Lloyd's of London has launched Lloyd's Lab, an InsurTech accelerator program.
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The Lab runs from October 8 to December 12, culminating in a demo day. Ten companies were selected from 200 total applications and 20 finalists. Over that time, the companies will be in a co-working space located in the Lloyd’s building in London, with access to funding and the chance to develop products, platforms and processes to help the market. Partners include innovation specialist L Marks and The Boston Consulting Group.
"The launch of our new innovation accelerator is an important step forward into our technology-driven future and we’re excited to see how the ideas develop," says Inga Beale, Lloyd's CEO.
The 10 participating companies are:
Layr, which provides an AI platform for small businesses to buy liability insurance
CargoSnap, offering a mobile transportation inspection app
DropIn, a drone- and mobile phone-based live video streaming platform for inspections and catastrophe response
Insurercore, a digital risk directory
BelMead Tech, a claims support platform using blockchain and other technologies
Parsyl, a supply-chain data platform that combines sensors and data mining help anticipate risk and improve claims
Geollect, creators of intelligence software for businesses to improve efficiencies
ZASTI, an AI-based predictive modeling platform
Qnity, a digital platform that allows individuals to design their own insurance solutions.
iCede, a cloud-based platform that enables large insurance companies to arrange cover for multinational corporations.
Source: Digital Insurance