Lloyd’s has started work with three insurtech startups to help the market respond to the COVID-19 pandemic.
As part of its package of measures to respond to the COVID-19 pandemic, Lloyd’s has expanded the scope, process and timings for new applicants to enter its Lloyd’s Lab innovation accelerator in order to bring to market more quickly COVID-19-related products and innovations. (See related story: “How to Prepare for the Next ‘Black-Swan’ Event? Lloyd’s Has Some Suggestions.”)
Lloyd’s said it aims to model and create products that better protect customers against pandemics, and other systemic risks. In line with this effort, Lloyd’s Lab has added three new teams to a program that is exclusively focused on COVID-19, which begins on July 13. The selected teams are:
- Metabiota is a startup focused on quantifying and mitigating epidemic and pandemic risk. Metabiota said it draws on rigorous epidemiological analysis and a wide range of analytic tools to advance the science of modeling infectious disease outbreaks and estimating their socioeconomic effects.
- Praedicat is a Lloyd’s Lab alumni from cohort 3. Praedicat uses litigation data and science combined with technology to anticipate the next big liability catastrophe. It plans to develop a suite of cross-line clash COVID-19 scenarios, to assist the market to identify and track the emergence of COVID-19 liability risk.
- Dialogue is a start-up focused on the credit and political risk marketplace. Dialogue describes its solution as an online platform sitting between brokers and underwriters, to create, submit, negotiate and place complex CPRI transactions. Dialogue has also created a centralized availability application to help brokers see underwriter availability, as working from home becomes increasingly common.
Lloyd’s Lab Fusion Programme
In addition, Lloyd’s Lab is running a three-day “Fusion Programme” from July 21 to July 23. This program has been designed to provide a setting for Lloyd’s market teams to work with insurtechs to explore and develop early-stage ideas for tackling pandemics and systemic risk. Partner insurtechs selected for this programme include Hivemind, Geollect, Ryskex and Survenus.
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