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Bermuda start-up makes it to Lloyd’s Lab accelerator

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Two Bermudian-based companies are among 11 start-ups selected for the eighth cohort of the Lloyd’s Lab insurtech accelerator programme.

Cactus and its flagship product, Marmalade, as well as Kettle have been selected for the 10-week initiative that brings together insurtechs, insurers, and brokers to test out new, innovative solutions.

The teams will be working to create insurance products to address the issues and challenges facing the Lloyd’s market.

Marmalade is a simple deal pricing and data capture system, built for underwriters and brokers.

The application was developed by Cactus co-founder and chief technology officer James Robinson in the first cohort of the InnoFund Innovation Incubator and in the fourth cohort of the Ignite entrepreneurial accelerator.

Cactus was the sole Bermudian company in the first i3 cohort, and remains in the programme.

Kettle is a reinsurance managing general agent that aims to protect the world against climate change using deep learning and reinsurance.

The company’s chief executive officer, Andrew Engler, appeared on the panel The Rise of Innovative Insurtech at last month’s Bermuda Risk Summit.

Lloyd’s said the global programme, which starts on April 25, received more than 150 applications.

The organisation said that each of the selected teams impressed an expert panel of Lloyd’s and market stakeholders when presenting their innovative insurance product ideas in a competitive pitch process.

For the eighth cohort, Lloyd’s said, the insurtechs have been selected based on solutions geared towards four key themes: decarbonisation and climate change; supply chains; data and models; and claims.

For the third time, the Lloyd’s Lab also accepted wild-card entrants who presented solutions outside of the core themes, such as space safety and contract review.

Ed Gaze, senior manager, Lloyd's Lab, said: “It’s really exciting to be welcoming the 11 successful teams to the Lloyd’s Lab for our eighth cohort.

“We’ve invited insurtechs to address some of the most pressing issues the Lloyd’s market faces, from supporting the transition to a low-carbon economy to getting better at dealing with business interruption claims.

“We’re delighted to be working with some of the most innovative insurtechs in the world and look forward to seeing how they help our market, customers and society progress.”

Since the formation of the Lloyd’s Lab, the organisation said, several successful insurtechs have pioneered products now in use in the Lloyd’s market.

These include Gaia, which launched a first-of-its-kind IVF insurance in February; Tautona, which uses AI to automate claims processing; and Parametrix, a new business interruption policy for SMEs which launched in 2020.

The other teams selected for Lloyd's Lab cohort eight:

• Kita: it provides insurance for the voluntary carbon markets to enable more high-quality carbon removal solutions and generate positive climate impact.

• Persefoni: a global software company whose SaaS platform enables companies and financial institutions to easily meet stakeholder and regulatory climate disclosure requirements and requests.

• Otonomi: a blockchain-enabled parametric insurance platform that transforms the way cargo policyholders get compensated by compressing resolution times from 45 days to 45 minutes, lowering administrative costs by more than 50 per cent for both clients and carriers, and providing algorithmic underwriting solutions.

• Privateer Space: delivers a space applications technology focused on space safety, sustainability and security in near-earth space.

• Definely: a Microsoft-backed software company redefining how contracts are understood. Definely's tools shorten the contract life cycle and time to revenue by optimising how professionals understand and review complex contracts.

• Marmalade: a simple deal pricing and data capture system built for underwriters.

• FRISS: helps insurers to gain a deeper understanding of the risk in their portfolio, stay compliant, detect fraud and make better decisions across the end-to-end underwriting and claims life cycle.

• InsurX: the digital capacity exchange for the complex commercial insurance market. It enhances broker and carrier follow capacity trading using proprietary algorithmic matching technology.

• ClearConnect: through its proprietary technology, ClearTrac, it gives stakeholders in the transportation and insurance industries a 360-degree, real-time view into the risk associated with drivers and fleets out on the road.

• Baker Tilly: Quantum is a business interruption claims processing platform that delivers seamless, data-driven claims. Paired with hands-on, personalised service from experienced Baker Tilly forensic accountants, Quantum delivers the benefits of automation with a more personal touch.

Cactus co-founder and chief technology officer James Robinson is the developer of Marmalade, the deal pricing and data capture system. (Photograph supplied)
Andrew Engler, far left, on a panel at the Bermuda Risk Summit (Photograph by Blaire Simmons)

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Published April 01, 2022 at 7:57 am (Updated April 01, 2022 at 11:44 am)

Bermuda start-up makes it to Lloyd’s Lab accelerator

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