Lloyd’s Lab’s cohort includes parametric ideas for construction delays
September 19, 2022
The ninth cohort accepted by Lloyd’s Lab’s accelerator program includes a firm developing parametric business interruption (BI) covers and a risk transfer product for construction delays.
Ott Risk, one of nine approved companies, said it has developed several parametric BI prototypes over the past year to manage risks ranging from pandemics, terrorist attacks, social unrest and cyber disasters.
“We’re excited about this journey and grateful to have the opportunity to partner with thought leaders and other innovative companies to build new innovative insurance policies, and we’re very excited to realize our ambitions,” said Quentin Saleur, COO of Ott Risk , via the company website.
The Lloyd’s Lab program gives start-ups, scale-ups and sometimes established companies ten weeks to work with market experts to shape their innovation.
For the latest cohort, Lloyd’s said it is interested in a wide range of solutions that can help the market better understand customer risk, respond even faster to incidents, or provide better service.
The nine approved companies will start the program next Monday and can show what they have achieved on Demo Day on December 7th.
Other companies accepted and their suggestions were:
- AMRD offers an ecosystem of products and services that maximizes protection and minimizes downtime for tradespeople, while providing superior underwriting and underwriting performance for insurers
- Anansi, which focuses on embedded marine insurance for e-commerce businesses. The company started with the last mile with the goal of moving to larger cargo, followed by cargo
- Kayna builds embedded insurance on software-as-a-service (SaaS) platforms so small businesses have the right coverage as their needs change
- Yokahu, a new insurance product to protect banks and vulnerable borrowers from major events. The policy covers the cost of paying back the loan and not the entire amount borrowed
- Altelium, a proprietary end-to-end battery insurtech platform powered by data analysis and expertise
- nPlan, a construction delay risk transfer product built with artificial intelligence that predicts and prevents the risk of delay in mega projects based on the world’s largest collection of completed project data
- Sola, a new supplemental add-on policy that leverages weather catastrophe data streams to quickly and more transparently close the underinsurance protection gap after natural catastrophes
- Innovatrix Capital, which deploys innovative intangible risk transfer solutions in the life sciences space with a mission to encourage and facilitate investment in research and development for the benefit of society.