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Lloyd’s Lab Cohort 5: Responding to COVID-19

In response to COVID-19, for the fifth cohort of the Lloyd’s Lab, we have created three different streams of innovation in the insurance space running between July and October 2020.

A fast-tracked 10-week COVID-19 sprint
Our three-day Fusion programme focused on COVID-19 solutions
● Our standard 10-week programme with an extended scope

Fast-trackED COVID-19 Cohort

The fast-track COVID-19 themed cohort will be starting in July. Over the past couple of months, we have been uncovering startups to introduce ideas that directly support customers and economic recovery in the short term, as well as ideas to help build resilience within Lloyd’s market for future waves of COVID-19 or other pandemics.

Following a fully virtual Pitch Day on 17th June, we are now very pleased to welcome three successful startup teams to the programme:

Dialogue is focused on the Credit and Political Risk (CPRI) marketplace. Their platform solution sits between brokers and underwriters, to create, submit, negotiate, and place complex CPRI transactions. Dialogue has also created a centralised availability application to help brokers see underwriter availability, as working from home becomes increasingly common.

Metabiota quantifies and mitigates epidemic and pandemic risk through their Global Epidemic Monitoring and Modelling platform. The team draws on epidemiological analysis and a wide range of analytic tools to analyse operational and life insurance exposures, whilst advancing the science of modelling infectious disease outbreaks.

Praedicat are a Lloyd’s Lab alumni from Cohort 3. They use litigation data and science combined with technology to anticipate the next big liability catastrophe. They plan 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.

Responses to COVID-19 Fusion

The Fusion programme is a new, fast-paced innovation format for Lloyd’s. The Lloyd’s market will be joined by pioneering startups to design and co-create new solutions in this intense three-day challenge from 21-23 July. As part of the Fusion event, teams will explore and develop early-stage ideas for tackling pandemics and systemic risk. We have selected the following four startups to join this fully virtual event:

Hivemind provides a software platform using the collective intelligence of man and machine for managing human-in-the-loop data preparation. Its newest product, AGORA, is a tool for eliciting and aggregating expert judgements using a prediction market mechanism.

Geollect is an agile geospatial intelligence and analysis company, providing dynamic insights for decision support to a network of global clients in the defence, maritime insurance and cruise industries.

RYSKEX is a provider of a blockchain-based ecosystem for Alternative Risk Transfers and innovative insurance solutions. RYSKEX are looking to explore a parametric insurance approach to business interruption as a result of COVID-19 and other global systemic shocks.

Survenus is a web platform that aggregates all the meaningful information, available in hundreds of data sources, about disease outbreaks and related environmental and socio economic factors. This removes uncertainty and acts as the single layer for analytics, simulation and forecasting of the evolution and associated risks.

This fifth cohort of Lloyd’s Lab is bringing together startups from across the globe – from Berlin to San Francisco and Lisbon – to directly support customer and economic recovery in the short term, as well as ideas to help build resilience to future waves of COVID-19 or other events of this scale.

We are delighted to be bringing these companies to Lloyd’s and to London, the global hub for insurance and insurtech, and we look forward to seeing all that we will achieve together.