A company that delivers “hyper-local” weather forecasts and a firm that predicts emerging risks by mining research data were among 11 insurtechs selected by Lloyd’s of London to participate in a 10-week incubator program.
Lloyd’s picked the participants on Thursday after hearing pitches from 24 finalists. The program that starts on Sept. 2 is the third “cohort” of the Lloyd’s Lab, which seeks to grow insurtech firms enhance data sharing, provide new sources of risk insight, improve pricing and risk models and reduce claims processing and regulatory compliance costs, the company said.
Two of the 11 firms selected are from the United States.
Boston-based ClimaCell uses data collected from the internet of things to deliver “hyper-local” weather forecasts and historical weather data for specific locations. The company says it delivers “minute-by-minute, street-by-street level forecasts” but using data from cell tower signals, connected cars, airplanes and drones.
Praedicat, based in Los Angeles, gathers data from published scientific papers to identify emerging risks. The company quantifies the loss to economy and liability insurers from litigation allowing risk management and product development. The company says on its website that it grew out of a 2009-2010 research project that applied new data science methods “to identify the next asbestos.”
Other participants selected are:
- Digital Fineprint, based in London, provides data insights that can be used for risk selection, underwriting, pricing and new business generation.
- Flock, a New Zealand based start-up, provides risk intelligence to underwriters.
- FloodFlash, a London technology company, enables instant-settlement flood insurance by using sensors to pay claims when flood waters reach a pre-determined height.
- Hyperexponential, a London startup, builds pricing software for specialty insurance.
- Inari, a company based in Barcelona, Spain, “digitizes insurance operations through the entire risk lifecycle,” according to a Lloyd’s press release.
- Insurdata, a London based insurtech, provides high-resolution, building level, peril-specific exposure data.
- Oasis, a London company provides an open source catastrophe modeling platform, “free to use by anyone.”
- Phinsys, a London company, delivers systematic controls to optimize financial close and reporting processes.
- Tautona, a Sandton, South Africa-based company, provides an “instant claims” product that performs artificial-intelligence based analyses.
Lloyd’s spokesman Scott Hammond said the competition to participate in the Lloyd’s incubator started in June, when 130 companies submitted online applications. Lloyds winnowed that list to 24 finalists, who were given five minutes each to present their businesses, followed by a five-minute question-and answer session, on Thursday.
The selected insurtechs will be given access to a co-working design lab. All groups will collaborate to develop their products, working in a series of “sprints” that culminate in the opportunity to test their product live, Hammond said.
About the photo: ClimaCell produces “hyper-local” forecasts. Photo from company’s website.
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