New Lloyd’s Lab cohort to combat Asia-Pacific climate risk

New Lloyd's Lab cohort to combat Asia-Pacific climate risk

Lloyd’s, has revealed that the 11th cohort of Lloyd’s Lab, which is set to tackle Climate Risk, Cyber and Sustainability issues across the Asia-Pacific region.

The announcement named the the 12 teams that will join the InsurTech accelerator hub for developing innovative insurance products in the Lloyd’s market.

Following the success of the first regional theme in Cohort 10, the Lab have announced ‘Asia-Pacific Climate Risk, Cyber and Sustainability’ as the new theme for Cohort 11. In addition, ‘Data & Models’ and ‘New Products’ will be carried forward, with each InsurTech being aligned with one of the three themes.

Rosie Deneé, Lloyd’s Lab Senior Manager, said: “We are delighted to welcome the teams joining our 11th cohort and look forward to helping them develop their solutions for the market through the Lab’s accelerator programme.

“We are continuing to grow the global reach of the Lloyd’s Lab with the introduction of an Asia-Pacific theme and the international spread of InsurTechs joining this year. It’s been brilliant to see the Lab growing in prominence over the last year, with outstanding attendance at our Pitch Day.

“We’re also excited to be celebrating the Lab’s 5th anniversary next month, which gives us an opportunity to reflect on the success of the accelerator programme over the past few years, as we look forward to partnering with future cohorts in the years to come.”

The new theme introduced this year will focus on developing solutions to some of the biggest risks faced by businesses and communities in the Asia-Pacific regions.

The Lloyd’s market is also focused on enhancing underwriting efficiency through improvements in risk assessment tools, portfolio management, and claims handling processes. The ‘Data & Models’ theme aims to combat this issue by providing a platform  to drive innovation.

Similarly, the ‘New Products’ theme is dedicated to fostering insurance products that can address underinsurance issues and significantly enhance the existing solutions.

The Lab received over 150 applicants from a range of enthusiastic InsurTechs from across the glob, before eventually the following 12 candidates were chosen across the trio of categories:

Asia-Pacific Climate Risk, Cyber and Sustainability:

Data & Models:

New Products:

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