Insurtechs join Lloyd’s innovation accelerator
Who’s involved: Lloyd’s of London and insurtech startups: ClimaCell; Digital Fineprint; Flock; FloodFlash; Hyperexponential; Inari; Insurdata; Oasis; Phinsys; Praedicat; Tautona AI.
What’s happening: Eleven insurtech companies have joined Lloyd’s innovation accelerator programme. More than 130 applications were received from across the world for the third cohort of the Lloyd’s Lab.
Significance of development: The accelerator programme opens the opportunity for the insurtechs to partner with Lloyd’s and help Lloyd’s market participants with risk management.
Timeline: The insurtech team will begin working in the Lloyd’s Lab as part of a 10-week programme from 2 September.
DataCubes partners with The Hanover
Who’s involved: US data science and machine learning platform, DataCubes, and the Hanover Insurance Group.
What’s happening: DataCubes has partnered with the Hanover Insurance Group.
Significance of development: The Hanover Insurance Group will use DataCubes’ technology to automate and streamline its underwriting and risk analysis process.
Timeline: With immediate effect.
Insurwave partners with Xceptor on speciality insurance
Who’s involved: Insurwave, a marine insurance blockchain platform created by EY and software firm Guardtime; and London-based software provider Xceptor.
What’s happening: Insurwave has partnered with Xceptor to help speed up the digitisation and automation of the insurance market.
Significance of development: The partnership aims to digitise the wide variety of insurance documents involved in insurance transactions in order to simplify and automate the process.
Timeline: With immediate effect.
Qover offers theft and damage insurance for electric bikes
Who’s involved: Belgian insurtech Qover and Belgian electric bike designer Cowboy.
What’s happening: Qover has launched theft and damage insurance for Cowboy’s electric bicycles.
Significance of development: The companies have released two insurance policies for customers. The policies aim to make filing claims easier and more convenient by using the Cowboy app.
Timeline: With immediate effect.