Lloyd's Lab, the insurtech incubation division of the London insurance market, has named the 12 companies involved in its second cohort of partnerships.
Companies selected by Lloyd's Lab will be able to test their concepts, ideas and products with the support and active involvement of Lloyd's market experts over a 10-week period.
Two of the 12 are working with the Lloyd's Corporation, while the remainder are working on themes important to the market: improving underwriting through data-driven insights; enhancing the customer experience; enabling back-office efficiencies; creating next-generation insurance products.
The 12 companies are:
ClauseMatch (based in the UK & Singapore)
Real-time collaboration software that aims to help firms effectively manage and comply with internal governance documentation (standards, procedures, controls)
CoVi Analytics (UK)
Targets CEOs of regulated businesses who want to monitor, measure and achieve operational efficiencies through a technology solution that simplifies and automates internal processes.
Describe Data (Ireland)
A solution using new data sources and AI that gives underwriters a superior understanding of risk.
Field Pros Direct (US)
An on-demand adjuster platform that uses AI, machine learning, predictive analytics, and a network of over 4,000 licensed adjusters to reduce a claim's time in process, increase quality and improve the customer experience.
ImageFast (UK)
A solution for improving contract quality and for the sharing of such quality checks with the brokers and follow market.
miBroker (Canada)
Creators of miCtrl, a digital insurance brokerage providing on demand insurance for gig economy workers.
Optimiz Claims (UK)
A platform connecting cargo underwriters to cargo carriers with the aim of fostering AI enabled claims resolution, while providing deeper insights into risk exposures.
RequirementONE (UK)
Aims to reduces regulatory compliance costs by using an automated compliance lifecycle management platform which provides actionable insights from sources of regulatory intelligence.
Retechnica (UK)
Makers of Ingenia, an advanced natural language processing solution, designed to create end-to-end solutions with focus on process automation, and content intelligence.
Ryskex (Germany)
A hedging platform for emerging risks embedded in a B2B ecosystem and driven by AI bringing together risk management, captive units and institutional investors.
Sustema (Switzerland)
A tool to analyse publicly available data of over 17,000 listed companies and apply behavioural analytics to improve underwriting performance.
Tremor Technologies (US)
A marketplace for the reinsurance industry that uses auction and optimisation technology to ensure that trade happens efficiently and at fair market prices.
Companies:Lloyd's of London