The innovation accelerator, which launched in September 2018, announced its first cohort in October 2018, with 10 teams of insurtech start-ups selected to develop technology-driven products and processes to help overcome challenges in the market.
The second cohort comprises 12 teams, including: ClauseMatch, a real-time collaboration software that aims to help firms effectively manage and comply with internal governance documentation, which is based in the UK and Singapore; Canada-based miBroker, creators of miCtrl, a digital insurance brokerage providing on-demand insurance for gig economy workers; RYSKEX, a hedging platform based in Germany; and Ireland-based Describe Data, which uses data and AI to improve risk understanding.
The teams will have the opportunity to test their concepts, ideas and products over a 10-week period, with support from Lloyd’s market experts. Themes in this programme include powering data-driven underwriting with new insights, enhancing the customer experience, enabling back-office efficiencies, and creating next-generation insurance products and services.
Applications for a third cohort are expected to open in June.