The news comes following a competitive ‘virtual pitch’ process that had 140 of the world’s top insurtech challengers hoping for a place on the Lloyd’s Lab innovation accelerator programme. Specialist insurer Lloyd’s of London selected the team to focus on three themes, including data and models; new insurance products and markets; and response to Covid-19. The 10-week programme will begin on 7 September.
Blink’s Co-Founder and CEO Paul Prendergast said: “This has already been a tremendous experience for us and we’re just getting started. The pitch process allowed us to really refine our platform’s potential with an exciting range of commercial solutions and Lloyd’s Lab is going to work with us to accelerate the development and realisation phases by providing us not only with Lloyd’s market access, but with rich historical data, analysis, modelling and testing forums.
“Our parametric platform’s effectiveness in supporting increasingly Covid-19 prone, high frequency, low severity claims environments was a major success factor in this process so we’re ready to showcase its full potential with this golden opportunity. We also get to collaborate with some of the world’s best minds in insurance innovation, so we are hugely honoured and thrilled to have been selected.”
Trevor Maynard, Head of Innovation at Lloyd’s, added: “This cohort of InsurTechs will play an important role in our response to the Covid-19 pandemic and to help us develop the new models and insurance products of the future. We will undoubtedly need new products and services for insurers to deliver confidence and security against future waves of this pandemic and other systemic risks of the scale we have seen in 2020.
“I’m thrilled to have the best InsurTech’s across the globe join the Lloyd’s Lab and look forward to seeing the progress they make. Lloyd’s has thrived on its purpose of sharing risk and its as important now as it has ever been to combine minds and build a braver world.”