and help Lloyd’s market participants with risk management.

Timeline: The insurtech team will begin working in the Lloyd’s Lab as part of a 10-week programme from 2 September.


DataCubes partners with The Hanover

Who’s involved:  US data science and machine learning platform, DataCubes, and the Hanover Insurance Group.

What’s happening: DataCubes has partnered with the Hanover Insurance Group.

Significance of development: The Hanover Insurance Group will use DataCubes’ technology to automate and streamline its underwriting and risk analysis process.

Timeline: With immediate effect.


Insurwave partners with Xceptor on speciality insurance

Who’s involved:  Insurwave, a marine insurance blockchain platform created by EY and software firm Guardtime; and London-based software provider Xceptor.

What’s happening: Insurwave has partnered with Xceptor to help speed up the digitisation and automation of the insurance market.

Significance of development: The partnership aims to digitise the wide variety of insurance documents involved in insurance transactions in order to simplify and automate the process.

Timeline: With immediate effect.


Qover offers theft and damage insurance for electric bikes

Who’s involved:  Belgian insurtech Qover and Belgian electric bike designer Cowboy.

What’s happening: Qover has launched theft and damage insurance for Cowboy’s electric bicycles.

Significance of development:  The companies have released two insurance policies for customers. The policies aim to make filing claims easier and more convenient by using the Cowboy app.

Timeline: With immediate effect.

Ronan McCaughey