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Lloyds launches InsurTech accelerator

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

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