Lloyd's collaborates with three start-ups for COVID-19 innovations

Lloyd's has started work with three new InsurTechs to help the market respond to the COVID-19 pandemic.

As part of its package of measures announced to respond to COVID-19, Lloyd’s has reimagined and expanded the scope, process and timings for new applicants to the Lloyd’s Lab innovation accelerator.

This will help Lloyd’s and the start-ups bring to market their COVID-19-related products and innovations more quickly. Lloyd’s wants to understand, model and create products that better protect customers against pandemics and other systemic risks.

The InsurTech teams selected will join an exclusively COVID-19 related Lloyd’s Lab programme, which begins on 13 July 2020.

The selected teams are:

• Metabiota is a start-up focused on quantifying and mitigating epidemic and pandemic risk. The start-up draws on rigorous epidemiological analysis and a wide range of analytic tools to advance the science of modelling infectious disease outbreaks and estimating their socioeconomic effects.

• Praedicat is a Lloyd’s Lab alumnus from cohort 3. It uses litigation data and science combined with technology to anticipate the next big liability catastrophe and plans to develop a suite of crossline 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 (CPRI) marketplace. Its solution is an online platform sitting 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.

Source: Asia Insurance Review