Lloyds Lab Impact Report

Lloyd’s Lab Accelerating innovation in the insurance industry

02 Lloyd’s Lab Impact Report 03 Contents Introduction John Neal, CEO, Lloyd’s 04 Dawn Miller, Commercial Director, Lloyd’ s 06 Lloyd’s Lab successes 08 Lloyd’s Lab – at a glance 10 How the Lloyd’s Lab makes a difference 12 Innovation timeline 14 How the Lloyd’s Lab Accelerator programme works 16 Innovation outside of the Lab 18 Bridging the risk gap 20 Innovation beyond the Lab 22 Space innovation 24 Case and point: New products/MGA Alumni profiles 26 Case and point: Distribution Alumni profiles 47 Case and point: Claims Alumni profiles 57 Case and point: Process optimisation Alumni profiles 66 Case and point: Data and models Alumni profiles 82 © Lloyd’s

05 04 Lloyd’s Lab Impact Report 05 John Neal, CEO, Lloyd’s Dedicated themes have shaped and directed our cohorts towards the issues of the time, from data use to decarbonisation. Mentors and sponsors Five years of pushing boundaries. – over 700 of them – have helped participants re昀椀ne their models and sharpen their thinking. And Since 2018, there’s been a revolution at every stage, insurers have lent their commercial underway in the insurance industry. insights to ensure we’re solving the risks and pinch points people really care about. It’s perhaps why the Lab today boasts a 95% success rate (still operating or successfully bought out) – because these are solutions designed for society’s bene昀椀t; products designed Insurtech – previously considered the younger sibling of the 昀椀ntech family, now very much an equal to meet people’s needs and make processes player – has been quietly but persistently innovating to create better products, better processes and simpler. better protected customers. Sensitive coverage for the costs and uncertainty Insurance will never be the same again. of fertility treatment. Hyper-accurate modelling for wild昀椀res and 昀氀oods. Geospatial monitoring for political developments and environmental trends. A hub within a hub I’m cherry-picking – but you’ll forgive me for doing so with a list of a hundred to choose from... all of In no small part, that transformation has been down to initiatives like the Lloyd’s Lab – started which are detailed in this report. here in the Lloyd’s market in 2018 – which have helped to put insurtech on the map. In many senses, Lloyd’s was a logical home for an insurance innovation hub. Our market boasts a series of creative 昀椀rsts from the original motor insurance policy to the very 昀椀rst cyber coverage. Innovation: a team game But we knew that heritage didn’t mean the trend would continue by default. Innovation requires We’re incredibly proud to have hosted this sustained investment and determination to challenge norms and push back boundaries in the pioneering hub at Lloyd’s. It’s been everything we pursuit of new and undiscovered solutions. wanted and more: a jewel in our crown, and a bee It’s why we created the Lab accelerator: a fail fast, succeed faster environment bringing together in our bonnet – challenging us to embrace new innovative startups with expert insurers and brokers to 昀椀nd the products and processes to help ways of thinking and go further and faster in protect the world of tomorrow. innovating to insure society’s risks. In many senses, Lloyd’s was a logical home for an insurance innovation hub. Our market boasts a Of course, that success has been a huge team series of creative 昀椀rsts, from the original motor insurance policy to the very 昀椀rst cyber coverage. e昀昀ort. I’m particularly grateful to the Lloyd’s Lab leadership who worked through the Covid-19 But we knew that this heritage didn’t mean the trend would continue by default. Innovation pandemic to keep the (virtual) show on the road requires sustained investment and determination to challenge norms and push back boundaries – and also the hundreds of market participants in the pursuit of new and undiscovered solutions. who have lent their time and expertise in That’s why we created the Lloyd’s Lab Accelerator: a ‘fail fast, succeed faster’ environment mentoring Lab participants. bringing innovative startups into contact with expert insurers and brokers to 昀椀nd the products The outcome has been a raft of success stories and processes to help protect the world of tomorrow. pointing to insurance’s enduring relevance in helping people make braver, smarter decisions in the face of uncertainty. It shows what’s possible Real solutions to real problems when insurers, investors, academics and others Five years later, its success has been clear in the 100+ startups from 16 countries that have come together to solve shared problems. come through the Lab – and the $1 billion of capital that has been raised for the solutions This report is a testament to that collaboration: a coming out the other side. library of shared achievements. We’re excited to see how the next 昀椀ve years take us over oceans, This report details those pioneering ideas, over 昀椀ve eventful years of mould-breaking and risk- across industries and into new territory as we taking. continue innovating to create a braver world. In some senses, it reads more like a list of what’s happened in the world since 2018 – and that’s because the Lab was designed with that exact purpose in mind: to align our industry’s innovation with the outside world’s news cycle. © Lloyd’s

05 04 Lloyd’s Lab Impact Report 05 John Neal, CEO, Lloyd’sDedicated themes have shaped and directed our cohorts towards the issues of the time, from data use to decarbonisation. Mentors and sponsors Five years of pushing boundaries.– over 700 of them – have helped participants re昀椀ne their models and sharpen their thinking. And Since 2018, there’s been a revolution at every stage, insurers have lent their commercial underway in the insurance industry.insights to ensure we’re solving the risks and pinch points people really care about. It’s perhaps why the Lab today boasts a 95% success rate (still operating or successfully bought out) – because these are solutions designed for society’s bene昀椀t; products designed Insurtech – previously considered the younger sibling of the 昀椀ntech family, now very much an equal to meet people’s needs and make processes player – has been quietly but persistently innovating to create better products, better processes and simpler. better protected customers. Sensitive coverage for the costs and uncertainty Insurance will never be the same again.of fertility treatment. Hyper-accurate modelling for wild昀椀res and 昀氀oods. Geospatial monitoring for political developments and environmental trends. A hub within a hubI’m cherry-picking – but you’ll forgive me for doing so with a list of a hundred to choose from... all of In no small part, that transformation has been down to initiatives like the Lloyd’s Lab – started which are detailed in this report. here in the Lloyd’s market in 2018 – which have helped to put insurtech on the map. In many senses, Lloyd’s was a logical home for an insurance innovation hub. Our market boasts a series of creative 昀椀rsts from the original motor insurance policy to the very 昀椀rst cyber coverage. Innovation: a team game But we knew that heritage didn’t mean the trend would continue by default. Innovation requires We’re incredibly proud to have hosted this sustained investment and determination to challenge norms and push back boundaries in the pioneering hub at Lloyd’s. It’s been everything we pursuit of new and undiscovered solutions. wanted and more: a jewel in our crown, and a bee It’s why we created the Lab accelerator: a fail fast, succeed faster environment bringing together in our bonnet – challenging us to embrace new innovative startups with expert insurers and brokers to 昀椀nd the products and processes to help ways of thinking and go further and faster in protect the world of tomorrow.innovating to insure society’s risks. In many senses, Lloyd’s was a logical home for an insurance innovation hub. Our market boasts a Of course, that success has been a huge team series of creative 昀椀rsts, from the original motor insurance policy to the very 昀椀rst cyber coverage. e昀昀ort. I’m particularly grateful to the Lloyd’s Lab leadership who worked through the Covid-19 But we knew that this heritage didn’t mean the trend would continue by default. Innovation pandemic to keep the (virtual) show on the road requires sustained investment and determination to challenge norms and push back boundaries – and also the hundreds of market participants in the pursuit of new and undiscovered solutions. who have lent their time and expertise in That’s why we created the Lloyd’s Lab Accelerator: a ‘fail fast, succeed faster’ environment mentoring Lab participants. bringing innovative startups into contact with expert insurers and brokers to 昀椀nd the products The outcome has been a raft of success stories and processes to help protect the world of tomorrow. pointing to insurance’s enduring relevance in helping people make braver, smarter decisions in the face of uncertainty. It shows what’s possible Real solutions to real problemswhen insurers, investors, academics and others Five years later, its success has been clear in the 100+ startups from 16 countries that have come together to solve shared problems. come through the Lab – and the $1 billion of capital that has been raised for the solutions This report is a testament to that collaboration: a coming out the other side.library of shared achievements. We’re excited to see how the next 昀椀ve years take us over oceans, This report details those pioneering ideas, over 昀椀ve eventful years of mould-breaking and risk- across industries and into new territory as we taking. continue innovating to create a braver world. In some senses, it reads more like a list of what’s happened in the world since 2018 – and that’s because the Lab was designed with that exact purpose in mind: to align our industry’s innovation with the outside world’s news cycle. © Lloyd’s

06 Lloyd’s Lab Impact Report 07 Dawn Miller, Commercial Director, Lloyd’s Working together to tackle society’s risk So as we think about the next 昀椀ve years – we’ll start by making our ecosystem even more The next ﬁve years: collaborative, by: A partnership-powered platform Tapping into di昀昀erent mindsets and perspectives: Increasing the global reach of the Lab through geographical themes and promotion, making sure it tackles risks and accesses talent from underrepresented regions. Promoting what’s worked well: The companies that have passed through the Lloyd’s Lab have between them created over 1,000 jobs, raising over $1bn in capital. The use of the ICX class has grown tenfold, with a total capacity available of $1.3bn. We need to tell that story to keep the success stories coming. Launching the Lloyd’s Lab challenge programme: With 昀椀ve years of incubated innovation now under our belts, this birthday has provided a great opportunity for all We recognise that some of the biggest challenges our customers and market are facing can’t be of us at Lloyd’s – and across the industry – to take stock of our progress and think about the 昀椀ve years to come. solved in ten weeks. That’s why, in partnership with the market, we’re creating a structured programme for fast-fail testing of propositions. We’ll also be working with speci昀椀c partners from the innovation ecosystem to ensure we’re developing the right solutions... starting with our 昀椀rst challenge Working together to tackle society’s risk of estimating insured customer carbon emissions by innovating at the intersection of capabilities, geographies, and capital, we’ve seen the power of collaboration 昀椀rst-hand over the years – from The Lloyd’s Lab has always been so much more than a product development programme through the sharing coastal intelligence with the UK Admiralty, to working with 昀椀re昀椀ghters in California to mitigate Accelerator. It’s an ecosystem of partnerships and programmes helping the Lloyd's market develop wild昀椀re damage. solutions to the biggest challenges of our time. Five years on, we’re extremely proud of the success stories in this report – and as always, Successful innovation goes beyond just great ideas to target scale, commercialisation and existing networks committed to writing new ones. – which is why we’ve also been running. • L loyd’s Product Launchpad – A group of underwriters from across the market providing insurance capacity to back developed innovative underwriting opportunities.. • F utureMinds – An eight week, innovation focused product development training programme for talent across managing agents and brokers to help them innovate in their roles. • ICX class – An additional 2% of syndicate capacity for innovative businesses, ensuring bright ideas at Lloyd’s get the capacity they need without having to compete for it internally. This range of initiatives has helped deliver the Lloyd’s Lab’s ambition to build a partnership-powered ecosystem – with faster adoption of new ideas and products through crowdsourcing capabilities, and a deeper pool of expertise by bringing the right partners and alumni to the Lab. © Lloyd’s

06 Lloyd’s Lab Impact Report 07 Dawn Miller, Commercial Director, Lloyd’sWorking together to tackle society’s risk So as we think about the next 昀椀ve years – we’ll start by making our ecosystem even more The next ﬁve years: collaborative, by: A partnership-powered platform Tapping into di昀昀erent mindsets and perspectives: Increasing the global reach of the Lab through geographical themes and promotion, making sure it tackles risks and accesses talent from underrepresented regions. Promoting what’s worked well: The companies that have passed through the Lloyd’s Lab have between them created over 1,000 jobs, raising over $1bn in capital. The use of the ICX class has grown tenfold, with a total capacity available of $1.3bn. We need to tell that story to keep the success stories coming. Launching the Lloyd’s Lab challenge programme: With 昀椀ve years of incubated innovation now under our belts, this birthday has provided a great opportunity for all We recognise that some of the biggest challenges our customers and market are facing can’t be of us at Lloyd’s – and across the industry – to take stock of our progress and think about the 昀椀ve years to come. solved in ten weeks. That’s why, in partnership with the market, we’re creating a structured programme for fast-fail testing of propositions. We’ll also be working with speci昀椀c partners from the innovation ecosystem to ensure we’re developing the right solutions... starting with our 昀椀rst challenge Working together to tackle society’s risk of estimating insured customer carbon emissions by innovating at the intersection of capabilities, geographies, and capital, we’ve seen the power of collaboration 昀椀rst-hand over the years – from The Lloyd’s Lab has always been so much more than a product development programme through the sharing coastal intelligence with the UK Admiralty, to working with 昀椀re昀椀ghters in California to mitigate Accelerator. It’s an ecosystem of partnerships and programmes helping the Lloyd's market develop wild昀椀re damage. solutions to the biggest challenges of our time. Five years on, we’re extremely proud of the success stories in this report – and as always, Successful innovation goes beyond just great ideas to target scale, commercialisation and existing networks committed to writing new ones. – which is why we’ve also been running. • Lloyd’s Product Launchpad – A group of underwriters from across the market providing insurance capacity to back developed innovative underwriting opportunities.. • FutureMinds – An eight week, innovation focused product development training programme for talent across managing agents and brokers to help them innovate in their roles. • ICX class – An additional 2% of syndicate capacity for innovative businesses, ensuring bright ideas at Lloyd’s get the capacity they need without having to compete for it internally. This range of initiatives has helped deliver the Lloyd’s Lab’s ambition to build a partnership-powered ecosystem – with faster adoption of new ideas and products through crowdsourcing capabilities, and a deeper pool of expertise by bringing the right partners and alumni to the Lab. © Lloyd’s

08 Lloyd’s Lab Impact Report 09 L lo 1,802 >1,000 16 y applications Jobs created by our Alumni Di昀昀erent countries d submitted since leaving the Lab represented in our Alumni ’ s La 216 teams at pitch day b Bermuda s Canada 112 Estonia u teams through Finland France cce the Lab Germany Ireland Israel Netherlands Portugal s Singapore s Spain South Africa e 71% 95% Switzerland Still working Success UK s with the Lloyd’s Rate USA Market 10 Cohorts Raised by Alumni 532 691 > $1B since leaving the Lab Signed up to Cohort Mentors 10 Demo Day © Lloyd’s

08 Lloyd’s Lab Impact Report 09 L lo1,802 >1,000 16 yapplications Jobs created by our Alumni Di昀昀erent countries dsubmittedsince leaving the Lab represented in our Alumni ’ s La216 teams at pitch day b Bermuda s Canada 112 Estonia uteams through Finland France ccethe Lab Germany Ireland Israel Netherlands Portugal s Singapore s Spain South Africa e71%95% Switzerland Still working Success UK swith the Lloyd’s Rate USA Market 10 Cohorts Raised by Alumni 532 691 > $1B since leaving the Lab Signed up to Cohort Mentors 10 Demo Day © Lloyd’s

10 Lloyd’s Lab Impact Report 11 L A unique environment l The Lloyd’s Lab was launched in 2018 to modernise Because the Lloyd’s Lab is a shared asset for the whole market, the individual investments of time and o the commitment required are both reduced, which gives existing market leaders a better way to the insurance industry and harness the opportunities access various avenues of innovation, and a low-cost window to test ideas before committing to them, encouraging participation across the market. y presented by insurtechs. For ﬁve years and 10 Lloyd’s uses its unique leadership position to attract We are lucky to work with so many key d cohorts, the Lloyd’s Lab Accelerator has seen over start-ups into the Lloyd’s Lab and Lloyd’s market individuals who can give us unprecedented 100 insurtechs, start-ups and innovation-focused 昀椀rms input expertise to re昀椀ne start-up products and access and insights to the London market ideas into market-ready customer solutions. In ’ - this would not have been possible without s L companies go through the Lloyd’s Lab and bring their practical terms, the format of the Lloyd’s Lab allows Lloyd’s market 昀椀rms to collaborate, sharing the Lloyd’s Lab. innovative solutions to the market. knowledge in a safe environment. Alexis Renaudin, Head of Data Science, Artiﬁcial Labs a The Lloyd’s Lab embodies an important part of the A global success purpose of Lloyd’s in its creation of a structure and The Accelerator is the most established Lloyd’s Lab programme, attracting insurtechs from across the b – a globe. Every six months the Lloyd’s Lab receives over 200 applications to 昀椀ll 10 places in the physical space in which innovation risk is shared and programme. The successful applicants work with insurers and brokers in the market to develop new products or services that enhance the way the Lloyd’s market does business. Unlike other reduced, in turn allowing start-ups to bring new ideas, Accelerators, which have just a single pool of expertise and set of risk appetites, the Lloyd’s Lab and helping market ﬁrms to partner with them to build Accelerator is supported by a market of 93 syndicates and over 300 brokers with deep expertise in di昀昀erent areas with varying risk appetites. out customer solutions. The Accelerator now has over 100 alumni, of which 95% are still growing or have had a successful sale, and 71% are still working with the Lloyd's market. The Lloyd’s Lab is the best places for t a g companies to take their insurance solution or use their existing data and technology to develop insurance relevant products and insurance use cases. A key element of the programme’s success is the wide network of mentors, made up of market practitioners that collectively provide a huge pool of insurance knowledge and expertise. The mentors engaging with the programme help the Accelerator cohort to deliver on the ‘Lab Goals’ they proposed when applying – which are one of the three selection criteria for the Accelerator (along with ‘Product’ and ‘People’). Once accepted, the insurtechs get an opportunity to work closely with the insurance l market, understand their product-market 昀椀t, and gauge the market appetite for their o昀昀ering. a n A long-term project After graduation, all the Accelerator participants As insurers, things have been done the same c become a part of the Lloyd’s Lab alumni network. way for a while. It’s dicult to ﬁnd pockets The Lloyd’s Lab provides them with extensive marketing and networking opportunities that help the of innovation, and especially hard to ﬁnd e companies to build a global presence and develop the inspiration to think bigger. Mentoring at relationships with international markets. Lloyd's Lab shows you what’s possible when The Lloyd’s Lab recently added geographical themes novel technology meets lingering problems, to the Accelerator to help address insurance product gaps globally and better connect the insurtechs with and encourages you to apply these fresh local expertise. This enables a deeper understanding perspectives. of local challenges which in turn generates the most suitable solutions. At the core of these themes are Akash Bharadia, Customer Experience the Lloyd’s regional teams with established networks & Digital Transformation Lead - Global Cyber of clients, insurers and brokers who provide help in & Technology, Axis canvassing the companies developing solutions tailor-made to close regional protection gaps. © Lloyd’s

10 Lloyd’s Lab Impact Report 11 L A unique environment lThe Lloyd’s Lab was launched in 2018 to modernise Because the Lloyd’s Lab is a shared asset for the whole market, the individual investments of time and o the commitment required are both reduced, which gives existing market leaders a better way to the insurance industry and harness the opportunities access various avenues of innovation, and a low-cost window to test ideas before committing to them, encouraging participation across the market. ypresented by insurtechs. For ﬁve years and 10 Lloyd’s uses its unique leadership position to attract We are lucky to work with so many key dcohorts, the Lloyd’s Lab Accelerator has seen over start-ups into the Lloyd’s Lab and Lloyd’s market individuals who can give us unprecedented 100 insurtechs, start-ups and innovation-focused 昀椀rms input expertise to re昀椀ne start-up products and access and insights to the London market ideas into market-ready customer solutions. In ’ - this would not have been possible without s Lcompanies go through the Lloyd’s Lab and bring their practical terms, the format of the Lloyd’s Lab allows Lloyd’s market 昀椀rms to collaborate, sharing the Lloyd’s Lab. innovative solutions to the market.knowledge in a safe environment. Alexis Renaudin, Head of Data Science, Artiﬁcial Labs aThe Lloyd’s Lab embodies an important part of the A global success purpose of Lloyd’s in its creation of a structure and The Accelerator is the most established Lloyd’s Lab programme, attracting insurtechs from across the b – a globe. Every six months the Lloyd’s Lab receives over 200 applications to 昀椀ll 10 places in the physical space in which innovation risk is shared and programme. The successful applicants work with insurers and brokers in the market to develop new products or services that enhance the way the Lloyd’s market does business. Unlike other reduced, in turn allowing start-ups to bring new ideas, Accelerators, which have just a single pool of expertise and set of risk appetites, the Lloyd’s Lab and helping market ﬁrms to partner with them to build Accelerator is supported by a market of 93 syndicates and over 300 brokers with deep expertise in di昀昀erent areas with varying risk appetites. out customer solutions. The Accelerator now has over 100 alumni, of which 95% are still growing or have had a successful sale, and 71% are still working with the Lloyd's market. The Lloyd’s Lab is the best places for t a g companies to take their insurance solution or use their existing data and technology to develop insurance relevant products and insurance use cases. A key element of the programme’s success is the wide network of mentors, made up of market practitioners that collectively provide a huge pool of insurance knowledge and expertise. The mentors engaging with the programme help the Accelerator cohort to deliver on the ‘Lab Goals’ they proposed when applying – which are one of the three selection criteria for the Accelerator (along with ‘Product’ and ‘People’). Once accepted, the insurtechs get an opportunity to work closely with the insurance l market, understand their product-market 昀椀t, and gauge the market appetite for their o昀昀ering. a n A long-term project After graduation, all the Accelerator participants As insurers, things have been done the same c become a part of the Lloyd’s Lab alumni network. way for a while. It’s dicult to ﬁnd pockets The Lloyd’s Lab provides them with extensive marketing and networking opportunities that help the of innovation, and especially hard to ﬁnd e companies to build a global presence and develop the inspiration to think bigger. Mentoring at relationships with international markets. Lloyd's Lab shows you what’s possible when The Lloyd’s Lab recently added geographical themes novel technology meets lingering problems, to the Accelerator to help address insurance product gaps globally and better connect the insurtechs with and encourages you to apply these fresh local expertise. This enables a deeper understanding perspectives. of local challenges which in turn generates the most suitable solutions. At the core of these themes are Akash Bharadia, Customer Experience the Lloyd’s regional teams with established networks & Digital Transformation Lead - Global Cyber of clients, insurers and brokers who provide help in & Technology, Axis canvassing the companies developing solutions tailor-made to close regional protection gaps. © Lloyd’s

12 Lloyd’s Lab Impact Report 13 m H a o Signalling who are good partners to work with – k w t 2showcasing the abilities of potential tech partners, with instant reinforcement from e market peers. s h With over 100 new insurtechs being founded globally every month, it When a customer cannot place a new can be overly onerous for insurance entities to analyse the potential of these new companies and di昀昀erentiate between them. a e L risk in the Lloyd’s market, it is typically The Lloyd's Lab gives market organisations the opportunity to trial insurtech o昀昀erings in a safe environment, to take a closer look and d because there is either a lack of data, validate tech solutions and their bene昀椀ts by seeing the uptake from appetite, technology, or expertise. The peers at Demo Day, at the end of the programme. i l Lloyd’s Lab helps the market overcome o these issues by providing a structure to Better connection with the market er y identify the gaps in knowledge and plug demonstrating the convening power of Lloyd's, as the world's oldest and largest d them in a coordinated eort from Lloyd’s 3insurance marketplace. wider innovation ecosystem of experts, en ’ With a network of 335 brokers, 3950 coverholders, 93 syndicates s L capabilities and insurtechs globally. and 51 managing agents writing more than 200 di昀昀erent lines of business, the complexity of the marketplace and the wide variety of stakeholders makes it a real challenge for insurtechs to understand how the market works, how it is interconnected and c There are four ways that the Lab accelerator programme how their solution could 昀椀t in market organisations and be supports the market. e a implemented by them. The Lloyd's Lab provides a single point of access for insurtechs to b Economy of scale accelerator the entire Lloyd's market. a Lloyd’s market accelerator means 1 participants bene昀椀t from the expertise and appetites of 93 di昀昀erent syndicates, and New approaches, ways of working 300 brokers. and capabilities expanding the scope of the market o昀昀ering. Because the Lloyd’s Lab is a shared asset for the whole market, 4 the individual investments of time and the commitment required The format of the Lloyd's Lab means results can be shown quickly, are both reduced, which gives existing market leaders a better and market organisations that did not participate in the Lloyd's Lab way to access various avenues of innovation, and a low-cost can still take advantage of new solutions and be among the early window to test ideas before committing to them, encouraging adopters. participation across the market. Lloyd's needs emerging technologies because the insurance and risk landscape is continually evolving. As well as responding to emerging risks such as climate change and geopolitical threats, product innovation and data analytics have expanded the scope of commercial insurance solutions to o昀昀er coverage for a wider range of threats, exposures and perils. © Lloyd’s

12 Lloyd’s Lab Impact Report 13 mH ao Signalling who are good partners to work with – kw t 2showcasing the abilities of potential tech partners, with instant reinforcement from e market peers. sh With over 100 new insurtechs being founded globally every month, it When a customer cannot place a new can be overly onerous for insurance entities to analyse the potential of these new companies and di昀昀erentiate between them. ae Lrisk in the Lloyd’s market, it is typically The Lloyd's Lab gives market organisations the opportunity to trial insurtech o昀昀erings in a safe environment, to take a closer look and dbecause there is either a lack of data, validate tech solutions and their bene昀椀ts by seeing the uptake from appetite, technology, or expertise. The peers at Demo Day, at the end of the programme. ilLloyd’s Lab helps the market overcome othese issues by providing a structure to Better connection with the market eryidentify the gaps in knowledge and plug demonstrating the convening power of Lloyd's, as the world's oldest and largest dthem in a coordinated eort from Lloyd’s 3insurance marketplace. wider innovation ecosystem of experts, en’ With a network of 335 brokers, 3950 coverholders, 93 syndicates s Lcapabilities and insurtechs globally. and 51 managing agents writing more than 200 di昀昀erent lines of business, the complexity of the marketplace and the wide variety of stakeholders makes it a real challenge for insurtechs to understand how the market works, how it is interconnected and cThere are four ways that the Lab accelerator programme how their solution could 昀椀t in market organisations and be supports the market. ea implemented by them. The Lloyd's Lab provides a single point of access for insurtechs to b Economy of scale accelerator the entire Lloyd's market. a Lloyd’s market accelerator means 1 participants bene昀椀t from the expertise and appetites of 93 di昀昀erent syndicates, and New approaches, ways of working 300 brokers. and capabilities expanding the scope of the market o昀昀ering. Because the Lloyd’s Lab is a shared asset for the whole market, 4 the individual investments of time and the commitment required The format of the Lloyd's Lab means results can be shown quickly, are both reduced, which gives existing market leaders a better and market organisations that did not participate in the Lloyd's Lab way to access various avenues of innovation, and a low-cost can still take advantage of new solutions and be among the early window to test ideas before committing to them, encouraging adopters. participation across the market. Lloyd's needs emerging technologies because the insurance and risk landscape is continually evolving. As well as responding to emerging risks such as climate change and geopolitical threats, product innovation and data analytics have expanded the scope of commercial insurance solutions to o昀昀er coverage for a wider range of threats, exposures and perils. © Lloyd’s

14 Lloyd’s Lab Impact Report 15 I n Lloyd’s market activity n First sharing First First First Lab First Ukraine First First First First First First First economy Disaster on-road Aon Product crypto- First alumini algorithmic grain o motor aviation D&O nuclear satellite political cyber marketplace Risk autonomous Client Lunchpad currency Syndicate syndicate syndicate corridor First IVF First ICX policy policy policy pool policy risk policy policy policy Facility vehicle policy Treaty set up cover in a Box (Parsyl 1796) (Ki 1618) insurance Insurance consortium v 1904 1911 1939 1956 1965 1971 1999 2014 2015 2015 2016 2019 2020 2020 2021 2021 2022 2022 2023 a t i on t 1900 2000 im e line 1923 1996 2001 2003 2011 2019 2020 2021 2021 2023 2023 2023 2023 Creation Reconstruction Special Performance Lloyd’s Future at 2% London Central First Dubai Central 10th of Central Fund & Renewal Purpose management catastrophe Lloyd’s innovation Bridge Risk Fund regional innovation Fund Lab Arrangements starts model class (ICX) PCC Insurance Lab theme MoU alumni cohort 2018 investment agreed Lloyd’s Lab established Corporation activity © Lloyd’s

14 Lloyd’s Lab Impact Report 15 I nLloyd’s market activity nFirst sharing First First First Lab First Ukraine First First First First First First First economy Disaster on-road Aon Product crypto- First alumini algorithmic grain omotor aviation D&O nuclear satellite political cyber marketplace Risk autonomous Client Lunchpad currency Syndicate syndicate syndicate corridor First IVF First ICX policypolicypolicypoolpolicy risk policypolicypolicyFacility vehicle policyTreaty set upcoverin a Box (Parsyl 1796) (Ki 1618)insurance Insurance consortium v1904 1911 1939 1956 1965 1971 19992014 2015 2015 20162019 2020 2020 2021 2021 2022 2022 2023 a t i on t19002000 im e line 1923 1996 200120032011 2019 2020 2021 2021 2023 2023 2023 2023 Creation Reconstruction Special Performance Lloyd’s Future at 2% London Central First Dubai Central 10th of Central Fund& RenewalPurpose management catastrophe Lloyd’sinnovation Bridge Risk Fund regional innovation Fund Lab Arrangementsstartsmodel class (ICX) PCC Insurance Lab theme MoU alumni cohort 2018 investment agreed Lloyd’s Lab established Corporation activity © Lloyd’s

16 Lloyd’s Lab Impact Report 17 a H Scouting cce o The Lloyd’s Lab accelerator cycle starts with scouting – publishing the themes that will be the focus of the next cohort. Increasingly we have found that the market likes them to be broad and see what the insurtech community has to o昀昀er. We typically outline 3 themes: 1. New products; 2. w Data, processes and models; and 3. A geographical theme. Applications come from all around the world, submitted by anything from a two-person start-up to a well-established business. All we ask is that they develop something new that will enhance the l the way the Lloyd’s market operates – co-developing it with their mentors in their mutual interest. e We expect to get around 200 applications in the two month submission window. r a L Shortlisting The applications are assessed against the product, teams, and plan for the Lloyd’s Lab with the t Lloyd’s market. Proposals tend to be successful where they are specialist, very relevant to property o l and casualty (re)insurance, respond to common challenge, or bring genuinely new capability. r o Pitch Day p y The top scoring 20 applicants will be invited to Pitch Day, where they will be given a strict 昀椀ve- minute pitch slot followed by 昀椀ve minutes of questions. In the audience are market leaders, past r d and potential mentors, and the Lloyd’s Lab team who watch and score the contenders. The bene昀椀t of this process is that the 昀椀nal ten cohort participants will have been selected by the market, so we og ’ know the process is both transparent and fair. It’s also a key success factor because resources are limited, so we aim to prioritise the 昀椀rms with the closest 昀椀t to market interests and expertise. s The Pitch Day event brings together an audience with expertise and interest in innovation from r L across the market. It creates a critical mass for debate and discussion, while the pitch presentations supply a ready list of new ideas to feed leading 昀椀rms with innovation. This process helps embed the culture of innovation within the Lloyd’s insurance market. a ab m Programme A cohort of approximately ten start-ups are chosen by the Lloyd’s market to be part of the Lloyd’s m Lab. At the end of the ten-week process, these innovative 昀椀rms will have further developed solutions into market-ready products, having built along the way a base of valuable knowledge and contacts in the market. Many of the mentors who work with these companies will also have bene昀椀tted from access to e fast-moving talent and new solutions. In some cases, market mentors from di昀昀erent companies may discover a shared interest in developing a new solution that they can work on together. In other w cases, start-ups go on to work commercially with contacts that they have met in the Lloyd’s Lab. The report summarises the experiences of all our Lloyd’s Lab alumni and their many successes. o The Lloyd’s Lab is a key driver of innovation in the Lloyd’s market and the insurance industry at large. It has facilitated r collaboration, new product development and made possible risk k transfer solutions that are truly cutting edge. Dr Hayley Maynard, Head of Strategy and Innovation, Chaucer s © Lloyd’s

16 Lloyd’s Lab Impact Report 17 aH Scouting cceo The Lloyd’s Lab accelerator cycle starts with scouting – publishing the themes that will be the focus of the next cohort. Increasingly we have found that the market likes them to be broad and see what the insurtech community has to o昀昀er. We typically outline 3 themes: 1. New products; 2. w Data, processes and models; and 3. A geographical theme. Applications come from all around the world, submitted by anything from a two-person start-up to a well-established business. All we ask is that they develop something new that will enhance the l theway the Lloyd’s market operates – co-developing it with their mentors in their mutual interest. e We expect to get around 200 applications in the two month submission window. r a L Shortlisting The applications are assessed against the product, teams, and plan for the Lloyd’s Lab with the t Lloyd’s market. Proposals tend to be successful where they are specialist, very relevant to property ol and casualty (re)insurance, respond to common challenge, or bring genuinely new capability. ro Pitch Day py The top scoring 20 applicants will be invited to Pitch Day, where they will be given a strict 昀椀ve- minute pitch slot followed by 昀椀ve minutes of questions. In the audience are market leaders, past rd and potential mentors, and the Lloyd’s Lab team who watch and score the contenders. The bene昀椀t of this process is that the 昀椀nal ten cohort participants will have been selected by the market, so we og’ know the process is both transparent and fair. It’s also a key success factor because resources are limited, so we aim to prioritise the 昀椀rms with the closest 昀椀t to market interests and expertise. s The Pitch Day event brings together an audience with expertise and interest in innovation from r L across the market. It creates a critical mass for debate and discussion, while the pitch presentations supply a ready list of new ideas to feed leading 昀椀rms with innovation. This process helps embed the culture of innovation within the Lloyd’s insurance market. aab m Programme A cohort of approximately ten start-ups are chosen by the Lloyd’s market to be part of the Lloyd’s m Lab. At the end of the ten-week process, these innovative 昀椀rms will have further developed solutions into market-ready products, having built along the way a base of valuable knowledge and contacts in the market. Many of the mentors who work with these companies will also have bene昀椀tted from access to e fast-moving talent and new solutions. In some cases, market mentors from di昀昀erent companies may discover a shared interest in developing a new solution that they can work on together. In other w cases, start-ups go on to work commercially with contacts that they have met in the Lloyd’s Lab. The report summarises the experiences of all our Lloyd’s Lab alumni and their many successes. o The Lloyd’s Lab is a key driver of innovation in the Lloyd’s market and the insurance industry at large. It has facilitated r collaboration, new product development and made possible risk k transfer solutions that are truly cutting edge. Dr Hayley Maynard, Head of Strategy and Innovation, Chaucer s © Lloyd’s

18 Lloyd’s Lab Impact Report 19 o I u n t no s i v de a the t io The Lloyd’s Lab n supports market L innovation, but ab its reputation for innovation was earned long before 2018 and remains true today. © Lloyd’s

18 Lloyd’s Lab Impact Report 19 oI un tno s iv dea thet io The Lloyd’s Lab n supports market L innovation, but ab its reputation for innovation was earned long before 2018 and remains true today. © Lloyd’s

20 Lloyd’s Lab Impact Report 21 Investing in innovation is the Risk scoring AVs with Simulytic Driving success with innovation In another of its ventures in the autonomy space, For Apollo, the winning approach to innovation is an key to bridging the risk gap Apollo has entered into early-stage discussions with open-door policy – engaging clients in a conversation Siemens-backed tech venture Simulytic. so the partners can innovate together on tailored insurance products. A graduate of Lloyd’s Lab cohort 10, Simulytic uses simulation autonomous vehicle (AV) behaviour in As Shimin Lu, Pricing Actuary at Apollo ibott 1971, As a specialist (re)insurance business, Apollo has long focused on speci昀椀c conditions and in interaction with other road notes, when creating innovative insurance products, users, to understand the AV’s risk exposure. The loss data is often unavailable, which means Apollo innovation. In April this year, the company made a signi昀椀cant investment in output data from the simulation is then used to model must make high-level assumptions based on what it innovation with the creation of its ICX consortium, with the aim of collision risk. can learn about a client’s risks, then re昀椀ne and validate those assumptions over time. The key to success is deploying meaningful lead capacity through its Apollo ibott 1971 syndicate. From mentoring Simulytic during cohort 10, Apollo is collaborating with clients directly on data collection. now working with the company to explore the possibility of a pilot scheme to develop risk scoring Apollo’s data-driven approach to innovation not only However, as Hayley Budd, Class Leader for Innovation Tapping into autonomy with Oxa for AVs, pairing Apollo’s data on autonomous vehicles reduces the high acquisition and operating costs at ibott 1971, emphasises, the key to Apollo’s approach with Simulytic’s modelling to develop bespoke associated with traditional insurance business, but Apollo’s involvement with Oxa – a leading producer of to innovation is collaboration. insurance solutions. also drives greater speed to market for the 昀椀rm and autonomous vehicle software – has opened the door its partners.innovation we're doing in terms of new to a highly signi昀椀cant insurance opportunity. In her view, insurers cannot innovate with underwriting products, we leverage that ICX code.” alone. The ibott team features more actuaries and data scientists than underwriters, because the 昀椀rm Rebecca Marsden, Vice President of Risk and Partnering on parametrics Insurance at Oxa, says innovative companies typically recognises the importance of data when innovating in face challenges in 昀椀nding 昀椀t-for-purpose insurance Parametrix is an MGA and Lloyd’s coverholder which the new product space. solutions, including a lack of historical risk data, provides parametric insurance against outages of the unique risk pro昀椀les that insurers may be unfamiliar cloud, content delivery networks, and e-commerce “ By partnering with innovative insurers like In addition, the ibott syndicate is focused on with, rapidly evolving business models, and a lack of platforms. collaborating with clients to design insurance products Apollo, within Lloyd's of London, Oxa is able regulatory clarity around potential liabilities. that meet their needs, and successfully plug the The company 昀椀nalised development of its SME to access the creativity and agile design- insurance gap in untapped or under-served markets. Marsden says collaboration with specialist insurers is insurance product during cohort 4 of the Lloyd’s Lab in thinking that is critical for co-creating a at the core of Oxa's go-to-market strategy, to ensure 2020 and has since partnered with Apollo on a line- Alongside involvement in the Lloyd’s Lab, the Lloyd’s the company’s mission, opportunities, risks and slip written under the Innovation ICX code at Lloyd’s. constantly evolving risk and insurance ICX allowance has been a big boost to innovation for requirements are fully understood. Apollo, enabling it to bring signi昀椀cant new capacity to programme. Through an in-depth Apollo also has a line-slip with OTT Risk under the ICX the market. With applications for autonomous vehicles set to code. OTT Risk also o昀昀ers parametric insurance understanding of our mission, our business spread beyond shared passenger transportation (or products, but for non-damage business interruption and our autonomous vehicle ecosystem ‘ride-sharing’), into public transport, logistics, (NDBI) with a current focus on the digital economy. agriculture, mining and many other industries, stakeholders, Apollo and Lloyd's will be a partnering with Apollo on an embedded insurance OTT Risk developed its revenue protection solution collaborative force in bringing autonomous “ We don't have an innovation team at Apollo, product for autonomous vehicles will put both during cohort 9 of the Lloyd’s Lab, when Apollo we have an innovation vertical that is ultimately companies at the forefront of an insurance market persuaded the company to re-focus its product on the vehicle technology to market at scale.” that is currently a sleeping giant. digital economy rather than the traditional commercial an underwriting function, so our innovation Rebecca Marsden, Vice President of Risk space. focus is very external facing. We’re big fans and Insurance, Oxa According to Chris Moore, Head of Apollo ibott 1971, not only of the Lloyd’s Lab but also the Lloyd’s the company’s client knowledge has also enabled ICX allowance. We think it's a fantastic tool OTT Risk to think beyond individual companies and consider collaboration with some of the world’s that can give syndicates the confidence to go largest digital economy marketplace platforms, to out and write innovative risks. For all of the develop an embedded insurance o昀昀ering with huge global distribution potential. innovation we're doing in terms of new products, we leverage that ICX code.” Hayley Budd - Class Leader, Innovation, ibott 1971, Apollo *Source: UN Joint Coordination Centre. As at September 9th 2022 © Lloyd’s

20 Lloyd’s Lab Impact Report 21 Investing in innovation is the Risk scoring AVs with Simulytic Driving success with innovation In another of its ventures in the autonomy space, For Apollo, the winning approach to innovation is an key to bridging the risk gapApollo has entered into early-stage discussions with open-door policy – engaging clients in a conversation Siemens-backed tech venture Simulytic. so the partners can innovate together on tailored insurance products. A graduate of Lloyd’s Lab cohort 10, Simulytic uses simulation autonomous vehicle (AV) behaviour in As Shimin Lu, Pricing Actuary at Apollo ibott 1971, As a specialist (re)insurance business, Apollo has long focused on speci昀椀c conditions and in interaction with other road notes, when creating innovative insurance products, users, to understand the AV’s risk exposure. The loss data is often unavailable, which means Apollo innovation. In April this year, the company made a signi昀椀cant investment in output data from the simulation is then used to model must make high-level assumptions based on what it innovation with the creation of its ICX consortium, with the aim of collision risk. can learn about a client’s risks, then re昀椀ne and validate those assumptions over time. The key to success is deploying meaningful lead capacity through its Apollo ibott 1971 syndicate. From mentoring Simulytic during cohort 10, Apollo is collaborating with clients directly on data collection. now working with the company to explore the possibility of a pilot scheme to develop risk scoring Apollo’s data-driven approach to innovation not only However, as Hayley Budd, Class Leader for Innovation Tapping into autonomy with Oxafor AVs, pairing Apollo’s data on autonomous vehicles reduces the high acquisition and operating costs at ibott 1971, emphasises, the key to Apollo’s approach with Simulytic’s modelling to develop bespoke associated with traditional insurance business, but Apollo’s involvement with Oxa – a leading producer of to innovation is collaboration. insurance solutions. also drives greater speed to market for the 昀椀rm and autonomous vehicle software – has opened the door its partners.innovation we're doing in terms of new to a highly signi昀椀cant insurance opportunity. In her view, insurers cannot innovate with underwriting products, we leverage that ICX code.” alone. The ibott team features more actuaries and data scientists than underwriters, because the 昀椀rm Rebecca Marsden, Vice President of Risk and Partnering on parametrics Insurance at Oxa, says innovative companies typically recognises the importance of data when innovating in face challenges in 昀椀nding 昀椀t-for-purpose insurance Parametrix is an MGA and Lloyd’s coverholder which the new product space. solutions, including a lack of historical risk data, provides parametric insurance against outages of the unique risk pro昀椀les that insurers may be unfamiliar cloud, content delivery networks, and e-commerce “ By partnering with innovative insurers like In addition, the ibott syndicate is focused on with, rapidly evolving business models, and a lack of platforms. collaborating with clients to design insurance products Apollo, within Lloyd's of London, Oxa is able regulatory clarity around potential liabilities. that meet their needs, and successfully plug the The company 昀椀nalised development of its SME to access the creativity and agile design- insurance gap in untapped or under-served markets. Marsden says collaboration with specialist insurers is insurance product during cohort 4 of the Lloyd’s Lab in thinking that is critical for co-creating a at the core of Oxa's go-to-market strategy, to ensure 2020 and has since partnered with Apollo on a line- Alongside involvement in the Lloyd’s Lab, the Lloyd’s the company’s mission, opportunities, risks and slip written under the Innovation ICX code at Lloyd’s. constantly evolving risk and insurance ICX allowance has been a big boost to innovation for requirements are fully understood. Apollo, enabling it to bring signi昀椀cant new capacity to programme. Through an in-depth Apollo also has a line-slip with OTT Risk under the ICX the market. With applications for autonomous vehicles set to code. OTT Risk also o昀昀ers parametric insurance understanding of our mission, our business spread beyond shared passenger transportation (or products, but for non-damage business interruption and our autonomous vehicle ecosystem ‘ride-sharing’), into public transport, logistics, (NDBI) with a current focus on the digital economy. agriculture, mining and many other industries, stakeholders, Apollo and Lloyd's will be a partnering with Apollo on an embedded insurance OTT Risk developed its revenue protection solution collaborative force in bringing autonomous “ We don't have an innovation team at Apollo, product for autonomous vehicles will put both during cohort 9 of the Lloyd’s Lab, when Apollo we have an innovation vertical that is ultimately companies at the forefront of an insurance market persuaded the company to re-focus its product on the vehicle technology to market at scale.” that is currently a sleeping giant.digital economy rather than the traditional commercial an underwriting function, so our innovation Rebecca Marsden, Vice President of Risk space. focus is very external facing. We’re big fans and Insurance, Oxa According to Chris Moore, Head of Apollo ibott 1971, not only of the Lloyd’s Lab but also the Lloyd’s the company’s client knowledge has also enabled ICX allowance. We think it's a fantastic tool OTT Risk to think beyond individual companies and consider collaboration with some of the world’s that can give syndicates the confidence to go largest digital economy marketplace platforms, to out and write innovative risks. For all of the develop an embedded insurance o昀昀ering with huge global distribution potential. innovation we're doing in terms of new products, we leverage that ICX code.” Hayley Budd - Class Leader, Innovation, ibott 1971, Apollo *Source: UN Joint Coordination Centre. As at September 9th 2022 © Lloyd’s

22 Lloyd’s Lab Impact Report 23 Lloyd’s market innovation beyond the Lab Ascot understood that London was the only international insurance market that would be able to consider this sort of challenging risk and set out to work with the teams at Lloyd’s to create a new joint Lloyd’s Lab supports the market’s innovation, but the market’s appetite facility (brokered by Marsh and with Ascot as lead and drive for innovation existed long before Lloyd’s Lab – as exempli昀椀ed underwriter) that could o昀昀er cover for grain moving in and out of Ukraine. by the Ukraine grain corridor insurance. The innovation was not technological, but 昀椀nding a way to tackle a societal challenge. The Ascot team was able to get shippers and ship owners covered and onboarded in weeks rather than months by developing a simpli昀椀ed process to buy insurance. They also partnered with Insurwave to connect the market to live risk exposure data and increase speed to cover through automation. The Ukrainian con昀氀ict has caused hardship and Lloyd’s played a critical part in the structuring of this su昀昀ering to millions, from those who were forced to vital initiative because our licensing system allowed become refugees, to the people who remain in the path multiple insurers to share the risk, while the London of the con昀氀ict. However, a global food crisis has also market brings together a unique group of large been narrowly averted. carriers with the depth of skills and appetite to take part in this type of forward looking facility. “ The ‘AsOne’ Ukrainian grain facility is a McGill commented that, “Lloyd’s has a strong perfect example of how the Lloyd’s market regulatory and compliance team which is consistently on top of how we need to apply issues like sanctions, uniquely brings together skilled teams that and this gave us the con昀椀dence that we were not are able to mobilise at speed and facilitate a going to walk into a sanctions or regulatory breach while putting this product together. Only in the bold solution in a time of crisis." London market could we have launched with such speed, and the recognised global brand of Lloyd’s Chris McGill - Class Underwriter, Head of Cargo, Ascot meant that shipowners felt con昀椀dent in using the facility from day one.” Ukraine grows 10% of the world’s wheat, and 40% of the World Food Programme’s wheat supplies. Much of this is exported to Africa – a region which is already An added factor for those buying the policy is the dangerously near the margins on food shortages blue-chip record that Lloyd’s has for paying claims, because of its extreme climate and harsh economics. which gives buyers security that they will be paid out 100% as expected in the event of a cargo loss. When Russia blockaded ships from leaving Ukrainian ports in February 2022, there was a real and immediate Over 100 ships, carrying more than 2.3 million tonnes risk that the July harvest from the Ukraine would not be of grain have now left Ukraine*, saving many people able to be shipped to Africa, and that as a result, many from certain food shortages, and getting the World millions of people would face famine this year. The UN Food Programme moving once again. It is believed acted decisively and was eventually able to work with that many cargo ship owners who were cautious of Russia and Ukraine to broker a deal that would allow trading into and out of the region have begun to work cargo ships to bring grain through the contested these routes again because of the con昀椀dence that a waters. However, for shipowners to be willing to carry globally recognised insurance policy gives them. cargos to and from the region, there needed to be an available insurance cover for the cargos. Otherwise the Everyone at Ascot, Marsh, Lloyd’s and from the risk was perceived to be too high. following participants in the facility is proud of this example of how Lloyd’s can ful昀椀l its purpose: sharing risk to create a braver world. *Source: UN Joint Coordination Centre. As at September 9th 2022 © Lloyd’s

22 Lloyd’s Lab Impact Report 23 Lloyd’s market innovation beyond the LabAscot understood that London was the only international insurance market that would be able to consider this sort of challenging risk and set out to work with the teams at Lloyd’s to create a new joint Lloyd’s Lab supports the market’s innovation, but the market’s appetite facility (brokered by Marsh and with Ascot as lead and drive for innovation existed long before Lloyd’s Lab – as exempli昀椀ed underwriter) that could o昀昀er cover for grain moving in and out of Ukraine. by the Ukraine grain corridor insurance. The innovation was not technological, but 昀椀nding a way to tackle a societal challenge. The Ascot team was able to get shippers and ship owners covered and onboarded in weeks rather than months by developing a simpli昀椀ed process to buy insurance. They also partnered with Insurwave to connect the market to live risk exposure data and increase speed to cover through automation. The Ukrainian con昀氀ict has caused hardship and Lloyd’s played a critical part in the structuring of this su昀昀ering to millions, from those who were forced to vital initiative because our licensing system allowed become refugees, to the people who remain in the path multiple insurers to share the risk, while the London of the con昀氀ict. However, a global food crisis has also market brings together a unique group of large been narrowly averted. carriers with the depth of skills and appetite to take part in this type of forward looking facility. “ The ‘AsOne’ Ukrainian grain facility is a McGill commented that, “Lloyd’s has a strong perfect example of how the Lloyd’s market regulatory and compliance team which is consistently on top of how we need to apply issues like sanctions, uniquely brings together skilled teams that and this gave us the con昀椀dence that we were not are able to mobilise at speed and facilitate a going to walk into a sanctions or regulatory breach while putting this product together. Only in the bold solution in a time of crisis."London market could we have launched with such speed, and the recognised global brand of Lloyd’s Chris McGill - Class Underwriter, Head of Cargo, Ascot meant that shipowners felt con昀椀dent in using the facility from day one.” Ukraine grows 10% of the world’s wheat, and 40% of the World Food Programme’s wheat supplies. Much of this is exported to Africa – a region which is already An added factor for those buying the policy is the dangerously near the margins on food shortages blue-chip record that Lloyd’s has for paying claims, because of its extreme climate and harsh economics. which gives buyers security that they will be paid out 100% as expected in the event of a cargo loss. When Russia blockaded ships from leaving Ukrainian ports in February 2022, there was a real and immediate Over 100 ships, carrying more than 2.3 million tonnes risk that the July harvest from the Ukraine would not be of grain have now left Ukraine*, saving many people able to be shipped to Africa, and that as a result, many from certain food shortages, and getting the World millions of people would face famine this year. The UN Food Programme moving once again. It is believed acted decisively and was eventually able to work with that many cargo ship owners who were cautious of Russia and Ukraine to broker a deal that would allow trading into and out of the region have begun to work cargo ships to bring grain through the contested these routes again because of the con昀椀dence that a waters. However, for shipowners to be willing to carry globally recognised insurance policy gives them. cargos to and from the region, there needed to be an available insurance cover for the cargos. Otherwise the Everyone at Ascot, Marsh, Lloyd’s and from the risk was perceived to be too high. following participants in the facility is proud of this example of how Lloyd’s can ful昀椀l its purpose: sharing risk to create a braver world. *Source: UN Joint Coordination Centre. As at September 9th 2022 © Lloyd’s

24 Lloyd’s Lab Impact Report 25 Forty years of space innovation According to the European Space Agency, there are over 31,000 items of space debris orbiting the earth at present*. This 10,000-ton cloud of debris represents a signi昀椀cant and growing threat to other space vehicles. But its removal is very challenging. According to the European Space Agency, there are constantly watch the weather and other factors to over 31,000 items of space debris orbiting the earth at issue advance forecasts of where they expect 昀氀ooding present*. This 10,000-ton cloud of debris represents a to happen. signi昀椀cant and growing threat to other space vehicles. But its removal is very challenging. For insurance companies and government bodies, this is unlocking the possibility of observing and reacting to Privateer’s mission is to catalogue and process ongoing 昀氀oods as never before. Persistent monitoring information about debris so that satellite operators can of 昀氀oods through the use of SAR satellites contributes manoeuvre safely and e昀昀ectively. Way昀椀nder is the to faster, fact-based event response and can enable 昀椀rm’s 昀椀rst app, that allows satellite operators to inspect automated claims noti昀椀cation, support the partial the layers of constellations, orbits and countries to automation of claims handling and facilitate rapid loss better understand what’s happening around the Earth. assessment and more accurate reserving. The depth of data provided can also go further, and support For Privateer, its relationship with Lloyd’s Lab has been solutions to provide safety nets for communities at risk pivotal in its development. From Privateer’s perspective, of 昀氀ood. it was an opportunity to work with underwriters creating space insurance products and satellite Having seen the potential, Lloyd’s have now announced operators who 昀氀y in low-Earth orbit where less than a partnership with ICEYE and McKenzie Intelligence 3% of satellites are currently insured, as a step towards Services (MIS), which will allow the whole market to co-created insurance products. have access to their 昀氀ood hazard analysis. A number of Lloyd’s insurers are now using this facility to develop While the work above helps to improve the space innovative covers for vulnerable communities. environment; this has a knock-on e昀昀ect on one of the biggest challenges for humanity overall – climate In fact, there has been a long tradition of collaboration change. between Lloyd’s and space pioneers. In 1985 four US astronauts accomplished the 昀椀rst-ever space salvage There is a new generation of much smaller SAR recovery of two communication satellites in a mission (synthetic aperture radar) satellites arriving in space, funded by the Lloyd’s insurance market. Their retrieval, much more vulnerable to debris. They need a clear using ground-breaking technology and assiduous atmosphere to work safely, but what they can deliver planning, marked an in昀氀ection point in the commercial brings a step change in managing climate-related use of space. natural catastrophes. Lloyd’s was a pioneer of marine salvage for hundreds The SAR satellites operated by companies such as of years. How 昀椀tting, then, that it should usher in the ICEYE are able to provide rapid-昀椀re, fully interpreted age of space salvage and help set the course for the and frequent information about 昀氀ood, 昀椀re and decluttering of our planet’s skies, as well as helping the hurricane-hit areas. ICEYE’s meteorologists also world take steps towards a more sustainable future. * Source, European Space Agency, 2022. © Lloyd’s

24 Lloyd’s Lab Impact Report 25 Forty years of space innovation According to the European Space Agency, there are over 31,000 items of space debris orbiting the earth at present*. This 10,000-ton cloud of debris represents a signi昀椀cant and growing threat to other space vehicles. But its removal is very challenging. According to the European Space Agency, there are constantly watch the weather and other factors to over 31,000 items of space debris orbiting the earth at issue advance forecasts of where they expect 昀氀ooding present*. This 10,000-ton cloud of debris represents a to happen. signi昀椀cant and growing threat to other space vehicles. But its removal is very challenging. For insurance companies and government bodies, this is unlocking the possibility of observing and reacting to Privateer’s mission is to catalogue and process ongoing 昀氀oods as never before. Persistent monitoring information about debris so that satellite operators can of 昀氀oods through the use of SAR satellites contributes manoeuvre safely and e昀昀ectively. Way昀椀nder is the to faster, fact-based event response and can enable 昀椀rm’s 昀椀rst app, that allows satellite operators to inspect automated claims noti昀椀cation, support the partial the layers of constellations, orbits and countries to automation of claims handling and facilitate rapid loss better understand what’s happening around the Earth. assessment and more accurate reserving. The depth of data provided can also go further, and support For Privateer, its relationship with Lloyd’s Lab has been solutions to provide safety nets for communities at risk pivotal in its development. From Privateer’s perspective, of 昀氀ood. it was an opportunity to work with underwriters creating space insurance products and satellite Having seen the potential, Lloyd’s have now announced operators who 昀氀y in low-Earth orbit where less than a partnership with ICEYE and McKenzie Intelligence 3% of satellites are currently insured, as a step towards Services (MIS), which will allow the whole market to co-created insurance products.have access to their 昀氀ood hazard analysis. A number of Lloyd’s insurers are now using this facility to develop While the work above helps to improve the space innovative covers for vulnerable communities. environment; this has a knock-on e昀昀ect on one of the biggest challenges for humanity overall – climate In fact, there has been a long tradition of collaboration change. between Lloyd’s and space pioneers. In 1985 four US astronauts accomplished the 昀椀rst-ever space salvage There is a new generation of much smaller SAR recovery of two communication satellites in a mission (synthetic aperture radar) satellites arriving in space, funded by the Lloyd’s insurance market. Their retrieval, much more vulnerable to debris. They need a clear using ground-breaking technology and assiduous atmosphere to work safely, but what they can deliver planning, marked an in昀氀ection point in the commercial brings a step change in managing climate-related use of space. natural catastrophes. Lloyd’s was a pioneer of marine salvage for hundreds The SAR satellites operated by companies such as of years. How 昀椀tting, then, that it should usher in the ICEYE are able to provide rapid-昀椀re, fully interpreted age of space salvage and help set the course for the and frequent information about 昀氀ood, 昀椀re and decluttering of our planet’s skies, as well as helping the hurricane-hit areas. ICEYE’s meteorologists also world take steps towards a more sustainable future. * Source, European Space Agency, 2022. © Lloyd’s

26 Lloyd’s Lab Impact Report 27 Ne A Parametric ﬂood cover tackling lum underinsurance Cohort 3, 2019 w p n Lloyd’s relationship with FloodFlash embodies the kind of product innovation that is needed to help businesses thrive in a world of increased r i urbanisation and climate change. The rapid success of this award-winning o c MGA and Lloyd's Lab graduate is living evidence of how Lloyd’s purpose d a to support innovation can be used to improve resilience around the world. Through the Lab, Lloyd’s supported FloodFlash as they u s built a new type of parametric insurance cover for at-risk locations that uses a smart 昀氀ood sensor c e installed at the insured property. Clients choose trigger depths for their cover and a corresponding payout t amount. When the sensor detects 昀氀ood water at the s a client's chosen depth it sends the data to FloodFlash HQ to automatically initiate a claim. / n The bene昀椀ts of this unique form of parametric insurance are many. Most UK claims can be paid within MG 48 hours, (the fastest ever claim to be paid took just 5 hours and 36 minutes.) This is game-changing for the d catastrophic 昀氀ood insurance market, which is rapidly growing in size because of climate change, and where old-fashioned claims adjustment requires complex p costings for reinstatement of damaged areas, and can often take months, if not years, to settle in full. A A oi FloodFlash claimant from 2020 summed it up as being “ without question the best insurance claim n experience I’ve ever had, by some distance.” t In partnership with Lloyd’s and backed by capacity from Munich Re, FloodFlash is poised to make a real di昀昀erence to the previously intractable $58bn 昀氀ood underinsurance gap – a number which does not show the 昀椀nancial consequences for businesses of lack of Since graduating from the third cohort of the compensation for 昀氀ooding and slow payment of claims. Lloyd’s Lab, FloodFlash have continued to build out their portfolio of innovation. In 2020 they The product that was developed also included expanded their service to cover larger and more further innovation around the 昀氀exibility of cover. complex risks. Insurance buyers have responded Payment triggers are customised to 昀椀t each individual enthusiastically to this new 昀氀ood mitigation option. property’s own resilience levels and to take account of bene昀椀cial risk management tools, such as raised shelving storage units or 昀氀ood defences. This unique form of parametric insurance thereby rewards resilient clients with more a昀昀ordable premiums. © Lloyd’s

26 Lloyd’s Lab Impact Report 27 NeA Parametric ﬂood cover tackling lum underinsurance Cohort 3, 2019 w pn Lloyd’s relationship with FloodFlash embodies the kind of product innovation that is needed to help businesses thrive in a world of increased ri urbanisation and climate change. The rapid success of this award-winning o c MGA and Lloyd's Lab graduate is living evidence of how Lloyd’s purpose da to support innovation can be used to improve resilience around the world. Through the Lab, Lloyd’s supported FloodFlash as they us built a new type of parametric insurance cover for at-risk locations that uses a smart 昀氀ood sensor ce installed at the insured property. Clients choose trigger depths for their cover and a corresponding payout t amount. When the sensor detects 昀氀ood water at the s a client's chosen depth it sends the data to FloodFlash HQ to automatically initiate a claim. /n The bene昀椀ts of this unique form of parametric insurance are many. Most UK claims can be paid within MG 48 hours, (the fastest ever claim to be paid took just 5 hours and 36 minutes.) This is game-changing for the d catastrophic 昀氀ood insurance market, which is rapidly growing in size because of climate change, and where old-fashioned claims adjustment requires complex p costings for reinstatement of damaged areas, and can often take months, if not years, to settle in full. A Aoi FloodFlash claimant from 2020 summed it up as being “ without question the best insurance claim n experience I’ve ever had, by some distance.” t In partnership with Lloyd’s and backed by capacity from Munich Re, FloodFlash is poised to make a real di昀昀erence to the previously intractable $58bn 昀氀ood underinsurance gap – a number which does not show the 昀椀nancial consequences for businesses of lack of Since graduating from the third cohort of the compensation for 昀氀ooding and slow payment of claims. Lloyd’s Lab, FloodFlash have continued to build out their portfolio of innovation. In 2020 they The product that was developed also included expanded their service to cover larger and more further innovation around the 昀氀exibility of cover. complex risks. Insurance buyers have responded Payment triggers are customised to 昀椀t each individual enthusiastically to this new 昀氀ood mitigation option. property’s own resilience levels and to take account of bene昀椀cial risk management tools, such as raised shelving storage units or 昀氀ood defences. This unique form of parametric insurance thereby rewards resilient clients with more a昀昀ordable premiums. © Lloyd’s

28 New products/ MGA – Alumni proﬁles Lloyd’s Lab Impact Report 29 Aanika Biosciences Focus in insurance value chain/ Activity in the Accelerator Anansi Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting COHORT , workﬂow: Point of underwriting Primary focus product area whilst in Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Parametric, Speciﬁc lines of business supported the Accelerator: Supply chain/NDBI (if applicable): Speciality Supply chain/NDBI (if applicable): Corporate, SME Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to During the Lloyd's Lab organisation: organisation: In the Lab, Aanika Accelerator, Anansi adapted its existing Aanika Biosciences has created biological created a new rating model that Anansi underwrites goods in transit goods in transit insurance oering for tags that allow food to be traced through streamlined its underwriting process insurance for retailers in the UK. It oers small and medium-sized enterprises supply chains and the risk of pathogenic and parametric policy form. Capacity policies covering loss, delay and damage (SMEs) to create a new goods in transit contamination to be mitigated. It has was provided during or soon after the with an automated claims experience. insurance product suitable for covering developed a parametric food recall and Cohort. Anansi’s insurance is embedded into last mile shipments by large contamination insurance policy for food logistics platforms, enabling retailers to e-commerce retailers. Anansi received producers, which uses biotechnology as insure shipments and manage claims capacity from insurers and partnered part of the parametric trigger. This automatically without manual processes with seed investors during the cohort. product will greatly accelerate the Founded: 2018 or integrations. Founded: 2018 process of pathogen identiﬁcation from days to weeks down to a few hours, and Status: Operating, still in insurance “ Lloyds Lab was transformational for Anansi: we Status: Operating, still in insurance minimise cost for insureds. worked with our mentors to adapt our product Company type: Insurer from focussing on smaller third-party logistics Company type: MGA “ Participation in the Lloyd’s Lab proved partners serving SMEs to the large retail market. transformative for Aanika. The adept leadership Head oce: USA The ongoing support in becoming a coverholder Head oce: United Kingdom and mentorship provided strategic guidance. will be instrumental in our scaling journey.” Main global oces: USA Main global oces: United Kingdom Access to industry experts enriched our Megan Bingham-Walker, Co-Founder and understanding of the market landscape. Locations served: Global Chief Executive Ocer Locations served: United Kingdom Collectively, this led to achievements which amplified our reach and expanded our Employee count: 11-100 Employee count: 11-100 opportunity to further innovate.” Catherine Besselman, Senior Vice President, Underwriting Altelium Focus in insurance value chain/ Activity in the Accelerator ARMD Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting COHORT , workﬂow: Point of underwriting, Primary focus product area whilst in Claims Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Batteries the Accelerator: Increasing access to Corporate Speciﬁc lines of business supported (if applicable): insurance, Improving claims process Example of beneﬁt of Accelerator to (if applicable): Gig, Freelance organisation: The Lab provided Example of beneﬁt of Accelerator to Altelium with access to insurance organisation: As a result of joining the Altelium is an MGA focused on specialty capacity providers and brokers which in ARMD has created an ecosystem of Lloyd's Lab Accelerator, ARMD now battery insurance. It oers warranties, turn has led to opportunities for the insurance-related products and has an agreement in principle to launch insurance and data analytics on battery company in the stationary storage and services to protect tradespeople from an itemised, embedded tool insurance health, helping battery owners electric vehicle markets. During tool theft. The company’s app allows product with Greenlight Re. The throughout the lifetime of their electric Altelium’s time as part of Cohort 9, the customers to purchase tools and record company will also be launching a vehicles or battery energy storage company developed a Third Party ownership. Customers can use the app parametric tool hire voucher with MIC systems. Altelium oers its insurance, Liability product speciﬁcally for battery to mitigate their risk by purchasing an Global. Both products will support analytics on battery portfolios and energy stationary storage systems. As IoT smart alarm and tool insurance. ARMD in making tool insurance more predictive data via its platform. Founded: 2019 a result of this Altelium was able to Founded: 2020 available, by oering a variety of secure Third Party Liability capacity products and distribution methods to “It was honour for us to have taken part in Status: Operating, still in insurance with a global A rated insurer. Status: Operating, still in insurance suit customers' needs. ARMD is able to the 2022 programme, and the input from reduce the time taken for claims the mentors was world class.” Company type: MGA Company type: Data provider, MGA processing to 5 days, well below the Ed Grimston, Co-founder Head oce: United Kingdom Head oce: United Kingdom industry average of 5-6 weeks. Main global oces: United Kingdom Main global oces: United Kingdom Locations served: Global Locations served: United Kingdom Employee count: 1-10 Employee count: 1-10 © Lloyd’s © Lloyd’s

28New products/ MGA – Alumni proﬁlesLloyd’s Lab Impact Report 29 Aanika Biosciences Focus in insurance value chain/Activity in the AcceleratorAnansi Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwritingCOHORT , workﬂow: Point of underwriting Primary focus product area whilst in Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Parametric, Speciﬁc lines of business supported the Accelerator: Supply chain/NDBI (if applicable): SpecialitySupply chain/NDBI (if applicable): Corporate, SME Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to During the Lloyd's Lab organisation: organisation: In the Lab, Aanika Accelerator, Anansi adapted its existing Aanika Biosciences has created biological created a new rating model that Anansi underwrites goods in transit goods in transit insurance oering for tags that allow food to be traced through streamlined its underwriting process insurance for retailers in the UK. It oers small and medium-sized enterprises supply chains and the risk of pathogenic and parametric policy form. Capacity policies covering loss, delay and damage (SMEs) to create a new goods in transit contamination to be mitigated. It has was provided during or soon after the with an automated claims experience. insurance product suitable for covering developed a parametric food recall and Cohort.Anansi’s insurance is embedded into last mile shipments by large contamination insurance policy for food logistics platforms, enabling retailers to e-commerce retailers. Anansi received producers, which uses biotechnology as insure shipments and manage claims capacity from insurers and partnered part of the parametric trigger. This automatically without manual processes with seed investors during the cohort. product will greatly accelerate the Founded: 2018or integrations. Founded: 2018 process of pathogen identiﬁcation from days to weeks down to a few hours, and Status: Operating, still in insurance“ Lloyds Lab was transformational for Anansi: we Status: Operating, still in insurance minimise cost for insureds. worked with our mentors to adapt our product Company type: Insurerfrom focussing on smaller third-party logistics Company type: MGA “ Participation in the Lloyd’s Lab proved partners serving SMEs to the large retail market. transformative for Aanika. The adept leadership Head oce: USAThe ongoing support in becoming a coverholder Head oce: United Kingdom and mentorship provided strategic guidance. will be instrumental in our scaling journey.” Main global oces: USA Main global oces: United Kingdom Access to industry experts enriched our Megan Bingham-Walker, Co-Founder and understanding of the market landscape. Locations served: GlobalChief Executive OcerLocations served: United Kingdom Collectively, this led to achievements which amplified our reach and expanded our Employee count: 11-100 Employee count: 11-100 opportunity to further innovate.” Catherine Besselman, Senior Vice President, Underwriting AlteliumFocus in insurance value chain/Activity in the AcceleratorARMDFocus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwritingCOHORT , workﬂow: Point of underwriting, Primary focus product area whilst in Claims Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Batteries the Accelerator: Increasing access to Corporate Speciﬁc lines of business supported (if applicable): insurance, Improving claims process Example of beneﬁt of Accelerator to (if applicable): Gig, Freelance organisation: The Lab provided Example of beneﬁt of Accelerator to Altelium with access to insurance organisation: As a result of joining the Altelium is an MGA focused on specialty capacity providers and brokers which in ARMD has created an ecosystem of Lloyd's Lab Accelerator, ARMD now battery insurance. It oers warranties, turn has led to opportunities for the insurance-related products and has an agreement in principle to launch insurance and data analytics on battery company in the stationary storage and services to protect tradespeople from an itemised, embedded tool insurance health, helping battery owners electric vehicle markets. During tool theft. The company’s app allows product with Greenlight Re. The throughout the lifetime of their electric Altelium’s time as part of Cohort 9, the customers to purchase tools and record company will also be launching a vehicles or battery energy storage company developed a Third Party ownership. Customers can use the app parametric tool hire voucher with MIC systems. Altelium oers its insurance, Liability product speciﬁcally for battery to mitigate their risk by purchasing an Global. Both products will support analytics on battery portfolios and energy stationary storage systems. As IoT smart alarm and tool insurance. ARMD in making tool insurance more predictive data via its platform. Founded: 2019a result of this Altelium was able to Founded: 2020 available, by oering a variety of secure Third Party Liability capacity products and distribution methods to “It was honour for us to have taken part in Status: Operating, still in insurancewith a global A rated insurer.Status: Operating, still in insurancesuit customers' needs. ARMD is able to the 2022 programme, and the input from reduce the time taken for claims the mentors was world class.” Company type: MGA Company type: Data provider, MGA processing to 5 days, well below the Ed Grimston, Co-founderHead oce: United Kingdom Head oce: United Kingdom industry average of 5-6 weeks. Main global oces: United Kingdom Main global oces: United Kingdom Locations served: Global Locations served: United Kingdom Employee count: 1-10 Employee count: 1-10 © Lloyd’s © Lloyd’s

30 New products/ MGA – Alumni proﬁles Lloyd’s Lab Impact Report 31 Armilla AI Focus in insurance value chain/ Activity in the Accelerator Blink Parametric Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting COHORT , workﬂow: Point of underwriting, Policy Primary focus product area whilst in admin system, Claims Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: AI the Accelerator: Improving UW tools (if applicable): Speciality Speciﬁc lines of business supported and processes, Improving claims Example of beneﬁt of Accelerator to (if applicable): Personal, SME process Armilla AI designed two organisation: risk transfer products for AI risks during Example of beneﬁt of Accelerator to Armilla AI focuses on AI assurance and the Accelerator: AI Product Warranty Blink Parametric works with insurers, organisation: In the Lloyd's Lab risk management. Its capabilities include and AI Liability Insurance. During the brands and anity groups to provide Accelerator, Blink Parametric evaluating AI model performance, AI Lab, Armilla AI secured further capacity parametric insurance solutions to developed its "Blink Interruption" audits and due diligence. Armilla AI from Lloyd’s syndicates. consumers worldwide. It provides solution for non-damage business currently works with AI vendors and customisable white-label software interruption (NDBI). Blink Interruption is enterprises to guarantee the quality of solutions enabling companies to embed a white-label parametric insurance their AI products and mitigate risks and is parametric insurance products into their product that uses open banking to looking to become an MGA to oer brand’s propositions, delivering real-time provide small and medium-sized insurance products covering AI risks. Founded: 2020 digital assistance to consumers in their Founded: 2016 businesses with fast liquidity after a time of need. Blink Parametric’s core hurricane. Blink Parametric estimates Status: Operating, still in insurance specialism is travel insurance, where it Status: Operating, still in insurance that the product can reduce average provides real-time solutions for ﬂight claim process time by 95%. Company type: MGA (planned) disruption and lost or delayed luggage. Company type: Administration system Head oce: Canada Head oce: Ireland “ We collaborated with some of the world’s best Main global oces: Canada minds in insurance innovation. Lloyd’s market Main global oces: Ireland, access was invaluable, offering expert mentors, United Kingdom Locations served: Global rich data modelling and testing forums within a Programme that has a global reach. Fresh, Locations served: Global Employee count: 11-100 challenging, value-focussed, Lloyd’s Lab is essential to the evolution of insurance.” Employee count: 11-100 Sid Mouncey, Chief Executive Ocer Focus in insurance value chain/ Activity in the Accelerator Focus in insurance value chain/ Activity in the Accelerator BirdsEyeView Technologies Boxx Insurance COHORT , workﬂow: Policy admin system, Loss COHORT , workﬂow: Risk mitigation, Point of modelling & analytics Primary focus product area whilst in underwriting Primary focus product area whilst in the Accelerator: Climate change/ the Accelerator: Cyber, SMEs Speciﬁc lines of business supported decarbonisation, Parametric, Supply Speciﬁc lines of business supported (if applicable): SME, Speciality, chain/NDBI (if applicable): Personal, SME Example of beneﬁt of Accelerator to Reinsurance organisation: The Lab was a great Example of beneﬁt of Accelerator to credential that has contributed to BirdsEyeView Technologies is an organisation: Following the Lab, BOXX Insurance (BOXX) is an MGA BOXX’s ability to expand its binder insurance technology company BirdsEyeView has secured contracts providing cyber insurance. Its ﬂagship in Canada and secure London providing digital underwriting with a number of Lloyd’s Syndicates, product, Cyberboxx focuses on cyber Market capacity for its entry into technology and parametric solutions. Brokers, and London Market Insurers. risk management solutions for small and the US market. its time in the Lab This is delivered through its algorithmic London market insurers use medium-sized enterprises (SMEs) and helped form the idea of the All-in-one underwriting engine, RAPTOR. BirdsEyeView’s WEATHER ANALYTIX individuals. It includes threat prediction, BOXX Protect App which combines BirdsEyeView also oers WEATHER technology to calculate their exposure attack prevention and response BOXX’s risk management tools ANALYTIX, a solution that provides to extreme weather, climate & natural services. BOXX also provides insurers, and incident response, making it underwriters with insights into their Founded: 2019 catastrophe events. Both brokers and anity partners and larger industry Founded: 2018 easier for individuals and SMEs to climate and weather exposures. underwriters use RAPTOR, organisations with white-label solutions stay ahead of cyber threats. Status: Operating, still in insurance BirdsEyeView’s digital underwriting for cyber protection and insurance Status: Operating, still in insurance platform, to automate their underwriting products. Company type: Data models, and policy administration processes. Company type: MGA Administration system “ Participating in the 4th Cohort of the Lloyd’s Lab was pivotal for BOXX in helping us further Head oce: Canada Head oce: United Kingdom refine our proposition, with fantastic support Main global oces: Canada Main global oces: United Kingdom from our mentors in the Lab on how to make the proposition simple and easily accessible to Locations served: Global Locations served: Global address the needs of the market.” Dominic Steptoe, Global Chief Product Ocer Employee count: 11-100 Employee count: 1-10 © Lloyd’s © Lloyd’s

30New products/ MGA – Alumni proﬁlesLloyd’s Lab Impact Report 31 Armilla AI Focus in insurance value chain/Activity in the AcceleratorBlink Parametric Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting COHORT , workﬂow: Point of underwriting, Policy Primary focus product area whilst in admin system, Claims Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: AI the Accelerator: Improving UW tools (if applicable): Speciality Speciﬁc lines of business supported and processes, Improving claims Example of beneﬁt of Accelerator to (if applicable): Personal, SME process Armilla AI designed two organisation: risk transfer products for AI risks during Example of beneﬁt of Accelerator to Armilla AI focuses on AI assurance and the Accelerator: AI Product Warranty Blink Parametric works with insurers, organisation: In the Lloyd's Lab risk management. Its capabilities include and AI Liability Insurance. During the brands and anity groups to provide Accelerator, Blink Parametric evaluating AI model performance, AI Lab, Armilla AI secured further capacity parametric insurance solutions to developed its "Blink Interruption" audits and due diligence. Armilla AI from Lloyd’s syndicates.consumers worldwide. It provides solution for non-damage business currently works with AI vendors and customisable white-label software interruption (NDBI). Blink Interruption is enterprises to guarantee the quality of solutions enabling companies to embed a white-label parametric insurance their AI products and mitigate risks and is parametric insurance products into their product that uses open banking to looking to become an MGA to oer brand’s propositions, delivering real-time provide small and medium-sized insurance products covering AI risks. Founded: 2020digital assistance to consumers in their Founded: 2016 businesses with fast liquidity after a time of need. Blink Parametric’s core hurricane. Blink Parametric estimates Status: Operating, still in insurancespecialism is travel insurance, where it Status: Operating, still in insurance that the product can reduce average provides real-time solutions for ﬂight claim process time by 95%. Company type: MGA (planned)disruption and lost or delayed luggage. Company type: Administration system Head oce: Canada Head oce: Ireland “ We collaborated with some of the world’s best Main global oces: Canadaminds in insurance innovation. Lloyd’s market Main global oces: Ireland, access was invaluable, offering expert mentors, United Kingdom Locations served: Globalrich data modelling and testing forums within a Programme that has a global reach. Fresh, Locations served: Global Employee count: 11-100challenging, value-focussed, Lloyd’s Lab is essential to the evolution of insurance.” Employee count: 11-100 Sid Mouncey, Chief Executive Ocer Focus in insurance value chain/Activity in the Accelerator Focus in insurance value chain/ Activity in the Accelerator BirdsEyeView Technologies Boxx Insurance COHORT , workﬂow: Policy admin system, Loss COHORT , workﬂow: Risk mitigation, Point of modelling & analyticsPrimary focus product area whilst in underwriting Primary focus product area whilst in the Accelerator: Climate change/ the Accelerator: Cyber, SMEs Speciﬁc lines of business supported decarbonisation, Parametric, Supply Speciﬁc lines of business supported (if applicable): SME, Speciality, chain/NDBI (if applicable): Personal, SME Example of beneﬁt of Accelerator to Reinsurance organisation: The Lab was a great Example of beneﬁt of Accelerator to credential that has contributed to BirdsEyeView Technologies is an organisation: Following the Lab, BOXX Insurance (BOXX) is an MGA BOXX’s ability to expand its binder insurance technology company BirdsEyeView has secured contracts providing cyber insurance. Its ﬂagship in Canada and secure London providing digital underwriting with a number of Lloyd’s Syndicates, product, Cyberboxx focuses on cyber Market capacity for its entry into technology and parametric solutions. Brokers, and London Market Insurers. risk management solutions for small and the US market. its time in the Lab This is delivered through its algorithmic London market insurers use medium-sized enterprises (SMEs) and helped form the idea of the All-in-one underwriting engine, RAPTOR. BirdsEyeView’s WEATHER ANALYTIX individuals. It includes threat prediction, BOXX Protect App which combines BirdsEyeView also oers WEATHER technology to calculate their exposure attack prevention and response BOXX’s risk management tools ANALYTIX, a solution that provides to extreme weather, climate & natural services. BOXX also provides insurers, and incident response, making it underwriters with insights into their Founded: 2019catastrophe events. Both brokers and anity partners and larger industry Founded: 2018easier for individuals and SMEs to climate and weather exposures. underwriters use RAPTOR, organisations with white-label solutions stay ahead of cyber threats. Status: Operating, still in insuranceBirdsEyeView’s digital underwriting for cyber protection and insurance Status: Operating, still in insurance platform, to automate their underwriting products. Company type: Data models, and policy administration processes. Company type: MGA Administration system“ Participating in the 4th Cohort of the Lloyd’s Lab was pivotal for BOXX in helping us further Head oce: Canada Head oce: United Kingdomrefine our proposition, with fantastic support Main global oces: Canada Main global oces: United Kingdomfrom our mentors in the Lab on how to make the proposition simple and easily accessible to Locations served: Global Locations served: Globaladdress the needs of the market.” Dominic Steptoe, Global Chief Product Ocer Employee count: 11-100 Employee count: 1-10 © Lloyd’s © Lloyd’s

32 New products/ MGA Lloyd’s Lab Impact Report 33 Parametrix cloud downtime cover: Enabling access and collaboration to fast-track closing the protection gap for clients product delivery The Lloyd’s Lab brought together the insurance Cohort 4, 2020 expertise of the market with the technology expertise of the Parametrix team to help deliver an innovative and much-needed product to market quickly. The ability to manage and o昀昀set the cost of downtime risk is vital for many small and medium companies reliant upon Parametrix has the distinction of delivering a true 昀椀rst in the Lloyd’s Lab. cloud-based services for sales, customer service and The founders, seasoned tech startup professionals, wanted to create new many other critical operational functions launched in Germany, and has already paid its 昀椀rst claim in a class of parametric insurance – downtime business interruption cover. signi昀椀cant moment of company history. Following their participation in Lloyd’s Lab cohort 4, they have now launched their product in multiple markets worldwide. Parametrix’s innovative business interruption policy covers companies when business-critical, cloud-based services go down. Such events often lead to a loss of access to third-party services such as cloud computing and cloud storage, SaaS accounting, Cloud services payment gateways, stock or client databases, or interdependency map e-commerce platforms. Parametrix monitors the availability and performance of all the major cloud data centre providers and pay out directly to the client when they detect an outage event, without the need to make a claim. The policy pays out an agreed amount once an outage has been going on for more than an hour, then adds to it in increments of 昀椀fteen minutes. The amount paid is based on the client’s own pre-agreed assessment of the amount of money lost per hour during an outage of a particular service. The Lab: new opportunities Availability and The Parametrix team had a background in tech, a history performance status of cloud of entrepreneurship, and a cloud monitoring protocol in services insured. place. They had already begun the process of speaking to reinsurers but for them, time to market was a critical factor. The Lloyd’s Lab accelerated the process from Downtime detection by Parametrix Monitoring modelling and actuarial analysis through to launch, while System, Japan 2019 helping them to understand the Lloyd’s market and connecting them with potential capacity providers. More than a dozen insurers and reinsurers signed up By the end of the Lab programme, Parametrix had to work with Parametrix during the Lloyd’s Lab 昀椀nalised the actuarial analysis to create a viable SME programme, and it wasn’t just Parametrix that gained business interruption product and had secured the insight. Learning sessions organised through the Lloyd’s capacity to back it. Lab helped mentors understand policy options to cover business interruption risk due to downtime. Insurers and reinsurers were also able to provide input on how to turn Parametrix’s tool into a viable insurance product. © Lloyd’s

32New products/ MGA Lloyd’s Lab Impact Report 33 Parametrix cloud downtime cover: Enabling access and collaboration to fast-track closing the protection gap for clients product delivery The Lloyd’s Lab brought together the insurance Cohort 4, 2020 expertise of the market with the technology expertise of the Parametrix team to help deliver an innovative and much-needed product to market quickly. The ability to manage and o昀昀set the cost of downtime risk is vital for many small and medium companies reliant upon Parametrix has the distinction of delivering a true 昀椀rst in the Lloyd’s Lab. cloud-based services for sales, customer service and The founders, seasoned tech startup professionals, wanted to create new many other critical operational functions launched in Germany, and has already paid its 昀椀rst claim in a class of parametric insurance – downtime business interruption cover. signi昀椀cant moment of company history. Following their participation in Lloyd’s Lab cohort 4, they have now launched their product in multiple markets worldwide. Parametrix’s innovative business interruption policy covers companies when business-critical, cloud-based services go down. Such events often lead to a loss of access to third-party services such as cloud computing and cloud storage, SaaS accounting, Cloud services payment gateways, stock or client databases, or interdependency map e-commerce platforms. Parametrix monitors the availability and performance of all the major cloud data centre providers and pay out directly to the client when they detect an outage event, without the need to make a claim. The policy pays out an agreed amount once an outage has been going on for more than an hour, then adds to it in increments of 昀椀fteen minutes. The amount paid is based on the client’s own pre-agreed assessment of the amount of money lost per hour during an outage of a particular service. The Lab: new opportunities Availability and The Parametrix team had a background in tech, a history performance status of cloud of entrepreneurship, and a cloud monitoring protocol in services insured. place. They had already begun the process of speaking to reinsurers but for them, time to market was a critical factor. The Lloyd’s Lab accelerated the process from Downtime detection by Parametrix Monitoring modelling and actuarial analysis through to launch, while System, Japan 2019 helping them to understand the Lloyd’s market and connecting them with potential capacity providers. More than a dozen insurers and reinsurers signed up By the end of the Lab programme, Parametrix had to work with Parametrix during the Lloyd’s Lab 昀椀nalised the actuarial analysis to create a viable SME programme, and it wasn’t just Parametrix that gained business interruption product and had secured the insight. Learning sessions organised through the Lloyd’s capacity to back it. Lab helped mentors understand policy options to cover business interruption risk due to downtime. Insurers and reinsurers were also able to provide input on how to turn Parametrix’s tool into a viable insurance product. © Lloyd’s

34 New products/ MGA – Alumni proﬁles Lloyd’s Lab Impact Report 35 Flock Focus in insurance value chain/ Activity in the Accelerator Gaia Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting COHORT , workﬂow: Point of underwriting Primary focus product area whilst in Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Automotive, Drones Speciﬁc lines of business supported the Accelerator: Fertility (if applicable): Corporate, SME (if applicable): Personal Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to Participation in the Lab Gaia developed its IVF organisation: organisation: helped Flock to expand its oering from insurance product whilst in the Flock is a fully digital insurance company drone insurance to also provide ﬂeet Gaia has created an IVF (in vitro Accelerator. During the Lab, Gaia for commercial motor ﬂeets. The cover. Being in the accelerator was also fertilisation) insurance product that updated its existing model, which company’s risk intelligence engine uses invaluable, providing Flock with predicts fertility outcomes and insures could then be used to predict the real-time, third-party and proprietary data excellent networking opportunities and against the risk of failure. The product is change of success during IVF, to also sets to price policies. Flock provides exposure to carriers, investors, and an embedded insurance, ﬁnancing, and suggest how many cycles may be connected vehicle ﬂeets (cars, vans and partners. payment solution integrated into UK needed to achieve pregnancy. Gaia met trucks) with insurance that proactively fertility clinics with customers paying o its current capacity providers, Chaucer enables and incentivises safer driving. the treatment when they have a child. and Beazley, through the Lab and Flock’s Connected Insurance protects Founded: 2015 Patients build and choose insurance Founded: 2019 continues to work closely with them. thousands of drivers and is distributed by coverage at the point of sale, online. The hundreds of brokers across the UK. Status: Operating, still in insurance company also oers members access to Status: Operating, still in insurance qualiﬁed medical and counselling support. “ Our participation in the program helped us to Company type: MGA Company type: MGA expand from drones to fleet, brought us valuable Head oce: United Kingdom “ The Accelerator helped us in two ways. It gave us Head oce: United Kingdom networking opportunities, exposure to carriers, access to a large group of people in a structured investors and partners, and team growth. These Main global oces: United Kingdom format to test our product. It also allowed us to Main global oces: United Kingdom experiences have had a lasting and positive work in a cohort with people that were serious impact on Flock and continue to fuel our growth Locations served: United Kingdom about considering alternative products, Locations served: United Kingdom, and development year over year.” distribution channels and capacity.” USA Antton Peña, Founder and Chief Strategy Employee count: 11-100 Nader AlSalim, Founder and Chief Ocer Executive Ocer Employee count: 11-100 FloodFlash Focus in insurance value chain/ Activity in the Accelerator Innovatrix Capital Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting, Loss COHORT , workﬂow: Point of underwriting modelling & analytics, Claims Primary focus product area whilst in Primary focus product area whilst in the Accelerator: Parametric Speciﬁc lines of business supported the Accelerator: Parametric, Life Speciﬁc lines of business supported (if applicable): Corporate, Speciality sciences (if applicable): Corporate, SME, Example of beneﬁt of Accelerator to Captive organisation: FloodFlash received Example of beneﬁt of Accelerator to great engagement across the market. organisation: Innovatrix Capital joined FloodFlash is an MGA providing The diversity of support oered Innovatrix Capital aims to oer a the Lab at an early stage and were parametric commercial ﬂood insurance extended beyond the insurance parametric insurance product for the fortunate to receive strong feedback in the UK and US. FloodFlash has conversations it was expecting, taking life sciences sector. The product will and validations from mentors. This led created proprietary ﬂood depth sensors, in everything from product design to cover risks associated with clinical to Innovatrix Capital expanding their which it installs outside insured marketing and pitching. It’s also an trial phase failure, to encourage product oering from a fully parametric businesses. The business receives a awesome location for us to be able to investment in life sciences. product, into 3 products; an indemnity pay-out when the sensor measures a bring partners, its broker connections, product, a semi-parametric product, ﬂood depth that exceeds a trigger and the team. “ Innovatrix entered the Lab with a solution for a and parametric product. predeﬁned by the policyholder. significant protection gap. Assisted by great Founded: 2017 support from the Lab team, the programme Founded: 2021 “As an MGA and a Lloyd’s coverholder, the Status: Operating, still in insurance provided us with unrivalled access to and Status: Operating, still in insurance relationship with our capacity providers is insight from the Lloyd’s market that confirmed essential to the smooth running of our Company type: MGA the viability of our innovative product.” Company type: MGA (planned) business. The Lab has helped develop Piers Clark, Co-Founder those relationships and build new ones.” Head oce: United Kingdom Head oce: United Kingdom Ian Bartholomew, Co-Founder Main global oces: United Kingdom, Main global oces: United Kingdom and Chief Underwriting Ocer USA Locations served: Global Locations served: United Kingdom, USA Employee count: 1-10 Employee count: 11-100 © Lloyd’s © Lloyd’s

34New products/ MGA – Alumni proﬁlesLloyd’s Lab Impact Report 35 Flock Focus in insurance value chain/Activity in the AcceleratorGaia Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwritingCOHORT , workﬂow: Point of underwriting Primary focus product area whilst in Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Automotive, DronesSpeciﬁc lines of business supported the Accelerator: Fertility (if applicable): Corporate, SME (if applicable): Personal Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to Participation in the Lab Gaia developed its IVF organisation: organisation: helped Flock to expand its oering from insurance product whilst in the Flock is a fully digital insurance company drone insurance to also provide ﬂeet Gaia has created an IVF (in vitro Accelerator. During the Lab, Gaia for commercial motor ﬂeets. The cover. Being in the accelerator was also fertilisation) insurance product that updated its existing model, which company’s risk intelligence engine uses invaluable, providing Flock with predicts fertility outcomes and insures could then be used to predict the real-time, third-party and proprietary data excellent networking opportunities and against the risk of failure. The product is change of success during IVF, to also sets to price policies. Flock provides exposure to carriers, investors, and an embedded insurance, ﬁnancing, and suggest how many cycles may be connected vehicle ﬂeets (cars, vans and partners.payment solution integrated into UK needed to achieve pregnancy. Gaia met trucks) with insurance that proactively fertility clinics with customers paying o its current capacity providers, Chaucer enables and incentivises safer driving. the treatment when they have a child. and Beazley, through the Lab and Flock’s Connected Insurance protects Founded: 2015Patients build and choose insurance Founded: 2019 continues to work closely with them. thousands of drivers and is distributed by coverage at the point of sale, online. The hundreds of brokers across the UK. Status: Operating, still in insurancecompany also oers members access to Status: Operating, still in insurance qualiﬁed medical and counselling support. “ Our participation in the program helped us to Company type: MGA Company type: MGA expand from drones to fleet, brought us valuable Head oce: United Kingdom“ The Accelerator helped us in two ways. It gave us Head oce: United Kingdom networking opportunities, exposure to carriers, access to a large group of people in a structured investors and partners, and team growth. These Main global oces: United Kingdomformat to test our product. It also allowed us to Main global oces: United Kingdom experiences have had a lasting and positive work in a cohort with people that were serious impact on Flock and continue to fuel our growth Locations served: United Kingdomabout considering alternative products, Locations served: United Kingdom, and development year over year.” distribution channels and capacity.” USA Antton Peña, Founder and Chief Strategy Employee count: 11-100Nader AlSalim, Founder and Chief Ocer Executive Ocer Employee count: 11-100 FloodFlashFocus in insurance value chain/Activity in the AcceleratorInnovatrix Capital Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting, Loss COHORT , workﬂow: Point of underwriting modelling & analytics, ClaimsPrimary focus product area whilst in Primary focus product area whilst in the Accelerator: Parametric Speciﬁc lines of business supported the Accelerator: Parametric, Life Speciﬁc lines of business supported (if applicable): Corporate, Speciality sciences (if applicable): Corporate, SME, Example of beneﬁt of Accelerator to Captive organisation: FloodFlash received Example of beneﬁt of Accelerator to great engagement across the market. organisation: Innovatrix Capital joined FloodFlash is an MGA providing The diversity of support oered Innovatrix Capital aims to oer a the Lab at an early stage and were parametric commercial ﬂood insurance extended beyond the insurance parametric insurance product for the fortunate to receive strong feedback in the UK and US. FloodFlash has conversations it was expecting, taking life sciences sector. The product will and validations from mentors. This led created proprietary ﬂood depth sensors, in everything from product design to cover risks associated with clinical to Innovatrix Capital expanding their which it installs outside insured marketing and pitching. It’s also an trial phase failure, to encourage product oering from a fully parametric businesses. The business receives a awesome location for us to be able to investment in life sciences. product, into 3 products; an indemnity pay-out when the sensor measures a bring partners, its broker connections, product, a semi-parametric product, ﬂood depth that exceeds a trigger and the team.“ Innovatrix entered the Lab with a solution for a and parametric product. predeﬁned by the policyholder. significant protection gap. Assisted by great Founded: 2017support from the Lab team, the programme Founded: 2021 “As an MGA and a Lloyd’s coverholder, the Status: Operating, still in insuranceprovided us with unrivalled access to and Status: Operating, still in insurance relationship with our capacity providers is insight from the Lloyd’s market that confirmed essential to the smooth running of our Company type: MGAthe viability of our innovative product.” Company type: MGA (planned) business. The Lab has helped develop Piers Clark, Co-Founder those relationships and build new ones.” Head oce: United Kingdom Head oce: United Kingdom Ian Bartholomew, Co-Founder Main global oces: United Kingdom, Main global oces: United Kingdom and Chief Underwriting OcerUSA Locations served: Global Locations served: United Kingdom, USA Employee count: 1-10 Employee count: 11-100 © Lloyd’s © Lloyd’s

36 New products/ MGA – Alumni proﬁles Lloyd’s Lab Impact Report 37 Kettle Focus in insurance value chain/ Activity in the Accelerator Koe Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting COHORT , workﬂow: Point of underwriting, Primary focus product area whilst in Claims Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Parametric the Accelerator: Automotive, SMEs, (if applicable): Personal, Corporate Speciﬁc lines of business supported Supply chain/NDBI Example of beneﬁt of Accelerator to (if applicable): SME Kettle worked with their Example of beneﬁt of Accelerator to organisation: mentors to understand the needs and organisation: Koe performed a back Kettle is an MGA underwriting climate appetites of the market when it came to Koe is an MGA providing ﬂeet insurance. test portfolio analysis on mentors' ﬂeet risks, initially wildﬁre and now also wildﬁre risk and how to approach Through its use of telematic sensors and premium data. Through this Koe tropical cyclone. It has developed entering the market. They identiﬁed camera equipment, Koe can track and demonstrated that through using their machine learning models that analyse several issues including outdated and model ﬂeet risk across 100 characteristics unique and granular pricing system the satellite imagery, weather data, and real inaccurate risk and loss models, locked of the trucks, and evaluate individual and mentor companies would have been estate data to determine the probability of up capacity and slow payment of company-wide driving behaviours, able to avoid considerable losses and a property being impacted by a wildﬁre claims. They incorporated these oering insurance accordingly. Koe also improve loss ratios as much as 16% due and the likely damage caused. Kettle’s insights into the development of their oers a credit card for SME truck drivers to better risk selection. ﬁrst products include a homeowners’ Founded: 2020 parametric product, GRIL (Grid Rated which gives users cashback. Founded: 2019 product, a parametric wildﬁre reinsurance Industry Loss). The capacity behind product, and a parametric wildﬁre Status: Operating, still in insurance Kettle’s Parametric Commercial Status: Operating, still in insurance insurance product for corporates. product comes from a Lloyd’s Company type: MGA syndicate, found during the Accelerator. Company type: MGA Head oce: Bermuda Head oce: North America Main global oces: Bermuda Main global oces: USA Locations served: USA Locations served: USA Employee count: 11-100 Employee count: 11-100 Kita Focus in insurance value chain/ Activity in the Accelerator Koop Technologies Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting COHORT , workﬂow: Point of underwriting Primary focus product area whilst in Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Climate change, Speciﬁc lines of business supported the Accelerator: Improving claims Corporate, Speciality Personal, Gig/ (if applicable): decarbonisation (if applicable): process Freelance, Corporate, SME Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: Kita was originally organisation: Whilst in the Accelerator, Kita is an MGA providing insurance planning on creating a parametric Koop Technologies oers insurance Koop developed a new tool to support for the carbon markets. The company's insurance product for the voluntary products for autonomous vehicles, its claims management feature on its ﬂagship product, Carbon Purchase carbon market. Through its experience robotics and other emerging technology administration system. At the end of the Protection Cover, protects carbon in the Lab it created its ﬁrst product, risks. Insurance is underwritten within cohort, we presented our data-sharing credit buyers against the risk of Carbon Purchase Protection Cover, and managed on Koop's administration API and underwriting technology to carbon sequestration projects failing one of the ﬁrst voluntary carbon market system which can be integrated into carriers. Just six months later, Koop to deliver expected volumes of insurance products in the market. third-party systems via an API. Brokers became a coverholder at Lloyd’s with its credits. Kita is developing a range can use Koop's administration system inaugural robotics insurance program, of products to protect against Founded: 2021 to ﬁll out applications, generate Founded: 2020 Singularity Package. multiple risks faced by carbon credit certiﬁcates and undertake renewals. buyers, sellers and intermediaries. Status: Operating, still in insurance Status: Operating, still in insurance “Lloyd’s Lab was hugely beneficial to Kita in Company type: MGA Company type: MGA, Administration terms of helping create strong connections system and partnerships within the Lloyd’s market, Head oce: United Kingdom where innovative products like carbon Head oce: North America Main global oces: United Kingdom insurance can find a home.” Main global oces: USA Natalia Dorfman, Chief Executive Ocer Locations served: United Kingdom, and Co-Founder USA Locations served: Global Employee count: 1-10 Employee count: 11-100 © Lloyd’s © Lloyd’s

36New products/ MGA – Alumni proﬁlesLloyd’s Lab Impact Report 37 Kettle Focus in insurance value chain/Activity in the AcceleratorKoe Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwritingCOHORT , workﬂow: Point of underwriting, Primary focus product area whilst in Claims Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Parametric the Accelerator: Automotive, SMEs, (if applicable): Personal, Corporate Speciﬁc lines of business supported Supply chain/NDBI Example of beneﬁt of Accelerator to (if applicable): SME Kettle worked with their Example of beneﬁt of Accelerator to organisation: mentors to understand the needs and organisation: Koe performed a back Kettle is an MGA underwriting climate appetites of the market when it came to Koe is an MGA providing ﬂeet insurance. test portfolio analysis on mentors' ﬂeet risks, initially wildﬁre and now also wildﬁre risk and how to approach Through its use of telematic sensors and premium data. Through this Koe tropical cyclone. It has developed entering the market. They identiﬁed camera equipment, Koe can track and demonstrated that through using their machine learning models that analyse several issues including outdated and model ﬂeet risk across 100 characteristics unique and granular pricing system the satellite imagery, weather data, and real inaccurate risk and loss models, locked of the trucks, and evaluate individual and mentor companies would have been estate data to determine the probability of up capacity and slow payment of company-wide driving behaviours, able to avoid considerable losses and a property being impacted by a wildﬁre claims. They incorporated these oering insurance accordingly. Koe also improve loss ratios as much as 16% due and the likely damage caused. Kettle’s insights into the development of their oers a credit card for SME truck drivers to better risk selection. ﬁrst products include a homeowners’ Founded: 2020parametric product, GRIL (Grid Rated which gives users cashback.Founded: 2019 product, a parametric wildﬁre reinsurance Industry Loss). The capacity behind product, and a parametric wildﬁre Status: Operating, still in insuranceKettle’s Parametric Commercial Status: Operating, still in insurance insurance product for corporates. product comes from a Lloyd’s Company type: MGAsyndicate, found during the Accelerator. Company type: MGA Head oce: Bermuda Head oce: North America Main global oces: Bermuda Main global oces: USA Locations served: USA Locations served: USA Employee count: 11-100 Employee count: 11-100 KitaFocus in insurance value chain/Activity in the AcceleratorKoop Technologies Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwritingCOHORT , workﬂow: Point of underwriting Primary focus product area whilst in Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Climate change, Speciﬁc lines of business supported the Accelerator: Improving claims Corporate, Speciality Personal, Gig/ (if applicable): decarbonisation (if applicable): process Freelance, Corporate, SME Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: Kita was originally organisation: Whilst in the Accelerator, Kita is an MGA providing insurance planning on creating a parametric Koop Technologies oers insurance Koop developed a new tool to support for the carbon markets. The company's insurance product for the voluntary products for autonomous vehicles, its claims management feature on its ﬂagship product, Carbon Purchase carbon market. Through its experience robotics and other emerging technology administration system. At the end of the Protection Cover, protects carbon in the Lab it created its ﬁrst product, risks. Insurance is underwritten within cohort, we presented our data-sharing credit buyers against the risk of Carbon Purchase Protection Cover, and managed on Koop's administration API and underwriting technology to carbon sequestration projects failing one of the ﬁrst voluntary carbon market system which can be integrated into carriers. Just six months later, Koop to deliver expected volumes of insurance products in the market.third-party systems via an API. Brokers became a coverholder at Lloyd’s with its credits. Kita is developing a range can use Koop's administration system inaugural robotics insurance program, of products to protect against Founded: 2021to ﬁll out applications, generate Founded: 2020 Singularity Package. multiple risks faced by carbon credit certiﬁcates and undertake renewals. buyers, sellers and intermediaries. Status: Operating, still in insurance Status: Operating, still in insurance “Lloyd’s Lab was hugely beneficial to Kita in Company type: MGA Company type: MGA, Administration terms of helping create strong connections system and partnerships within the Lloyd’s market, Head oce: United Kingdom where innovative products like carbon Head oce: North America Main global oces: United Kingdom insurance can find a home.” Main global oces: USA Natalia Dorfman, Chief Executive Ocer Locations served: United Kingdom, and Co-FounderUSA Locations served: Global Employee count: 1-10 Employee count: 11-100 © Lloyd’s © Lloyd’s

38 New products/ MGA Lloyd’s Lab Impact Report 39 New products for new problems For the mentors, some of the learning was basic: Gaia began its 昀椀rst Lab session with anatomy and medical Cohort 6, 2021 workshops, taking the view that if an underwriter did not fully understand the menstrual cycle, they could not understand the Gaia data. Here it can clearly be seen how the Lab process allows underwriters the time and space to study new information and use it to analyse bigger picture ideas. As a result, all sides bene昀椀t. Sometimes the innovation teams that are put together by the Lloyd’s Lab Certainly Gaia’s experience was that are able to tackle some of the most basic human risk and pain points, such as the desire for a family. “ everyone came to us with open minds, and they came looking for innovation – that was Much insurance innovation has involved working on evolving product or distribution channels that exist already, but the Lab process draws in young start-ups with entirely new ideas, based on new datasets, and perfect for us.” which can solve di昀昀erent problems. The story of Gaia embodies this spirit. In the case of the Gaia, the known story was the cost and uncertainty involved in IVF treatment. Mentor teams worked with Gaia from four 昀椀rms across IVF is famously expensive to undertake, which makes the market, and ultimately by the end of the Lab, the the 昀椀nancial planning for couples who face the process product was close to being 昀椀nalised. Gaia moved demanding, exacerbated by the fact that they do not seamlessly from working with mentors in the Lab to know how many cycles of IVF they will have to fund. partnering with them commercially. Many couples have to wait to save up for second and third cycles, which also reduces the chances of For Gaia it was the people who made the whole success: age is an important success factor for the process work. treatment. Gaia’s founders had personally experienced the “The Lab gave us access to an amazing calibre uncertainties of IVF and wanted to create a way to insure against the risk of IVF failure. The team at Gaia of people for a period of two months – that built a model which could predict the chances of The product itself ultimately consisted of an access, dialogue and input was the most success during IVF, and which is able to suggest how insurance package, plus a 昀椀nancing module many cycles would be likely to be needed to achieve valuable thing.” While designing the product, Gaia’s 昀椀rst learn was that that success. an insurer must start with the worst-case scenario, whereas they had looked mainly towards the positive So much super昀椀cial innovation is focused on evolving Gaia had initially raised investor funding on the back of possibility of a new baby. There was a huge amount of product that exists already, or changing the their idea for an insurance product that would manage mutual learning on this point, underpinned by the distribution, but the Lab process draws in entirely new the cost of IVF through regular payment plans and standards of the UK’s TCF (‘Treating Customers Fairly’) ideas, based on new datasets, and so can solve would then pay out should the IVF process fail. 昀椀nancial services rules, because for insurers to work di昀昀erent problems. This is powerful, and ultimately However, to design a working product Gaia had to with customers in such a vulnerable personal situation Gaia’s way of bringing hope to families shows what can partner with an insurer. The Gaia team say that: it was critical to take enormous care to build a product be delivered by focusing on change, fresh thinking and shaped around careful treatment of possible clients. the power of ideas. The insurance mentors were able to help Gaia build a full conduct plan – a way to work with customers that took account of their situation, and which would not “ We joined the Lab to work with the mentors, take advantage of their hopes and vulnerabilities. Gaia were surprised: to transform our conviction about our consumer-facing idea into an insurance “ We thought the most important part would be product. We needed to learn how to make it pricing, but in fact it was conduct planning.” work in terms of shape, conduct and wordings. Through the Lab, we were able to make an insurance proof product, not just a consumer one.” © Lloyd’s

38New products/ MGA Lloyd’s Lab Impact Report 39 New products for new problems For the mentors, some of the learning was basic: Gaia began its 昀椀rst Lab session with anatomy and medical Cohort 6, 2021 workshops, taking the view that if an underwriter did not fully understand the menstrual cycle, they could not understand the Gaia data. Here it can clearly be seen how the Lab process allows underwriters the time and space to study new information and use it to analyse bigger picture ideas. As a result, all sides bene昀椀t. Sometimes the innovation teams that are put together by the Lloyd’s Lab Certainly Gaia’s experience was that are able to tackle some of the most basic human risk and pain points, such as the desire for a family. “ everyone came to us with open minds, and they came looking for innovation – that was Much insurance innovation has involved working on evolving product or distribution channels that exist already, but the Lab process draws in young start-ups with entirely new ideas, based on new datasets, and perfect for us.” which can solve di昀昀erent problems. The story of Gaia embodies this spirit. In the case of the Gaia, the known story was the cost and uncertainty involved in IVF treatment. Mentor teams worked with Gaia from four 昀椀rms across IVF is famously expensive to undertake, which makes the market, and ultimately by the end of the Lab, the the 昀椀nancial planning for couples who face the process product was close to being 昀椀nalised. Gaia moved demanding, exacerbated by the fact that they do not seamlessly from working with mentors in the Lab to know how many cycles of IVF they will have to fund. partnering with them commercially. Many couples have to wait to save up for second and third cycles, which also reduces the chances of For Gaia it was the people who made the whole success: age is an important success factor for the process work. treatment. Gaia’s founders had personally experienced the “The Lab gave us access to an amazing calibre uncertainties of IVF and wanted to create a way to insure against the risk of IVF failure. The team at Gaia of people for a period of two months – that built a model which could predict the chances of The product itself ultimately consisted of an access, dialogue and input was the most success during IVF, and which is able to suggest how insurance package, plus a 昀椀nancing module many cycles would be likely to be needed to achieve valuable thing.” While designing the product, Gaia’s 昀椀rst learn was that that success. an insurer must start with the worst-case scenario, whereas they had looked mainly towards the positive So much super昀椀cial innovation is focused on evolving Gaia had initially raised investor funding on the back of possibility of a new baby. There was a huge amount of product that exists already, or changing the their idea for an insurance product that would manage mutual learning on this point, underpinned by the distribution, but the Lab process draws in entirely new the cost of IVF through regular payment plans and standards of the UK’s TCF (‘Treating Customers Fairly’) ideas, based on new datasets, and so can solve would then pay out should the IVF process fail. 昀椀nancial services rules, because for insurers to work di昀昀erent problems. This is powerful, and ultimately However, to design a working product Gaia had to with customers in such a vulnerable personal situation Gaia’s way of bringing hope to families shows what can partner with an insurer. The Gaia team say that: it was critical to take enormous care to build a product be delivered by focusing on change, fresh thinking and shaped around careful treatment of possible clients. the power of ideas. The insurance mentors were able to help Gaia build a full conduct plan – a way to work with customers that took account of their situation, and which would not “ We joined the Lab to work with the mentors, take advantage of their hopes and vulnerabilities. Gaia were surprised: to transform our conviction about our consumer-facing idea into an insurance “ We thought the most important part would be product. We needed to learn how to make it pricing, but in fact it was conduct planning.” work in terms of shape, conduct and wordings. Through the Lab, we were able to make an insurance proof product, not just a consumer one.” © Lloyd’s

40 New products/ MGA – Alumni proﬁles Lloyd’s Lab Impact Report 41 Loadsure Focus in insurance value chain/ Activity in the Accelerator Otonomi Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting,Policy COHORT , workﬂow: Point of underwriting admin system,Claims Primary focus product area whilst in Primary focus product area whilst in the Accelerator: Supply chain/NDBI Speciﬁc lines of business supported the Accelerator: Parametric, Supply Speciﬁc lines of business supported (if applicable): Corporate chain/NDBI (if applicable): Corporate, SME Example of beneﬁt of Accelerator to Loadsure gained Example of beneﬁt of Accelerator to organisation: access to new data from its Lab organisation: The Lloyd's Lab Loadsure uses predictive AI to mentors and the wider Lloyd’s market to Otonomi oers parametric insurance helped Otonomi secure capacity and underwrite shipped cargo in real time. train its algorithm. Through this, it were for the marine and cargo industry. Its investment from Greenlight Re to The company oers domestic and able to improve its policy pricing and ﬁrst product, launched in 2023, is a launch its parametric cargo insurance international pay-as-you-go insurance develop its algorithm which can deliver parametric air freight insurance product. It believes its parametric cargo products per load or as an annual policy. an underwriting quote in 40 seconds or solution. The solution consists of air insurance product developed in the Lab Loadsure also provides coverage for less for low-complexity, pay-as-you-go shipment delay and interruption can speed up claim resolution by 100x, hard-to-insure products. The company's cargo insurance. Loadsure also coverage. It oers policies in the form reduce expense ratios by more than technology can be used across the received two series of funding after of smart contracts on a blockchain. 75%, and improve loss ratios by more policy lifecycle, including policy Founded: 2018 their time in the Lab It oer fully digitised quoting, binding Founded: 2020 than 5%. management, payments, and digital and issuing of policies, with algorithmic claims processing. Loadsure's Status: Operating, still in insurance underwriting capabilities to improve Status: Operating, still in insurance insurance products can be integrated expense and loss ratios. via API into any intermediary’s workﬂow. Company type: MGA Company type: MGA (planned) Head oce: United Kingdom “ The Lloyd’s Lab Accelerator is one of the most Head oce: USA “ The Lloyd’s Lab is instrumental in evolving the transformative experiences that we have had. It London Markets perspective on the role of Main global oces: United Kingdom, gave us access to a number of underwriters, Main global oces: USA technology and innovation in the future of USA, Europe brokers, syndicates and other actors in the insurance - the Lab helped Loadsure to grow at a London insurance space that, very frankly, Locations served: USA critical stage; providing access to mentors and Locations served: USA, Canada would not be accessible otherwise” insights that helped to guide our journey.” Yann Barbarroux, Chief Executive Ocer Employee count: 11-100 Johnny McCord, Chief Executive Ocer Employee count: 11-100 and Co-Founder and Founder nPlan Focus in insurance value chain/ Activity in the Accelerator OTT Risk Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting COHORT , workﬂow: Point of underwriting Primary focus product area whilst in Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Parametric Speciﬁc lines of business supported the Accelerator: Parametric, Supply Corporate Gig/Freelance, (if applicable): (if applicable): chain/NDBI Example of beneﬁt of Accelerator to Corporate organisation: In the Accelerator, nPlan Example of beneﬁt of Accelerator to designed a parametric insurance organisation: OTT Risk developed its nPlan provides risk analysis and product covering construction project OTT Risk oers parametric insurance revenue protection product for the assurance for construction projects. Its delay risk. products for non-damage business digital economy during the Lab and algorithms help construction companies interruption (NDBI), currently focused agreed a capacity partnership with understand and mitigate project risks. on the digital economy. Instead of Apollo ibott Syndicate 1971. It has created a parametric insurance oering coverage based on a predeﬁned product covering construction project event, OTT Risk's insurance products delay risk. pay out based on economic indices or industry metrics that correlate Founded: 2017 with business interruption losses. Founded: 2020 OTT Risk’s focus is providing revenue Status: Operating, still in insurance protection to the users of digital Status: Operating, still in insurance economy marketplaces. Company type: MGA (planned) Company type: MGA Head oce: United Kingdom “ It was a really nice opportunity for those 10 weeks Head oce: United Kingdom of the Lab to dig into the conversation with Apollo, Main global oces: United Kingdom think about how we could use the work we had Main global oces: United Kingdom, done thus far modelling business interruption risk, USA Locations served: Global and apply it to the digital economy.” Matthew James, Head of Business Locations served: Global Employee count: 11-100 Development Employee count: 1-10 © Lloyd’s © Lloyd’s

40New products/ MGA – Alumni proﬁlesLloyd’s Lab Impact Report 41 Loadsure Focus in insurance value chain/Activity in the AcceleratorOtonomi Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting,Policy COHORT , workﬂow: Point of underwriting admin system,Claims Primary focus product area whilst in Primary focus product area whilst in the Accelerator: Supply chain/NDBI Speciﬁc lines of business supported the Accelerator: Parametric, Supply Speciﬁc lines of business supported (if applicable): Corporate chain/NDBI (if applicable): Corporate, SME Example of beneﬁt of Accelerator to Loadsure gained Example of beneﬁt of Accelerator to organisation: access to new data from its Lab organisation: The Lloyd's Lab Loadsure uses predictive AI to mentors and the wider Lloyd’s market to Otonomi oers parametric insurance helped Otonomi secure capacity and underwrite shipped cargo in real time. train its algorithm. Through this, it were for the marine and cargo industry. Its investment from Greenlight Re to The company oers domestic and able to improve its policy pricing and ﬁrst product, launched in 2023, is a launch its parametric cargo insurance international pay-as-you-go insurance develop its algorithm which can deliver parametric air freight insurance product. It believes its parametric cargo products per load or as an annual policy. an underwriting quote in 40 seconds or solution. The solution consists of air insurance product developed in the Lab Loadsure also provides coverage for less for low-complexity, pay-as-you-go shipment delay and interruption can speed up claim resolution by 100x, hard-to-insure products. The company's cargo insurance. Loadsure also coverage. It oers policies in the form reduce expense ratios by more than technology can be used across the received two series of funding after of smart contracts on a blockchain. 75%, and improve loss ratios by more policy lifecycle, including policy Founded: 2018their time in the LabIt oer fully digitised quoting, binding Founded: 2020 than 5%. management, payments, and digital and issuing of policies, with algorithmic claims processing. Loadsure's Status: Operating, still in insuranceunderwriting capabilities to improve Status: Operating, still in insurance insurance products can be integrated expense and loss ratios. via API into any intermediary’s workﬂow. Company type: MGA Company type: MGA (planned) Head oce: United Kingdom“ The Lloyd’s Lab Accelerator is one of the most Head oce: USA “ The Lloyd’s Lab is instrumental in evolving the transformative experiences that we have had. It London Markets perspective on the role of Main global oces: United Kingdom, gave us access to a number of underwriters, Main global oces: USA technology and innovation in the future of USA, Europebrokers, syndicates and other actors in the insurance - the Lab helped Loadsure to grow at a London insurance space that, very frankly, Locations served: USA critical stage; providing access to mentors and Locations served: USA, Canadawould not be accessible otherwise” insights that helped to guide our journey.” Yann Barbarroux, Chief Executive Ocer Employee count: 11-100 Johnny McCord, Chief Executive Ocer Employee count: 11-100and Co-Founder and Founder nPlanFocus in insurance value chain/Activity in the AcceleratorOTT Risk Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting COHORT , workﬂow: Point of underwriting Primary focus product area whilst in Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Parametric Speciﬁc lines of business supported the Accelerator: Parametric, Supply Corporate Gig/Freelance, (if applicable): (if applicable): chain/NDBI Example of beneﬁt of Accelerator to Corporate organisation: In the Accelerator, nPlan Example of beneﬁt of Accelerator to designed a parametric insurance organisation: OTT Risk developed its nPlan provides risk analysis and product covering construction project OTT Risk oers parametric insurance revenue protection product for the assurance for construction projects. Its delay risk.products for non-damage business digital economy during the Lab and algorithms help construction companies interruption (NDBI), currently focused agreed a capacity partnership with understand and mitigate project risks. on the digital economy. Instead of Apollo ibott Syndicate 1971. It has created a parametric insurance oering coverage based on a predeﬁned product covering construction project event, OTT Risk's insurance products delay risk. pay out based on economic indices or industry metrics that correlate Founded: 2017with business interruption losses. Founded: 2020 OTT Risk’s focus is providing revenue Status: Operating, still in insuranceprotection to the users of digital Status: Operating, still in insurance economy marketplaces. Company type: MGA (planned) Company type: MGA Head oce: United Kingdom“ It was a really nice opportunity for those 10 weeks Head oce: United Kingdom of the Lab to dig into the conversation with Apollo, Main global oces: United Kingdomthink about how we could use the work we had Main global oces: United Kingdom, done thus far modelling business interruption risk, USA Locations served: Globaland apply it to the digital economy.” Matthew James, Head of Business Locations served: Global Employee count: 11-100Development Employee count: 1-10 © Lloyd’s © Lloyd’s

42 New products/ MGA Lloyd’s Lab Impact Report 43 A new strategy for insuring With this insight in mind, delivering that innovative insurance was the objective behind Parsyl’s launch of life-saving vaccines the new Global Health Risk Facility (GHRF), anchored Cohort 1, 2018 by their ‘Syndicate in a Box’, which serves as the market’s dedicated risk facility for COVID-related transit and storage risks in the developing world. As a nod to the long history of the global 昀椀ght for In the e昀昀ort to vaccinate the world against COVID-19, vaccination, the Syndicate was given the number ‘1796’ in honour of the year physician Edward Jenner carried out his 昀椀rst experiments into developing the developing an e昀昀ective vaccine was only the beginning. smallpox vaccine. We also faced the daunting task of distributing billions of doses, which requires a complex and robust Ben explains what the team managed to put in place. transportation programme that could reach all corners of the globe, regardless of the quality of the local “In the GHRF, Syndicate 1796 will be backed with infrastructure. capital from the U.S International Development Finance Corporation, allowing it to share risks with leading This is particularly challenging when you’re dealing with cargo syndicates and make better, fairly priced a fragile vaccine that requires speci昀椀c temperature and coverage available in low to upper middle-income storage protocols to remain e昀昀ective. countries. The GHRF o昀昀ers ‘All Risk’ cargo coverage for transit and storage risks on all global health The team at Parsyl, who already o昀昀ered data-driven products related to COVID-19 and any other infectious insurance coverage for perishable goods, recognised disease control and prevention programmes.” that a new strategy for insuring these life-saving vaccines and other health commodities was essential Importantly, the GHRF also o昀昀ers coverage, via direct to enable global health supply chains to meet the insurance or reinsurance, for in-country risks to ensure challenge and a昀昀ord the risk of distribution. “ We’ve seen Lloyd’s stand behind risks to vaccines and other commodities were protected as they were stored in central warehouses and travelled Parsyl CEO Ben Hubbard explains: “Previously, some of the world’s greatest achievements through health systems to the last mile. The focus was insurance for global health commodities has been and innovations. We asked, why not find a very much on supporting countries where the help was fragmented, expensive and di昀漀cult to source. most needed, and GHRF backed the global distribution Insurance contracts sometimes don’t cover risks way to stand behind the largest vaccine of products to developing countries. associated with the sudden changes that can occur campaign in human history.” during a pandemic or other global health emergency. This unique partnership was a real demonstration of When insurance is available, it is limited to global Ben Hubbard - CEO, Parsyl the boldness and ingenuity the Lloyd’s market can transits and once ownership of goods transfers to local bring to help address a global health emergency. Not partners, it is often too hard for them to 昀椀nd insurance only was the risk-sharing programme unique, but the that they can a昀昀ord.” creation of a public-private syndicate to address a global health emergency was the 昀椀rst in the 330-year Ben and his team realised that the status quo would be history of Lloyd’s. a real inhibitor for the movement of COVID-19 vaccines – and that this would only add to the existing COVID-19 was of course the biggest focus. Ben challenges of rising insurance costs, increasing freight realised that “once a COVID-19 vaccine became costs, and reduced air and ocean transport capacity available, it would be critical that we protect and deliver that occurred as a result of the pandemic. every dose. Doing this required us to innovate, working with all our market partners, and use our combined expertise and strong partnerships to take a completely In addition, other critical vaccine programmes (e.g. new approach to this speci昀椀c insurance - one that can measles and polio) in many developing countries had complement the manufacturing and distribution been halted because of COVID-19. These urgently objectives of major COVID-19 vaccine development needed to be restarted, despite the pandemic-imposed e昀昀orts.” challenges in transport and insurance. “We saw that a combined e昀昀ort across public and private partners in Hubbard continued, “We’ve seen Lloyd’s stand behind cargo insurance and technology was needed to risks to some of the world’s greatest achievements and uniquely understand and share risk so that life-saving innovations. We asked, why not 昀椀nd a way to stand vaccines and health products could be safely delivered behind the largest vaccine campaign in human wherever they were needed.” history?” © Lloyd’s

42New products/ MGA Lloyd’s Lab Impact Report 43 A new strategy for insuring With this insight in mind, delivering that innovative insurance was the objective behind Parsyl’s launch of life-saving vaccines the new Global Health Risk Facility (GHRF), anchored Cohort 1, 2018 by their ‘Syndicate in a Box’, which serves as the market’s dedicated risk facility for COVID-related transit and storage risks in the developing world. As a nod to the long history of the global 昀椀ght for In the e昀昀ort to vaccinate the world against COVID-19, vaccination, the Syndicate was given the number ‘1796’ in honour of the year physician Edward Jenner carried out his 昀椀rst experiments into developing the developing an e昀昀ective vaccine was only the beginning. smallpox vaccine. We also faced the daunting task of distributing billions of doses, which requires a complex and robust Ben explains what the team managed to put in place. transportation programme that could reach all corners of the globe, regardless of the quality of the local “In the GHRF, Syndicate 1796 will be backed with infrastructure. capital from the U.S International Development Finance Corporation, allowing it to share risks with leading This is particularly challenging when you’re dealing with cargo syndicates and make better, fairly priced a fragile vaccine that requires speci昀椀c temperature and coverage available in low to upper middle-income storage protocols to remain e昀昀ective. countries. The GHRF o昀昀ers ‘All Risk’ cargo coverage for transit and storage risks on all global health The team at Parsyl, who already o昀昀ered data-driven products related to COVID-19 and any other infectious insurance coverage for perishable goods, recognised disease control and prevention programmes.” that a new strategy for insuring these life-saving vaccines and other health commodities was essential Importantly, the GHRF also o昀昀ers coverage, via direct to enable global health supply chains to meet the insurance or reinsurance, for in-country risks to ensure challenge and a昀昀ord the risk of distribution. “ We’ve seen Lloyd’s stand behind risks to vaccines and other commodities were protected as they were stored in central warehouses and travelled Parsyl CEO Ben Hubbard explains: “Previously, some of the world’s greatest achievements through health systems to the last mile. The focus was insurance for global health commodities has been and innovations. We asked, why not find a very much on supporting countries where the help was fragmented, expensive and di昀漀cult to source. most needed, and GHRF backed the global distribution Insurance contracts sometimes don’t cover risks way to stand behind the largest vaccine of products to developing countries. associated with the sudden changes that can occur campaign in human history.” during a pandemic or other global health emergency. This unique partnership was a real demonstration of When insurance is available, it is limited to global Ben Hubbard - CEO, Parsyl the boldness and ingenuity the Lloyd’s market can transits and once ownership of goods transfers to local bring to help address a global health emergency. Not partners, it is often too hard for them to 昀椀nd insurance only was the risk-sharing programme unique, but the that they can a昀昀ord.” creation of a public-private syndicate to address a global health emergency was the 昀椀rst in the 330-year Ben and his team realised that the status quo would be history of Lloyd’s. a real inhibitor for the movement of COVID-19 vaccines – and that this would only add to the existing COVID-19 was of course the biggest focus. Ben challenges of rising insurance costs, increasing freight realised that “once a COVID-19 vaccine became costs, and reduced air and ocean transport capacity available, it would be critical that we protect and deliver that occurred as a result of the pandemic. every dose. Doing this required us to innovate, working with all our market partners, and use our combined expertise and strong partnerships to take a completely In addition, other critical vaccine programmes (e.g. new approach to this speci昀椀c insurance - one that can measles and polio) in many developing countries had complement the manufacturing and distribution been halted because of COVID-19. These urgently objectives of major COVID-19 vaccine development needed to be restarted, despite the pandemic-imposed e昀昀orts.” challenges in transport and insurance. “We saw that a combined e昀昀ort across public and private partners in Hubbard continued, “We’ve seen Lloyd’s stand behind cargo insurance and technology was needed to risks to some of the world’s greatest achievements and uniquely understand and share risk so that life-saving innovations. We asked, why not 昀椀nd a way to stand vaccines and health products could be safely delivered behind the largest vaccine campaign in human wherever they were needed.” history?” © Lloyd’s

44 New products/ MGA – Alumni proﬁles Lloyd’s Lab Impact Report 45 Parametrix Focus in insurance value chain/ Activity in the Accelerator Skyline Partners Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Placing Point of COHORT , , workﬂow: Point of underwriting, underwriting, Loss modelling & analytics Primary focus product area whilst in Loss modelling & analytics Primary focus product area whilst in the Accelerator: Cyber, Parametric, the Accelerator: Parametric Speciﬁc lines of business supported SMEs, Supply chain/NDBI Speciﬁc lines of business supported (if applicable): Corporate, SME, (if applicable): Personal, Gig/ Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to During the programme, Speciality, Reinsurance Freelance, Corporate, SME, Speciality, organisation: organisation: The Lloyd's Lab helped Reinsurance, Captive, Government Skyline explored potential applications Parametrix is an MGA and Lloyd’s Parametrix accelerate the launch of its Skyline Partners specialises in creating of parametric insurance for renewable coverholder, underwriting parametric SME insurance product, gain deeper and operating parametric insurance oshore wind, energy, and marine risks. insurance against outages of the cloud, insights on its cloud modelling and solutions for (re)insurance underwriters, Its particular focus was on creating CDNs or e-commerce platforms. Its actuarial analysis, and connect to brokers, anity groups and other coverage for the risk of wind and wave platform automates risk assessment, potential capacity providers. Learning organisations. As structuring and heights causing delays and increasing provides instant quotes, and delivers sessions organised through the Lab calculation agent, Skyline Partners operational costs for oshore payments within days. Parametrix helped the participating and mentoring supports parametric product construction projects. continuously monitors a variety of underwriters to understand new development and execution on behalf of third-party IT services across the globe Founded: 2019 parametric coverage options and how clients, with trigger parameters monitored Founded: 2017 Skyline also developed a parametric to collect granular data on service to leverage technological capabilities to using its proprietary INSDEX platform. ‘Cost of Violence’ insurance product for interruptions which is used to assess risk Status: Operating, still in insurance allow cloud outage risk coverage, as Status: Operating, still in insurance AEGIS London and broker Acrisure for and streamline claims payments. It is well as to be introduced to new risk “ The programme itself was great. But the real US SME clients. The product covers backed by capacity from major A-rated Company type: MGA management tools. benefits of it is what comes afterwards and being Company type: MGA, Data models, previously uninsurable market in the US global insurers. part of the community. One of the reasons AEGIS Administration system and the ‘non-physical damage’ losses Head oce: USA London got in touch with Skyline was because of our involvement in the Lloyd’s Lab. I’d tell any Head oce: United Kingdom incurred following a violent event in or “ We were thrilled to launch our product and work Main global oces: USA, Israel, around clients’ premises. with our partners at Lloyd's." InsurTech considering applying to do so.” United Kingdom, Germany Main global oces: United Kingdom Ori Cohen, Co-Founder and Gethin Jones, Co-Founder and Chief Operating Officer Locations served: USA, Europe, Executive Director Locations served: Global Israel, Japan Employee count: 1-10 Employee count: 11-100 Parsyl Focus in insurance value chain/ Activity in the Accelerator Sola Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting, COHORT , workﬂow: Point of underwriting Claims Primary focus product area whilst in Primary focus product area whilst in the Accelerator: Parametric, Speciﬁc lines of business supported the Accelerator: Parametric Speciﬁc lines of business supported Supply chain/NDBI (if applicable): Personal (if applicable): Corporate, Speciality Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: Over the course of the Parsyl is a data-powered cargo insurer organisation: The Lab helped Parsyl programme Sola developed a product for essential supply chains in food and develop the new sensor-based Sola is an MGA providing parametric for wind and hail risk, and they further health. Using supply chain data from insurance product for perishable tornado insurance to individuals in the reﬁned their claims product and its sensors and other data sources, marine cargo and secure capacity from US. Sola's Tornado Crisis Coverage acts actuarial model with the understanding Parsyl can more accurately underwrite Ascot, Beazley, CNA Hardy, AXA XL as an add-on to homeowners’ insurance of the data underwriters would like to cargo insurance policies and help and QBE. policies. The company uses National see from the model. During the customers reduce risk. It underwrites Weather Service data to provide Accelerator, Sola partnered with cargo insurance policies globally pay-outs to customers within a matter Lloyd’s for reinsurance. through its managing general of days. underwriter in the US, Lloyd’s Founded: 2018 Founded: 2022 coverholder and Lloyd’s Syndicate “If you want to work with Lloyd's of London 1796. Parsyl leads the Essential Status: Operating, still in insurance syndicates as a startup, the Lloyd's Lab is Status: Operating, still in insurance Consortium, the first consortium for unquestionably the best place to be.” perishable cargo at Lloyd’s. Company type: MGA, Insurer Wesley Pergament, Co-Founder Company type: MGA and Chief Executive Officer Head oce: USA Head oce: North America “Lloyd’s Lab was a pivotal moment in Parsyl’s history. The mentorship and industry exposure we Main global oces: USA Main global oces: USA experienced helped us identify where we could best contribute to forward progress in the industry. Locations served: Global Locations served: USA We celebrate with gratitude and excitement for the Employee count: 11-100 Employee count: 1-10 future of the Lab.” Gavin Spencer, Chief Insurance Officer © Lloyd’s © Lloyd’s

44New products/ MGA – Alumni proﬁlesLloyd’s Lab Impact Report 45 Parametrix Focus in insurance value chain/Activity in the AcceleratorSkyline Partners Focus in insurance value chain/Activity in the Accelerator COHORT , workﬂow: Placing Point of COHORT , , workﬂow: Point of underwriting, underwriting, Loss modelling & analytics Primary focus product area whilst in Loss modelling & analytics Primary focus product area whilst in the Accelerator: Cyber, Parametric, the Accelerator: Parametric Speciﬁc lines of business supported SMEs, Supply chain/NDBI Speciﬁc lines of business supported (if applicable): Corporate, SME, (if applicable): Personal, Gig/ Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to During the programme, Speciality, Reinsurance Freelance, Corporate, SME, Speciality, organisation: organisation: The Lloyd's Lab helped Reinsurance, Captive, Government Skyline explored potential applications Parametrix is an MGA and Lloyd’s Parametrix accelerate the launch of its Skyline Partners specialises in creating of parametric insurance for renewable coverholder, underwriting parametric SME insurance product, gain deeper and operating parametric insurance oshore wind, energy, and marine risks. insurance against outages of the cloud, insights on its cloud modelling and solutions for (re)insurance underwriters, Its particular focus was on creating CDNs or e-commerce platforms. Its actuarial analysis, and connect to brokers, anity groups and other coverage for the risk of wind and wave platform automates risk assessment, potential capacity providers. Learning organisations. As structuring and heights causing delays and increasing provides instant quotes, and delivers sessions organised through the Lab calculation agent, Skyline Partners operational costs for oshore payments within days. Parametrix helped the participating and mentoring supports parametric product construction projects. continuously monitors a variety of underwriters to understand new development and execution on behalf of third-party IT services across the globe Founded: 2019parametric coverage options and how clients, with trigger parameters monitored Founded: 2017Skyline also developed a parametric to collect granular data on service to leverage technological capabilities to using its proprietary INSDEX platform.‘Cost of Violence’ insurance product for interruptions which is used to assess risk Status: Operating, still in insuranceallow cloud outage risk coverage, as Status: Operating, still in insuranceAEGIS London and broker Acrisure for and streamline claims payments. It is well as to be introduced to new risk “ The programme itself was great. But the real US SME clients. The product covers backed by capacity from major A-rated Company type: MGAmanagement tools.benefits of it is what comes afterwards and being Company type: MGA, Data models, previously uninsurable market in the US global insurers. part of the community. One of the reasons AEGIS Administration system and the ‘non-physical damage’ losses Head oce: USALondon got in touch with Skyline was because of our involvement in the Lloyd’s Lab. I’d tell any Head oce: United Kingdom incurred following a violent event in or “ We were thrilled to launch our product and work Main global oces: USA, Israel, around clients’ premises. with our partners at Lloyd's."InsurTech considering applying to do so.” United Kingdom, Germany Main global oces: United Kingdom Ori Cohen, Co-Founder and Gethin Jones, Co-Founder and Chief Operating Officer Locations served: USA, Europe, Executive DirectorLocations served: Global Israel, Japan Employee count: 1-10 Employee count: 11-100 ParsylFocus in insurance value chain/Activity in the AcceleratorSola Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting, COHORT , workﬂow: Point of underwriting Claims Primary focus product area whilst in Primary focus product area whilst in the Accelerator: Parametric, Speciﬁc lines of business supported the Accelerator: Parametric Speciﬁc lines of business supported Supply chain/NDBI (if applicable): Personal (if applicable): Corporate, Speciality Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: Over the course of the Parsyl is a data-powered cargo insurer organisation: The Lab helped Parsyl programme Sola developed a product for essential supply chains in food and develop the new sensor-based Sola is an MGA providing parametric for wind and hail risk, and they further health. Using supply chain data from insurance product for perishable tornado insurance to individuals in the reﬁned their claims product and its sensors and other data sources, marine cargo and secure capacity from US. Sola's Tornado Crisis Coverage acts actuarial model with the understanding Parsyl can more accurately underwrite Ascot, Beazley, CNA Hardy, AXA XL as an add-on to homeowners’ insurance of the data underwriters would like to cargo insurance policies and help and QBE. policies. The company uses National see from the model. During the customers reduce risk. It underwrites Weather Service data to provide Accelerator, Sola partnered with cargo insurance policies globally pay-outs to customers within a matter Lloyd’s for reinsurance. through its managing general of days. underwriter in the US, Lloyd’s Founded: 2018 Founded: 2022 coverholder and Lloyd’s Syndicate “If you want to work with Lloyd's of London 1796. Parsyl leads the Essential Status: Operating, still in insurancesyndicates as a startup, the Lloyd's Lab is Status: Operating, still in insurance Consortium, the first consortium for unquestionably the best place to be.” perishable cargo at Lloyd’s.Company type: MGA, InsurerWesley Pergament, Co-Founder Company type: MGA and Chief Executive Officer Head oce: USA Head oce: North America “Lloyd’s Lab was a pivotal moment in Parsyl’s history. The mentorship and industry exposure we Main global oces: USAMain global oces: USA experienced helped us identify where we could best contribute to forward progress in the industry. Locations served: GlobalLocations served: USA We celebrate with gratitude and excitement for the Employee count: 11-100Employee count: 1-10 future of the Lab.” Gavin Spencer, Chief Insurance Officer © Lloyd’s © Lloyd’s

46 47 New products/ MGA – Alumni proﬁles Lloyd’s Lab Impact Report 47 Thimble Focus in insurance value chain/ Activity in the Accelerator D A COHORT , workﬂow: Point of underwriting Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Parametric, SMEs, i lum (if applicable): SME Supply chain/NDBI s Example of beneﬁt of Accelerator to t Thimble is an MGA offering business organisation: In the Lloyd's Lab r insurance online in the US, covering a Accelerator, Thimble worked on range of businesses such as contractors, developing a parametric business i landscapers, restaurants, and retail interruption insurance policy to protect b n stores. small businesses from pandemics. Thimble obtained capacity from Tokio Marine Kiln and Renaissance Re. u i t c Founded: 2015 ion Status: Operating, still in insurance Company type: MGA a Head oce: USA s Main global oces: USA Locations served: USA e Employee count: 11-100 a n Yokahu Focus in insurance value chain/ Activity in the Accelerator d COHORT , workﬂow: Point of underwriting, Loss modelling & analytics, Claims Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Parametric p (if applicable): Personal, Corporate, Example of beneﬁt of Accelerator to SME, Speciality organisation: In the Accelerator, Yokahu is a technology company and Yokahu developed a parametric oi MGA that designs parametric insurance insurance product for ﬁnancial products protecting against climate institutions covering the cost of loan risks. Initially launching a hurricane repayments on behalf of borrowers microinsurance product in the after a disaster. It was mentored by n Caribbean, Yokahu is now working on innovation teams at Tokio Marine Kiln & multiple climate resilience projects Munich Re, with discussions ongoing across the Caribbean, Latin America and about supporting future projects. t Africa. In the Accelerator, Yokahu designed a new insurance product for Founded: 2019 financial institutions covering the cost of loan repayments after a disaster, with Status: Operating, still in insurance the view of this protection being Company type: MGA, Data models, embedded into the institution’s lending. Administration system Head oce: United Kingdom Main global oces: United Kingdom Locations served: Global Employee count: 1-10 © Lloyd’s © Lloyd’s

46 47 New products/ MGA – Alumni proﬁlesLloyd’s Lab Impact Report 47 Thimble Focus in insurance value chain/Activity in the Accelerator D A COHORT , workﬂow: Point of underwriting Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Parametric, SMEs, i lum (if applicable): SMESupply chain/NDBI s Example of beneﬁt of Accelerator to t Thimble is an MGA offering business organisation: In the Lloyd's Lab r insurance online in the US, covering a Accelerator, Thimble worked on range of businesses such as contractors, developing a parametric business i landscapers, restaurants, and retail interruption insurance policy to protect b n stores. small businesses from pandemics. Thimble obtained capacity from Tokio Marine Kiln and Renaissance Re. u i t c Founded: 2015 ion Status: Operating, still in insurance Company type: MGA a Head oce: USA s Main global oces: USA Locations served: USA e Employee count: 11-100 a n YokahuFocus in insurance value chain/Activity in the Accelerator d COHORT , workﬂow: Point of underwriting, Loss modelling & analytics, Claims Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Parametric p (if applicable): Personal, Corporate, Example of beneﬁt of Accelerator to SME, Speciality organisation: In the Accelerator, Yokahu is a technology company and Yokahu developed a parametric oi MGA that designs parametric insurance insurance product for ﬁnancial products protecting against climate institutions covering the cost of loan risks. Initially launching a hurricane repayments on behalf of borrowers microinsurance product in the after a disaster. It was mentored by n Caribbean, Yokahu is now working on innovation teams at Tokio Marine Kiln & multiple climate resilience projects Munich Re, with discussions ongoing across the Caribbean, Latin America and about supporting future projects. t Africa. In the Accelerator, Yokahu designed a new insurance product for Founded: 2019 financial institutions covering the cost of loan repayments after a disaster, with Status: Operating, still in insurance the view of this protection being Company type: MGA, Data models, embedded into the institution’s lending.Administration system Head oce: United Kingdom Main global oces: United Kingdom Locations served: Global Employee count: 1-10 © Lloyd’s © Lloyd’s

48 Distribution – Alumni proﬁles Lloyd’s Lab Impact Report 49 Artiﬁcial Labs Focus in insurance value chain/ Activity in the Accelerator iCede Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting COHORT , , workﬂow: Placing Primary focus product area whilst in Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Improving UW tools Speciﬁc lines of business supported the Accelerator: Ancillary, (if applicable): Corporate, SME, and processes, New sources of risk (if applicable): accountancy and regulatory Speciality insight - data or models, Enhancing compliance services back-end data eciencies Example of beneﬁt of Accelerator to Artiﬁcial builds technology and software Example of beneﬁt of Accelerator to iCede has been designed to manage the organisation: Despite engagement of tools for commercial insurers and organisation: Artiﬁcial built a end-to-end process for ‘fronting insurers’ mentors and interest of several brokers. Artiﬁcial provides a cloud-based prototype of its automated data to issue a policy in their local market, syndicates, iCede encountered various algorithmic underwriting platform, as extraction tool, which extracts data based on the instructions and price set by challenges during the Lab programme well as applications that can be built on from email attachments such as PDFs another insurer. Policies like these are and did not achieve the desired top of existing legacy systems or and Excel ﬁles, in the Lloyd's Lab designed to cover an exposure in a market outcome. Artiﬁcial’s core system. These Accelerator. According to Artiﬁcial, this where the insurer issuing instructions is applications include data ingestion, risk tool can reduce the cost of processing not permitted to write business. This triaging, contract builder and an Founded: 2013 complex submissions by 90%. supports the processes for arranging Founded: 2012 underwriting workbench. multinational insurance programmes Status: Operating, still in insurance aected by dierent laws and languages. Status: Operating, still in insurance “ We are lucky to work with so many key individuals who can give us unprecedented access and Company type: Administration Company type: Administration system insights to the London market - this would not system, Data transformation have been possible without the Lloyd's Lab.” Head oce: United Kingdom Alexis Renaudin, Head of Data Science Head oce: United Kingdom Main global oces: United Kingdom Main global oces: United Kingdom Locations served: Global Locations served: Global Employee count: 1-10 Employee count: 11-100 Dialogue Focus in insurance value chain/ Activity in the Accelerator Inclusivity Solutions Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Placing, Point of COHORT , workﬂow: Policy admin system, Claims underwriting Primary focus product area whilst in Primary focus product area whilst in the Accelerator: Risk marketplace Speciﬁc lines of business supported the Accelerator: Increasing access to Speciﬁc lines of business supported (if applicable): Personal, Gig/ insurance (if applicable): Example of beneﬁt of Accelerator to Freelance, SME, Speciality organisation: Dialogue’s initial CPRI Example of beneﬁt of Accelerator to Dialogue is a global e-trading network data standard, developed with partners organisation: Lloyd’s Lab supported during its time in the Accelerator, Inclusivity Solutions is an embedded Inclusivity Solutions’ ideas around for trade credit and political risk enabled the company to deploy initial insurance technology company enabled micro-SME products, which have insurance (CPRI). Transactions routed algorithmic functionality, attracting by an open API-based core policy and launched in Zambia with FNB and through Dialogue’s network must insurance companies that do not claims platforms for consumer, group ﬁntech Instaﬁnance, with many more to conform to its proprietary CPRI data traditionally underwrite credit and micro-SME insurance products in come. During its time in the Lab it standard, either through browser input insurance to start underwriting it. This emerging markets. It works with secured over $1.5 million in funding from or API connection. Dialogue facilitates has now been launched for the beneﬁt insurers and distribution partners such existing investors. algorithmic underwriting so that risks of all brokers, providing credit and as banks, mobile network operators and can be underwritten automatically political risk insurance capacity to ﬁntechs to help deliver simple digital on a digital lead/follow basis. Dialogue Founded: 2017 insurance products such as life, health Founded: 2015 also supports the Lloyd’s Core Data support trade transactions globally. Status: Operating, still in insurance During its time in the Lab, it gained a and property insurance. Status: Operating, still in insurance Record (CDR). signiﬁcant number of Lloyd’s insurers Company type: Risk exchange as clients. Company type: Administration system “The Lloyd's Lab program was instrumental in Dialogue's development of the world's first lead/ Head oce: United Kingdom Head oce: South Africa follow engine in credit and political risk. This Main global oces: United Kingdom Main global oces: South Africa collaboration led to pioneering innovation, unifying terminology, and enhancing market efficiency.” Locations served: United Kingdom Locations served: Africa Ben Heaney, Founder and Chief Executive Officer Employee count: 1-10 Employee count: 11-100 © Lloyd’s © Lloyd’s

48Distribution – Alumni proﬁlesLloyd’s Lab Impact Report 49 Artiﬁcial Labs Focus in insurance value chain/Activity in the AcceleratoriCede Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting COHORT , , workﬂow: Placing Primary focus product area whilst in Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Improving UW tools Speciﬁc lines of business supported the Accelerator: Ancillary, (if applicable): Corporate, SME, and processes, New sources of risk (if applicable): accountancy and regulatory Specialityinsight - data or models, Enhancing compliance services back-end data eciencies Example of beneﬁt of Accelerator to Artiﬁcial builds technology and software Example of beneﬁt of Accelerator to iCede has been designed to manage the organisation: Despite engagement of tools for commercial insurers and organisation: Artiﬁcial built a end-to-end process for ‘fronting insurers’ mentors and interest of several brokers. Artiﬁcial provides a cloud-based prototype of its automated data to issue a policy in their local market, syndicates, iCede encountered various algorithmic underwriting platform, as extraction tool, which extracts data based on the instructions and price set by challenges during the Lab programme well as applications that can be built on from email attachments such as PDFs another insurer. Policies like these are and did not achieve the desired top of existing legacy systems or and Excel ﬁles, in the Lloyd's Lab designed to cover an exposure in a market outcome. Artiﬁcial’s core system. These Accelerator. According to Artiﬁcial, this where the insurer issuing instructions is applications include data ingestion, risk tool can reduce the cost of processing not permitted to write business. This triaging, contract builder and an Founded: 2013complex submissions by 90%.supports the processes for arranging Founded: 2012 underwriting workbench. multinational insurance programmes Status: Operating, still in insuranceaected by dierent laws and languages.Status: Operating, still in insurance “ We are lucky to work with so many key individuals who can give us unprecedented access and Company type: Administration Company type: Administration system insights to the London market - this would not system, Data transformation have been possible without the Lloyd's Lab.” Head oce: United Kingdom Alexis Renaudin, Head of Data ScienceHead oce: United Kingdom Main global oces: United Kingdom Main global oces: United Kingdom Locations served: Global Locations served: Global Employee count: 1-10 Employee count: 11-100 DialogueFocus in insurance value chain/Activity in the AcceleratorInclusivity Solutions Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Placing, Point of COHORT , workﬂow: Policy admin system, Claims underwriting Primary focus product area whilst in Primary focus product area whilst in the Accelerator: Risk marketplace Speciﬁc lines of business supported the Accelerator: Increasing access to Speciﬁc lines of business supported (if applicable): Personal, Gig/ insurance (if applicable): Example of beneﬁt of Accelerator to Freelance, SME, Speciality organisation: Dialogue’s initial CPRI Example of beneﬁt of Accelerator to Dialogue is a global e-trading network data standard, developed with partners organisation: Lloyd’s Lab supported during its time in the Accelerator, Inclusivity Solutions is an embedded Inclusivity Solutions’ ideas around for trade credit and political risk enabled the company to deploy initial insurance technology company enabled micro-SME products, which have insurance (CPRI). Transactions routed algorithmic functionality, attracting by an open API-based core policy and launched in Zambia with FNB and through Dialogue’s network must insurance companies that do not claims platforms for consumer, group ﬁntech Instaﬁnance, with many more to conform to its proprietary CPRI data traditionally underwrite credit and micro-SME insurance products in come. During its time in the Lab it standard, either through browser input insurance to start underwriting it. This emerging markets. It works with secured over $1.5 million in funding from or API connection. Dialogue facilitates has now been launched for the beneﬁt insurers and distribution partners such existing investors. algorithmic underwriting so that risks of all brokers, providing credit and as banks, mobile network operators and can be underwritten automatically political risk insurance capacity to ﬁntechs to help deliver simple digital on a digital lead/follow basis. Dialogue Founded: 2017insurance products such as life, health Founded: 2015 also supports the Lloyd’s Core Data support trade transactions globally. Status: Operating, still in insuranceDuring its time in the Lab, it gained a and property insurance. Status: Operating, still in insurance Record (CDR).signiﬁcant number of Lloyd’s insurers Company type: Risk exchangeas clients. Company type: Administration system “The Lloyd's Lab program was instrumental in Dialogue's development of the world's first lead/Head oce: United KingdomHead oce: South Africa follow engine in credit and political risk. This Main global oces: United KingdomMain global oces: South Africa collaboration led to pioneering innovation, unifying terminology, and enhancing market efficiency.”Locations served: United KingdomLocations served: Africa Ben Heaney, Founder and Chief Executive OfficerEmployee count: 1-10 Employee count: 11-100 © Lloyd’s © Lloyd’s

50 Distribution Lloyd’s Lab Impact Report 51 Digitising the SME insurance value The Lloyd’s Lab boost The bene昀椀ts to Layr of taking part in the 昀氀edgling chain with the power of AI and ML Lloyd’s Lab project were immediate. Cohort 1, 2020 Not only was it one of the 昀椀rst companies to receive investment from Lloyd’s following completion of cohort one, but the additional credibility conferred by involvement in the Lab and the capital injection from Layr is committed to digitising the entire insurance value chain, Lloyd’s, soon brought it to the notice of venture capital enabling brokers and agencies to sell policies to SME businesses providers in a pre-seed funding round. Layr used a portion of the funds from Lloyd’s for more quickly and service accounts more cost e昀昀ectively, when they surplus lines licensing, enabling it to operate in the UK. Following successive funding rounds, it also grew its integrate with its AI-powered platform. portfolio of insurance agencies in the US, from seven 昀椀rms in the 昀椀rst 18 months of operations, to around 35 agencies currently. Shortening the distribution chain When Layr joined the 昀椀rst-ever cohort of the Lloyd’s Building a data ecosystem Lab, its aim was to attract as many carriers as possible to its platform, and to build its technology around Layr’s decision to transform its o昀昀ering from a direct- predicting carrier pricing and appetite faster. to-consumer play to a broker enablement tool meant it was one of the 昀椀rst insurtechs to o昀昀er this service. However, in the US market where Layr operates, the great majority of buyers rely on brokers or agents to It now supports insurance agencies and brokerages source coverage. Layr soon realised that the challenge across all 50 US states, providing technology to sell it needed to overcome was how to connect to thousands of policies and services tens of millions of intermediaries in order to shorten the distribution chain dollars of premium. between insurer and buyer. “ The way our technology works, it allows the But the longer-term bene昀椀t is the creation of a digital customer to do most of the work online, asset that provides the foundations for a data ecosystem that can ultimately be used by brokers to Re-focusing on service without having to speak to a human, creating perform analytics, by carriers to determine where to deploy their policies most e昀昀ectively, and by clients to Layr was partnered with three mentors, who provided an optimal experience for the policyholder. access quotes based on pre-populated forms, making the 昀椀rm with insights into how their companies Our retention rates are around 94–95% the experience of buying or renewing coverage almost transacted business with the SME space. across all the books of business on our frictionless. Comparing how some insurers used technology to platform, which can mean a 15–20% onboard business with the more manual approach taken with post-binding and servicing of policies increase in retentions for each brokerage. encouraged Layr to re-orient its e昀昀orts, away from So we're not only boosting their margins, but front-end capture and placement of business. also extending their revenue over a longer Instead, it focused on building technology that time period.” addressed the servicing aspect, making placement more e昀漀cient for brokers and creating a genuine pro昀椀t Phillip Naples – Founder and CEO, Layr centre for businesses integrated with its platform. © Lloyd’s

50DistributionLloyd’s Lab Impact Report 51 Digitising the SME insurance value The Lloyd’s Lab boost The bene昀椀ts to Layr of taking part in the 昀氀edgling chain with the power of AI and ML Lloyd’s Lab project were immediate. Cohort 1, 2020 Not only was it one of the 昀椀rst companies to receive investment from Lloyd’s following completion of cohort one, but the additional credibility conferred by involvement in the Lab and the capital injection from Layr is committed to digitising the entire insurance value chain, Lloyd’s, soon brought it to the notice of venture capital enabling brokers and agencies to sell policies to SME businesses providers in a pre-seed funding round. Layr used a portion of the funds from Lloyd’s for more quickly and service accounts more cost e昀昀ectively, when they surplus lines licensing, enabling it to operate in the UK. Following successive funding rounds, it also grew its integrate with its AI-powered platform. portfolio of insurance agencies in the US, from seven 昀椀rms in the 昀椀rst 18 months of operations, to around 35 agencies currently. Shortening the distribution chain When Layr joined the 昀椀rst-ever cohort of the Lloyd’s Building a data ecosystem Lab, its aim was to attract as many carriers as possible to its platform, and to build its technology around Layr’s decision to transform its o昀昀ering from a direct- predicting carrier pricing and appetite faster. to-consumer play to a broker enablement tool meant it was one of the 昀椀rst insurtechs to o昀昀er this service. However, in the US market where Layr operates, the great majority of buyers rely on brokers or agents to It now supports insurance agencies and brokerages source coverage. Layr soon realised that the challenge across all 50 US states, providing technology to sell it needed to overcome was how to connect to thousands of policies and services tens of millions of intermediaries in order to shorten the distribution chain dollars of premium. between insurer and buyer. “ The way our technology works, it allows the But the longer-term bene昀椀t is the creation of a digital customer to do most of the work online, asset that provides the foundations for a data ecosystem that can ultimately be used by brokers to Re-focusing on servicewithout having to speak to a human, creating perform analytics, by carriers to determine where to deploy their policies most e昀昀ectively, and by clients to Layr was partnered with three mentors, who provided an optimal experience for the policyholder. access quotes based on pre-populated forms, making the 昀椀rm with insights into how their companies Our retention rates are around 94–95% the experience of buying or renewing coverage almost transacted business with the SME space. across all the books of business on our frictionless. Comparing how some insurers used technology to platform, which can mean a 15–20% onboard business with the more manual approach taken with post-binding and servicing of policies increase in retentions for each brokerage. encouraged Layr to re-orient its e昀昀orts, away from So we're not only boosting their margins, but front-end capture and placement of business. also extending their revenue over a longer Instead, it focused on building technology that time period.” addressed the servicing aspect, making placement more e昀漀cient for brokers and creating a genuine pro昀椀t Phillip Naples – Founder and CEO, Layr centre for businesses integrated with its platform. © Lloyd’s

52 Distribution – Alumni proﬁles 52 Lloyd’s Lab Impact Report 53 Insurercore Focus in insurance value chain/ Activity in the Accelerator Kayna Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Placing COHORT , workﬂow: Point of underwriting Primary focus product area whilst in Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Risk marketplace Speciﬁc lines of business supported the Accelerator: Increasing access to (if applicable): (if applicable): SME insurance Example of beneﬁt of Accelerator to During its time in the Example of beneﬁt of Accelerator to organisation: Accelerator, Insurercore connected organisation: Kayna originally planned Insurercore is an insurance networking with mentors and other participants Kayna provides technology to enable to operate as a regulated insurance service, it provides news and market to progress the development of its insurers and brokers to integrate with entity providing coverage to SMEs. activity as well as allowing users to make search engine service, and make it vertical SaaS platforms to oer embedded Based on work done with Lloyd's new business contacts. Underwriters can ready to take to market. Based on insurance to SMEs. Vertical SaaS market participants during the Lab, it use Insurercore to deﬁne their appetites their work in the Lab, Insurercore platforms provide various software decided to pivot its business model to in a search engine used by brokers formed partnerships and received services tailored to a speciﬁc industry. become a technology provider, looking to place business. investment from various London Kayna enables insurers to price coverage enabling any insurer or broker to embed Market participants. and update policies based on improved insurance coverage in vertical SaaS Founded: 2015 information about an SME's business Founded: 2021 platforms. operations and changes to those Status: Operating, still in insurance operations. Status: Operating, still in insurance Company type: Other, Product and “Kayna's embedded orchestration layer is the ideal Company type: Administration system service consolidator solution for Lloyd’s coverholders who want to move quickly with no capital expenditure into the Head oce: Ireland Head oce: United Kingdom rapidly growing vertical SaaS sector. Our software Main global oces: Ireland Main global oces: United Kingdom platform partners love the hybrid solution of great fast tech from Kayna and the incredible Locations served: United Kingdom, Locations served: Global experience of the Lloyd’s coverholders.” USA Paul Prendergast, Chief Executive Officer Employee count: 1-10 and Co-Founder Employee count: 1-10 InsurX Focus in insurance value chain/ Activity in the Accelerator Layr Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Placing, Point of COHORT , workﬂow: Placing, Point of underwriting underwriting, Policy admin system, Primary focus product area whilst in Primary focus product area whilst in Loss modelling & analytics the Accelerator: Risk marketplace Speciﬁc lines of business supported the Accelerator: Improving policy and (if applicable): Gig/Freelance, SME claims admin, Improving UW tools and Speciﬁc lines of business supported Example of beneﬁt of Accelerator to processes, Increasing access to (if applicable): organisation: InsurX reﬁned its insurance product proposition during its time in InsurX is an independent two-sided the Lab and applied to become a The Layr platform automates and Example of beneﬁt of Accelerator to marketplace for the global corporate and Lloyd’s Coverholder. InsurX was digitizes manual, day-to-day tasks such organisation: Layr worked with specialty insurance market. InsurX’s approved as a Coverholder shortly as proposal generation for small, Lloyd’s broker partners to design its platform and data services enable after the end of its cohort, taking on a commercial broking departments. It oering for small commercial brokers, brokers and insurers to digitally trade number of clients and partners in the provides three products to brokers: reducing the time taken to underwrite policies through the InsurX Exchange by following months. service automation; digital rating and from weeks to minutes. algorithmically matching insurer appetite placements; access to growth capital. to broker risks. The Exchange allows for Policyholders can access Layr to buy full underwriting control and produces Founded: 2020 and manage their policies without Founded: 2016 real-time reporting on risks bound for needing to speak with their brokers. InsurX’s customers. Status: Operating, still in insurance Status: Operating, still in insurance Company type: Risk exchange Company type: Administration system Head oce: United Kingdom Head oce: North America Main global oces: United Kingdom Main global oces: North America Locations served: United Kingdom , Locations served: Global United States, Australia, New Zealand, India Employee count: 11-100 Employee count: 1-10 © Lloyd’s © Lloyd’s

52Distribution – Alumni proﬁles52Lloyd’s Lab Impact Report 53 Insurercore Focus in insurance value chain/Activity in the AcceleratorKayna Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Placing COHORT , workﬂow: Point of underwriting Primary focus product area whilst in Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Risk marketplace Speciﬁc lines of business supported the Accelerator: Increasing access to (if applicable): (if applicable): SME insurance Example of beneﬁt of Accelerator to During its time in the Example of beneﬁt of Accelerator to organisation: Accelerator, Insurercore connected organisation: Kayna originally planned Insurercore is an insurance networking with mentors and other participants Kayna provides technology to enable to operate as a regulated insurance service, it provides news and market to progress the development of its insurers and brokers to integrate with entity providing coverage to SMEs. activity as well as allowing users to make search engine service, and make it vertical SaaS platforms to oer embedded Based on work done with Lloyd's new business contacts. Underwriters can ready to take to market. Based on insurance to SMEs. Vertical SaaS market participants during the Lab, it use Insurercore to deﬁne their appetites their work in the Lab, Insurercore platforms provide various software decided to pivot its business model to in a search engine used by brokers formed partnerships and received services tailored to a speciﬁc industry. become a technology provider, looking to place business. investment from various London Kayna enables insurers to price coverage enabling any insurer or broker to embed Market participants.and update policies based on improved insurance coverage in vertical SaaS Founded: 2015information about an SME's business Founded: 2021 platforms. operations and changes to those Status: Operating, still in insuranceoperations. Status: Operating, still in insurance Company type: Other, Product and “Kayna's embedded orchestration layer is the ideal Company type: Administration system service consolidatorsolution for Lloyd’s coverholders who want to move quickly with no capital expenditure into the Head oce: Ireland Head oce: United Kingdomrapidly growing vertical SaaS sector. Our software Main global oces: Ireland Main global oces: United Kingdomplatform partners love the hybrid solution of great fast tech from Kayna and the incredible Locations served: United Kingdom, Locations served: Globalexperience of the Lloyd’s coverholders.” USA Paul Prendergast, Chief Executive Officer Employee count: 1-10and Co-Founder Employee count: 1-10 InsurXFocus in insurance value chain/Activity in the AcceleratorLayr Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Placing, Point of COHORT , workﬂow: Placing, Point of underwriting underwriting, Policy admin system, Primary focus product area whilst in Primary focus product area whilst in Loss modelling & analytics the Accelerator: Risk marketplace Speciﬁc lines of business supported the Accelerator: Improving policy and (if applicable): Gig/Freelance, SME claims admin, Improving UW tools and Speciﬁc lines of business supported Example of beneﬁt of Accelerator to processes, Increasing access to (if applicable): organisation: InsurX reﬁned its insurance product proposition during its time in InsurX is an independent two-sided the Lab and applied to become a The Layr platform automates and Example of beneﬁt of Accelerator to marketplace for the global corporate and Lloyd’s Coverholder. InsurX was digitizes manual, day-to-day tasks such organisation: Layr worked with specialty insurance market. InsurX’s approved as a Coverholder shortly as proposal generation for small, Lloyd’s broker partners to design its platform and data services enable after the end of its cohort, taking on a commercial broking departments. It oering for small commercial brokers, brokers and insurers to digitally trade number of clients and partners in the provides three products to brokers: reducing the time taken to underwrite policies through the InsurX Exchange by following months.service automation; digital rating and from weeks to minutes. algorithmically matching insurer appetite placements; access to growth capital. to broker risks. The Exchange allows for Policyholders can access Layr to buy full underwriting control and produces Founded: 2020and manage their policies without Founded: 2016 real-time reporting on risks bound for needing to speak with their brokers. InsurX’s customers.Status: Operating, still in insurance Status: Operating, still in insurance Company type: Risk exchange Company type: Administration system Head oce: United Kingdom Head oce: North America Main global oces: United Kingdom Main global oces: North America Locations served: United Kingdom , Locations served: Global United States, Australia, New Zealand, India Employee count: 11-100 Employee count: 1-10 © Lloyd’s © Lloyd’s

54 Distribution – Alumni proﬁles Lloyd’s Lab Impact Report 55 MiBroker Focus in insurance value chain/ Activity in the Accelerator Supercede Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting COHORT , workﬂow: Placing Primary focus product area whilst in Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Increasing access Speciﬁc lines of business supported the Accelerator: Risk marketplace, (if applicable): Personal, Gig/ to insurance (if applicable): Reinsurance Enhancing back-end data eciencies Freelance, Corporate, SME Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: miBroker launched organisation: Supercede has a miBroker, a division of McClelland what was known at the time as miCtrl, Supercede is an e-trading and ecosystem number of ﬁrms trialling its analytics Insurance, oers home, motor, watercraft an app which allowed gig economy platform built to support the facilitation product for outwards reinsurance and business insurance. Its business users to quote daily and annual of any reinsurance deal. Supercede and was able to obtain Lloyd’s insurance products are oered to a range business insurance, underwritten works across the reinsurance value clients during the Accelerator. of business sizes, from freelancers to by Gore Mutual. This product is no chain, oering services to cedents, large corporates. McClelland also oers longer available. brokers and reinsurers. It helps cedents motor usage-based insurance products with data preparation, connects brokers as well as coverage for both personal and with a global network of reinsurance business use. Founded: 2017 underwriters, and oers reinsurers Founded: 2019 the ability to search for risks that map “ Through the Lloyd’s Lab, we worked on industry Status: Operating, still in insurance their appetite. Status: Operating, still in insurance leading solutions for digital distribution. This included our innovative on demand insurance Company type: Broker “The mentors and syndicates involved in the Company type: Risk exchange, platform. As Lloyd’s continues the essential Lloyd's Lab are highly engaged if you give them Data transformation work of modernizing for the digital era, we look Head oce: North America a compelling reason to dedicate more time to forward to being a part of that journey.” engage with you.” Head oce: United Kingdom Main global oces: Canada John McClelland, Founder Jerad Leigh, Co-Founder Main global oces: United Kingdom Locations served: Canada and Chief Executive Officer Locations served: Global Employee count: 1-10 Employee count: 11-100 RYSKEX Focus in insurance value chain/ Activity in the Accelerator Superscript Focus in insurance value chain/ Activity in the Accelerator COHORT , AND COHORT , workﬂow: Placing, Loss modelling COHORT , workﬂow: Placing & analytics Primary focus product area whilst in Primary focus product area whilst in the Accelerator: Improving UW tools Speciﬁc lines of business supported the Accelerator: Crypto/Digital Speciﬁc lines of business supported and processes, Risk marketplace, (if applicable): Personal, Gig/ assets, SMEs (if applicable): Captive Improving claims process Freelance, Corporate, SME Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: Superscript used its Ryskex provides a marketplace for organisation: In its ﬁrst period in the Superscript provides broking and time in the Accelerator to deﬁne its parametric risk transfer without Accelerator, Ryskex worked to design a advisory services to SMEs across a proof of concept (PoC) for Daylight, an intermediaries. Corporate buyers of parametric cyber insurance product wide range of business areas. The insurance product for digital asset coverage, insurers and investors use (PCyCO) which it subsequently company also provides risk advice businesses such as tokenisation Ryskex to trade risks, such as carbon launched to market. PCyCo allowed for residential and commercial platforms, miners and non-fungible credit insurance, that are otherwise insurers to provide parametric cyber landlords. Insurance is underwritten token (NFT) platforms. The product difficult to transfer in the insurance insurance backed by an ILS fund. by a number of insurers and purchased was launched in 2022. market. Ryskex uses blockchain on a monthly subscription basis to technology and smart contracts to Founded: 2018 When it returned as part of Cohort 5, it oer ﬂexibility to policyholders. Its Founded: 2015 automate claims payments. Risks are designed a wider parametric risk advisory service, SuperscriptQ is an traded as securitised intangible assets Status: Operating, still in insurance transfer ecosystem to cover system authorised Lloyd's broker. Status: Operating, still in insurance on the blockchain. Tools for portfolio risks such as pandemics. and individual-level transactions Company type: Risk exchange Company type: Broker including pricing benchmarking. Head oce: USA Head oce: United Kingdom “We express our gratitude to Lloyd's Lab for an Main global oces: Germany Main global oces: United Kingdom exceptional journey of growth and collaboration. On this special day, we celebrate the remarkable Locations served: Global Locations served: United Kingdom, achievements of Lloyd's Lab and its employees. Europe Your pivotal role has ignited Innovation within Employee count: 11-100 RYSKEX, propelling us to success. Here's to Employee count: 101-200 the continued synergy and a future filled with shared accomplishments.” Marcus Schmalbach, Chief Executive Officer © Lloyd’s

54Distribution – Alumni proﬁlesLloyd’s Lab Impact Report 55 MiBroker Focus in insurance value chain/Activity in the AcceleratorSupercede Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting COHORT , workﬂow: Placing Primary focus product area whilst in Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Increasing access Speciﬁc lines of business supported the Accelerator: Risk marketplace, (if applicable): Personal, Gig/to insurance (if applicable): Reinsurance Enhancing back-end data eciencies Freelance, Corporate, SME Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: miBroker launched organisation: Supercede has a miBroker, a division of McClelland what was known at the time as miCtrl, Supercede is an e-trading and ecosystem number of ﬁrms trialling its analytics Insurance, oers home, motor, watercraft an app which allowed gig economy platform built to support the facilitation product for outwards reinsurance and business insurance. Its business users to quote daily and annual of any reinsurance deal. Supercede and was able to obtain Lloyd’s insurance products are oered to a range business insurance, underwritten works across the reinsurance value clients during the Accelerator. of business sizes, from freelancers to by Gore Mutual. This product is no chain, oering services to cedents, large corporates. McClelland also oers longer available.brokers and reinsurers. It helps cedents motor usage-based insurance products with data preparation, connects brokers as well as coverage for both personal and with a global network of reinsurance business use. Founded: 2017underwriters, and oers reinsurers Founded: 2019 the ability to search for risks that map “ Through the Lloyd’s Lab, we worked on industry Status: Operating, still in insurancetheir appetite.Status: Operating, still in insurance leading solutions for digital distribution. This included our innovative on demand insurance Company type: Broker“The mentors and syndicates involved in the Company type: Risk exchange, platform. As Lloyd’s continues the essential Lloyd's Lab are highly engaged if you give them Data transformation work of modernizing for the digital era, we look Head oce: North Americaa compelling reason to dedicate more time to forward to being a part of that journey.”engage with you.” Head oce: United Kingdom Main global oces: Canada John McClelland, FounderJerad Leigh, Co-Founder Main global oces: United Kingdom Locations served: Canadaand Chief Executive Officer Locations served: Global Employee count: 1-10 Employee count: 11-100 RYSKEXFocus in insurance value chain/Activity in the AcceleratorSuperscript Focus in insurance value chain/ Activity in the Accelerator COHORT , AND COHORT , workﬂow: Placing, Loss modelling COHORT , workﬂow: Placing & analytics Primary focus product area whilst in Primary focus product area whilst in the Accelerator: Improving UW tools Speciﬁc lines of business supported the Accelerator: Crypto/Digital Speciﬁc lines of business supported and processes, Risk marketplace, (if applicable): Personal, Gig/ assets, SMEs (if applicable): CaptiveImproving claims process Freelance, Corporate, SME Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: Superscript used its Ryskex provides a marketplace for organisation: In its ﬁrst period in the Superscript provides broking and time in the Accelerator to deﬁne its parametric risk transfer without Accelerator, Ryskex worked to design a advisory services to SMEs across a proof of concept (PoC) for Daylight, an intermediaries. Corporate buyers of parametric cyber insurance product wide range of business areas. The insurance product for digital asset coverage, insurers and investors use (PCyCO) which it subsequently company also provides risk advice businesses such as tokenisation Ryskex to trade risks, such as carbon launched to market. PCyCo allowed for residential and commercial platforms, miners and non-fungible credit insurance, that are otherwise insurers to provide parametric cyber landlords. Insurance is underwritten token (NFT) platforms. The product difficult to transfer in the insurance insurance backed by an ILS fund.by a number of insurers and purchased was launched in 2022. market. Ryskex uses blockchain on a monthly subscription basis to technology and smart contracts to Founded: 2018When it returned as part of Cohort 5, it oer ﬂexibility to policyholders. Its Founded: 2015 automate claims payments. Risks are designed a wider parametric risk advisory service, SuperscriptQ is an traded as securitised intangible assets Status: Operating, still in insurancetransfer ecosystem to cover system authorised Lloyd's broker.Status: Operating, still in insurance on the blockchain. Tools for portfolio risks such as pandemics. and individual-level transactions Company type: Risk exchange Company type: Broker including pricing benchmarking.Head oce: USA Head oce: United Kingdom “We express our gratitude to Lloyd's Lab for an Main global oces: GermanyMain global oces: United Kingdom exceptional journey of growth and collaboration. On this special day, we celebrate the remarkable Locations served: GlobalLocations served: United Kingdom, achievements of Lloyd's Lab and its employees. Europe Your pivotal role has ignited Innovation within Employee count: 11-100 RYSKEX, propelling us to success. Here's to Employee count: 101-200 the continued synergy and a future filled with shared accomplishments.” Marcus Schmalbach, Chief Executive Officer © Lloyd’s

56 Distribution – Alumni proﬁles Tremor Technologies Focus in insurance value chain/ Activity in the Accelerator C A COHORT , workﬂow: Placing Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Risk marketplace l lum (if applicable): Reinsurance Example of beneﬁt of Accelerator to a The product that im organisation: Tremor developed with input from the Tremor is a risk transfer marketplace mentors and other participants of the with an algorithmic matching engine Lab saves the insurance buyer 10-20% to facilitate trading between reinsurers on price and cuts down placement time and cedents. Tremor oers various analytical tools for portfolio and for complex facultative and treaty s n placements by three times. individual-level transactions including pricing benchmarking. Tremor also has i an issuance platform for insurance- linked warranties, retrocession treaties Founded: 2018 c and catastrophe bonds as well as a short placement tool. Status: Operating, still in insurance “ Through the Lloyd’s Lab, we worked on industry Company type: Risk exchange a leading solutions for digital distribution. This included our innovative on demand insurance Head oce: North America s platform. As Lloyd’s continues the essential Main global oces: USA work of modernizing for the digital era, we look forward to being a part of that journey.” Locations served: Global e John McClelland, Founder Employee count: 11-100 a n d p oi n t

56Distribution – Alumni proﬁles Tremor Technologies Focus in insurance value chain/Activity in the Accelerator C A COHORT , workﬂow: Placing Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Risk marketplace l lum (if applicable): ReinsuranceExample of beneﬁt of Accelerator to a The product that im organisation: Tremor developed with input from the Tremor is a risk transfer marketplace mentors and other participants of the with an algorithmic matching engine Lab saves the insurance buyer 10-20% to facilitate trading between reinsurers on price and cuts down placement time and cedents. Tremor oers various analytical tools for portfolio and for complex facultative and treaty s n placements by three times. individual-level transactions including pricing benchmarking. Tremor also has i an issuance platform for insurance- linked warranties, retrocession treaties Founded: 2018 c and catastrophe bonds as well as a short placement tool.Status: Operating, still in insurance “ Through the Lloyd’s Lab, we worked on industry Company type: Risk exchange a leading solutions for digital distribution. This included our innovative on demand insurance Head oce: North America s platform. As Lloyd’s continues the essential Main global oces: USA work of modernizing for the digital era, we look forward to being a part of that journey.”Locations served: Global e John McClelland, Founder Employee count: 11-100 a n d p oi n t

58 Claims Lloyd’s Lab Impact Report 59 Collaborative intelligence “In this case, our job was to tackle a huge for faster claims processing challenge and to take a step forward for the whole market. Claims automation has been a Cohort 3, 2019 goal for many years, but insurers needed a market-wide programme to innovate in this area; which is, of course, what the Lab is designed to facilitate. In this case, everyone Some challenges in our market require bravery even to approach, and the knew what we were trying to achieve was automation of parts of the claims process is one such example. The difficult and we collaborated to work at it bene昀椀ts are huge – if AI can be used to analyse claims documents together. This approach, along with the accurately, it becomes possible to approve the payment of claims to technology, absolutely delivered, and is a customers much faster. It’s an area where innovation could transform great demonstration of what can be customer outcomes. However, the challenges are also big. achieved in an open innovation space.” The data pool for London market claims is very deep, and there are sometimes dozens of linked policy Ed Gaze, Lloyd’s Lab manager documents that must be analysed – previously always by a human claims handler – to understand the technicalities of a single claim. As a result, the automation of P&C claims checking was once thought to be impossible, and few 昀椀rms were willing to even attempt it. But through the innovation focus of the Lab, the AI 昀椀rm Tautona was enabled to make the impossible real. Before entering the Lab, Tautona had already developed an early stage claims adjustment tool, designed to read each claim and its linked policy documents to produce a recommendation on whether a claim should be paid. The product was conceptually right, and already in use in other industries, as well as in The claims tool that was subsequently rolled out consumer insurance. The challenge was to bring it into has been trained on hundreds of thousands of the P&C insurance market successfully. claims and reads them as a human would, but During their time in the Lab, Tautona was matched with more accurately and within seconds, instead of Atrium and they agreed to work on a pilot to automate 2-3 hours. Tautona says that while human beings analyse claims at 95-96% accuracy, their system “ Having been in the Lab is a door opener for will deliver 98% accuracy. us. We are able to say who we have worked For Tautona, the Lab was a fantastic learning with and that brings so much trust straight experience and sharpened their focus. Previously, the team was focused on end-to-end claims away because they know we understand validation. However, they found a ‘golden nugget’ in their world.” the Lab – P&C policy coverage analysis – where automation could deliver huge bene昀椀ts in a big Tautona market. The Lab also opened up the US market for Tautona, and the 昀椀rm now works with carriers and TPAs in Canada and the US. Atrium’s delegated authority property claims for the US market. During the ten-week programme, they were together able to create a proof-of-concept model which showed how using the right AI could reduce costs and processing times while maintaining accuracy of results. © Lloyd’s

58ClaimsLloyd’s Lab Impact Report 59 Collaborative intelligence “In this case, our job was to tackle a huge for faster claims processing challenge and to take a step forward for the whole market. Claims automation has been a Cohort 3, 2019 goal for many years, but insurers needed a market-wide programme to innovate in this area; which is, of course, what the Lab is designed to facilitate. In this case, everyone Some challenges in our market require bravery even to approach, and the knew what we were trying to achieve was automation of parts of the claims process is one such example. The difficult and we collaborated to work at it bene昀椀ts are huge – if AI can be used to analyse claims documents together. This approach, along with the accurately, it becomes possible to approve the payment of claims to technology, absolutely delivered, and is a customers much faster. It’s an area where innovation could transform great demonstration of what can be customer outcomes. However, the challenges are also big. achieved in an open innovation space.” The data pool for London market claims is very deep, and there are sometimes dozens of linked policy Ed Gaze, Lloyd’s Lab manager documents that must be analysed – previously always by a human claims handler – to understand the technicalities of a single claim. As a result, the automation of P&C claims checking was once thought to be impossible, and few 昀椀rms were willing to even attempt it. But through the innovation focus of the Lab, the AI 昀椀rm Tautona was enabled to make the impossible real. Before entering the Lab, Tautona had already developed an early stage claims adjustment tool, designed to read each claim and its linked policy documents to produce a recommendation on whether a claim should be paid. The product was conceptually right, and already in use in other industries, as well as in The claims tool that was subsequently rolled out consumer insurance. The challenge was to bring it into has been trained on hundreds of thousands of the P&C insurance market successfully. claims and reads them as a human would, but During their time in the Lab, Tautona was matched with more accurately and within seconds, instead of Atrium and they agreed to work on a pilot to automate 2-3 hours. Tautona says that while human beings analyse claims at 95-96% accuracy, their system “ Having been in the Lab is a door opener for will deliver 98% accuracy. us. We are able to say who we have worked For Tautona, the Lab was a fantastic learning with and that brings so much trust straight experience and sharpened their focus. Previously, the team was focused on end-to-end claims away because they know we understand validation. However, they found a ‘golden nugget’ in their world.”the Lab – P&C policy coverage analysis – where automation could deliver huge bene昀椀ts in a big Tautonamarket. The Lab also opened up the US market for Tautona, and the 昀椀rm now works with carriers and TPAs in Canada and the US. Atrium’s delegated authority property claims for the US market. During the ten-week programme, they were together able to create a proof-of-concept model which showed how using the right AI could reduce costs and processing times while maintaining accuracy of results. © Lloyd’s

60 Claims – Alumni proﬁles Lloyd’s Lab Impact Report 61 Baker Tilly (Quantum) Focus in insurance value chain/ Activity in the Accelerator Cargosnap Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Claims COHORT , workﬂow: Claims Primary focus product area whilst in Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Improving policy and Speciﬁc lines of business supported the Accelerator: Improving claims (if applicable): SME claims admin, Improving claims (if applicable): Corporate, SME process process Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: Being selected for the Baker Tilly is a global accounting and organisation: Baker Tilly worked Cargosnap is a photographic proof of ﬁrst cohort of the Lloyd’s Lab was very consulting ﬁrm. It has developed with a number of insurers to develop condition app for logistics businesses. It exciting for Cargosnap and it gave the Quantum, a digital claims calculation a model library for Quantum and provides image and document scanning, company recognition for what it was platform for commercial insurers to use stress-test its system operationally, storing, sharing and reporting services. building at the time. During the for business interruption claims. with signs suggesting it can enable Businesses can create checklists from a 10-weeks of the Lab programme, insurers to approve business range of pre-built templates including Cargosnap was still in an early stage of “ Lloyds Lab was a gateway to the Lloyd's interruption claims in just a few days. those for trucks and trailers, containers development and seeking its angle and market with direct links to the ideal clientele and more. The company aims to improve approach to the market. The support for Quantum. The Lab gave the exploratory / customers' operations, speed up claims they received from the Lab team and safe workspace to stress test and fulfil our Founded: 1931 and provide supply chain partners with Founded: 2017 development needs on our business the interaction with peers proved interruption calculator. It was a great Status: Operating, still in insurance more insight into operations. Status: Operating, still in insurance beneﬁcial to helping shape their goals, experience!” Company type: Other Company type: Customer App ICP (Ideal Customer Proﬁle) and go-to “Today, years after ‘Cohort 1’, Cargosnap is a market approach. Jack Torpey, Partner different company. We’re much bigger, our Head oce: USA product more mature and we’re growing faster. Head oce: The Netherlands Main global oces: USA The Lloyd’s lab will always be on my mind as one of Main global oces: The Netherlands those early stage ‘steps’ to getting where we are Locations served: USA now and where we are going!” Locations served: Global Marcel Merkx, Chief Executive Officer Employee count: 1001+ Employee count: 11-100 BelMead Tech Focus in insurance value chain/ Activity in the Accelerator Field Pros Direct Focus in insurance value chain/ Activity in the Accelerator (Belvedere Mead) workﬂow: Loss modelling & COHORT , workﬂow: Claims analytics, Claims Primary focus product area whilst in Primary focus product area whilst in COHORT , the Accelerator: Improving policy Speciﬁc lines of business supported the Accelerator: Improving policy and Speciﬁc lines of business supported and claims admin, Enhancing back-end (if applicable): claims admin, Improving claims process (if applicable): data eciencies, Improving claims process Example of beneﬁt of Accelerator to organisation: FPD acquired Belvedere Mead is a claims consultancy Example of beneﬁt of Accelerator to Field Pros Direct (FPD) has created a Bridgewater Group after an that provides outsourced claims organisation: With the support of virtual claims management solution for introduction made by the company’s management services to those the Accelerator, BelMead designed policyholders to document damage to a mentors at Atrium. FPD also gained operating in the London Market. From its Simplify Claims platform, which property with videos and photos valuable knowledge around the data its experience with the claims process, aimed to reduce ineciencies in the accessible via a weblink. Field Pros will needs of Lloyd’s Managing Agents the company designed its Simplify claims settlement process. BelMead’s analyse the information sent using AI, and Coverholders, which it has Claims platform with the main aim of product was paused in 2020 after machine learning, and predictive used to tailor its solutions. helping service providers 'such as loss ﬁnancial diculties, but the company analytics. FPD also connects to a adjusters and lawyers from TPAs' to Founded: 2010 says the need still exists for a solution network of independent ﬁeld adjusters Founded: 2017 Following its involvement in the better understand the collaboration of to manage communications in an in the USA who are sorted based on their Accelerator, FPD was used by Atrium relevant parties on the claim file. Status: Operating, still in insurance ecient, open manner for complex area of expertise and locations served. Status: Operating, still in insurance Underwriters, whose employees multi-carrier claims. explained that their virtual adjusting Company type: Other, Administration Company type: Administration system service paired with the tool has been system used to improve turnaround times for Head oce: North America Head oce: United Kingdom their clients and reduce the cost on Main global oces: USA insurers when handling claims. The Lab Main global oces: United Kingdom also helped the development of AI Locations served: USA Inspection, a product that automates Locations served: United Kingdom data collection and interpretation for Employee count: 11-100 Employee count: 1-10 both loss control and claims. © Lloyd’s

60Claims – Alumni proﬁlesLloyd’s Lab Impact Report 61 Baker Tilly (Quantum) Focus in insurance value chain/Activity in the AcceleratorCargosnap Focus in insurance value chain/Activity in the Accelerator COHORT , workﬂow: Claims COHORT , workﬂow: Claims Primary focus product area whilst in Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Improving policy and Speciﬁc lines of business supported the Accelerator: Improving claims (if applicable): SMEclaims admin, Improving claims (if applicable): Corporate, SME process process Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: Being selected for the Baker Tilly is a global accounting and organisation: Baker Tilly worked Cargosnap is a photographic proof of ﬁrst cohort of the Lloyd’s Lab was very consulting ﬁrm. It has developed with a number of insurers to develop condition app for logistics businesses. It exciting for Cargosnap and it gave the Quantum, a digital claims calculation a model library for Quantum and provides image and document scanning, company recognition for what it was platform for commercial insurers to use stress-test its system operationally, storing, sharing and reporting services. building at the time. During the for business interruption claims. with signs suggesting it can enable Businesses can create checklists from a 10-weeks of the Lab programme, insurers to approve business range of pre-built templates including Cargosnap was still in an early stage of “ Lloyds Lab was a gateway to the Lloyd's interruption claims in just a few days.those for trucks and trailers, containers development and seeking its angle and market with direct links to the ideal clientele and more. The company aims to improve approach to the market. The support for Quantum. The Lab gave the exploratory / customers' operations, speed up claims they received from the Lab team and safe workspace to stress test and fulfil our Founded: 1931and provide supply chain partners with Founded: 2017 development needs on our business the interaction with peers proved interruption calculator. It was a great Status: Operating, still in insurancemore insight into operations.Status: Operating, still in insurancebeneﬁcial to helping shape their goals, experience!”Company type: Other Company type: Customer App ICP (Ideal Customer Proﬁle) and go-to “Today, years after ‘Cohort 1’, Cargosnap is a market approach. Jack Torpey, Partnerdifferent company. We’re much bigger, our Head oce: USAproduct more mature and we’re growing faster. Head oce: The Netherlands Main global oces: USAThe Lloyd’s lab will always be on my mind as one of Main global oces: The Netherlands those early stage ‘steps’ to getting where we are Locations served: USAnow and where we are going!” Locations served: Global Marcel Merkx, Chief Executive Officer Employee count: 1001+ Employee count: 11-100 BelMead Tech Focus in insurance value chain/Activity in the AcceleratorField Pros Direct Focus in insurance value chain/Activity in the Accelerator (Belvedere Mead) workﬂow: Loss modelling & COHORT , workﬂow: Claims analytics, Claims Primary focus product area whilst in Primary focus product area whilst in COHORT , the Accelerator: Improving policy Speciﬁc lines of business supported the Accelerator: Improving policy and Speciﬁc lines of business supported and claims admin, Enhancing back-end (if applicable): claims admin, Improving claims process (if applicable): data eciencies, Improving claims process Example of beneﬁt of Accelerator to organisation: FPD acquired Belvedere Mead is a claims consultancy Example of beneﬁt of Accelerator to Field Pros Direct (FPD) has created a Bridgewater Group after an that provides outsourced claims organisation: With the support of virtual claims management solution for introduction made by the company’s management services to those the Accelerator, BelMead designed policyholders to document damage to a mentors at Atrium. FPD also gained operating in the London Market. From its Simplify Claims platform, which property with videos and photos valuable knowledge around the data its experience with the claims process, aimed to reduce ineciencies in the accessible via a weblink. Field Pros will needs of Lloyd’s Managing Agents the company designed its Simplify claims settlement process. BelMead’s analyse the information sent using AI, and Coverholders, which it has Claims platform with the main aim of product was paused in 2020 after machine learning, and predictive used to tailor its solutions. helping service providers 'such as loss ﬁnancial diculties, but the company analytics. FPD also connects to a adjusters and lawyers from TPAs' to Founded: 2010says the need still exists for a solution network of independent ﬁeld adjusters Founded: 2017Following its involvement in the better understand the collaboration of to manage communications in an in the USA who are sorted based on their Accelerator, FPD was used by Atrium relevant parties on the claim file.Status: Operating, still in insuranceecient, open manner for complex area of expertise and locations served.Status: Operating, still in insuranceUnderwriters, whose employees multi-carrier claims. explained that their virtual adjusting Company type: Other, Administration Company type: Administration system service paired with the tool has been system used to improve turnaround times for Head oce: North America Head oce: United Kingdom their clients and reduce the cost on Main global oces: USA insurers when handling claims. The Lab Main global oces: United Kingdom also helped the development of AI Locations served: USA Inspection, a product that automates Locations served: United Kingdom data collection and interpretation for Employee count: 11-100 Employee count: 1-10 both loss control and claims. © Lloyd’s

62 Claims – Alumni proﬁles Lloyd’s Lab Impact Report 63 Hubvia - Subs. of Focus in insurance value chain/ Activity in the Accelerator OPTIMIZ Claims Focus in insurance value chain/ Activity in the Accelerator Brush Country Claims workﬂow: Claims COHORT , workﬂow: Claims Primary focus product area whilst in Primary focus product area whilst in COHORT , Speciﬁc lines of business supported the Accelerator: Improving claims Speciﬁc lines of business supported the Accelerator: Improving claims (if applicable): Personal, Corporate, process (if applicable): Speciality process SME Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: Hubvia used its time organisation: Hubvia provides a suite of claims in the Accelerator to develop its Optimiz creates digital records of cargo management solutions. The ﬁrst, business strategy, learning about condition, automates inspection reports HubCentral, is used by claims teams to insurance ecosystems and their and shares this with third parties. Its manage sta, claims and performance. importance, to make its oering administration system supports claims HubInsight supports a remote claim more ﬂexible, enabling it to integrate and delivery processes as policyholders experience, allowing policyholders to more easily with other systems. take a photo or video to capture the provide claim documentation and receive condition of their cargo to either initiate payments. HubOnsite is a guided claim the eFNOL process or document delivery. documentation solution allowing Founded: 2017 These systems’ workﬂows can be Founded: 2013 adjusters to label photo evidence. Data customised to the needs of the insurer. from HubInsight and HubOnsite is Status: Operating, still in insurance Status: Operating, still in insurance automatically uploaded to HubCentral. “Boy is it a complex market! But you are in luck Company type: Administration system because there is sufficient support in the Lloyd’s Company type: Administration system Lab to help you hit the ground running” Head oce: North America Head oce: United Kingdom Kingsly Kwalar, Founder Main global oces: USA Main global oces: United Kingdom Locations served: USA Locations served: United Kingdom, Europe Employee count: 11-100 Employee count: 1-10 McKenzie Focus in insurance value chain/ Activity in the Accelerator Safekeep Focus in insurance value chain/ Activity in the Accelerator Intelligence Services workﬂow: Loss modelling & COHORT , workﬂow: Claims analytics, Claims Primary focus product area whilst in Primary focus product area whilst in NO COHORT the Accelerator: Improving claims Speciﬁc lines of business supported the Accelerator: Improving policy and Speciﬁc lines of business supported process (if applicable): Personal, Gig/ claims admin, Improving UW tools and (if applicable): Freelance, Corporate, SME processes, Risk marketplace, Ancillary, Example of beneﬁt of Accelerator to accountancy and regulatory organisation: In the Lab MIS compliance services, New sources of McKenzie Intelligence Services (MIS) developed a use case for remote Safekeep provides a claims subrogation risk insight - data or models, Increasing helps accelerate disaster relief and intelligence in claims automation for administration system for motor, access to insurance, Data, product economic recovery through the provision the Future at Lloyd’s Next Generation property and workers’ compensation, & service consolidator, Enhancing of multi-source intelligence. The Claims workstream, which has using AI to facilitate straight-through back-end data eciencies, Improving company provides estimates of losses supported the improved eciency processing for subrogation activities in claims processes from insured events to assist with the in claims processing. front and back-oces. Safekeep also aggregation of exposure data and post created ClaimFlo, a claims processing Example of beneﬁt of Accelerator to claims loss analysis. MIS processes platform for property and casualty organisation: After their time in the satellite imagery and other data sources Founded: 2011 claims. Founded: 2019 Lab, Safekeep raised a round of seed such as drones and on the ground funding from a number of London “human intelligence” with machine Status: Operating, still in insurance “We're really proud of the [client] traction we Status: Operating, Acquired Market insurers. In 2022 Safekeep was learning algorithms. This intelligence is achieved through the Lloyd's Lab.” acquired by CCC Intelligent Solutions provided to clients through its platform, Company type: Data consolidator, Jeff To, Senior VP at CCC Company type: Administration system to extend its claims management Global Events Observer. Data provider capabilities to include subrogation Head oce: North America Head oce: United Kingdom management. Main global oces: USA Main global oces: United Kingdom Locations served: Global Locations served: Global Employee count: 11-100 Employee count: 11-100 © Lloyd’s

62Claims – Alumni proﬁlesLloyd’s Lab Impact Report 63 Hubvia - Subs. of Focus in insurance value chain/Activity in the AcceleratorOPTIMIZ Claims Focus in insurance value chain/ Activity in the Accelerator Brush Country Claims workﬂow: Claims COHORT , workﬂow: Claims Primary focus product area whilst in Primary focus product area whilst in COHORT , Speciﬁc lines of business supported the Accelerator: Improving claims Speciﬁc lines of business supported the Accelerator: Improving claims (if applicable): Personal, Corporate, process (if applicable): Speciality process SME Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: Hubvia used its time organisation: Hubvia provides a suite of claims in the Accelerator to develop its Optimiz creates digital records of cargo management solutions. The ﬁrst, business strategy, learning about condition, automates inspection reports HubCentral, is used by claims teams to insurance ecosystems and their and shares this with third parties. Its manage sta, claims and performance. importance, to make its oering administration system supports claims HubInsight supports a remote claim more ﬂexible, enabling it to integrate and delivery processes as policyholders experience, allowing policyholders to more easily with other systems.take a photo or video to capture the provide claim documentation and receive condition of their cargo to either initiate payments. HubOnsite is a guided claim the eFNOL process or document delivery. documentation solution allowing Founded: 2017These systems’ workﬂows can be Founded: 2013 adjusters to label photo evidence. Data customised to the needs of the insurer. from HubInsight and HubOnsite is Status: Operating, still in insurance Status: Operating, still in insurance automatically uploaded to HubCentral. “Boy is it a complex market! But you are in luck Company type: Administration systembecause there is sufficient support in the Lloyd’s Company type: Administration system Lab to help you hit the ground running” Head oce: North America Head oce: United Kingdom Kingsly Kwalar, Founder Main global oces: USA Main global oces: United Kingdom Locations served: USA Locations served: United Kingdom, Europe Employee count: 11-100 Employee count: 1-10 McKenzie Focus in insurance value chain/Activity in the AcceleratorSafekeep Focus in insurance value chain/ Activity in the Accelerator Intelligence Services workﬂow: Loss modelling & COHORT , workﬂow: Claims analytics, Claims Primary focus product area whilst in Primary focus product area whilst in NO COHORTthe Accelerator: Improving claims Speciﬁc lines of business supported the Accelerator: Improving policy and Speciﬁc lines of business supported process (if applicable): Personal, Gig/ claims admin, Improving UW tools and (if applicable): Freelance, Corporate, SME processes, Risk marketplace, Ancillary, Example of beneﬁt of Accelerator to accountancy and regulatory organisation: In the Lab MIS compliance services, New sources of McKenzie Intelligence Services (MIS) developed a use case for remote Safekeep provides a claims subrogation risk insight - data or models, Increasing helps accelerate disaster relief and intelligence in claims automation for administration system for motor, access to insurance, Data, product economic recovery through the provision the Future at Lloyd’s Next Generation property and workers’ compensation, & service consolidator, Enhancing of multi-source intelligence. The Claims workstream, which has using AI to facilitate straight-through back-end data eciencies, Improving company provides estimates of losses supported the improved eciency processing for subrogation activities in claims processes from insured events to assist with the in claims processing.front and back-oces. Safekeep also aggregation of exposure data and post created ClaimFlo, a claims processing Example of beneﬁt of Accelerator to claims loss analysis. MIS processes platform for property and casualty organisation: After their time in the satellite imagery and other data sources Founded: 2011claims. Founded: 2019 Lab, Safekeep raised a round of seed such as drones and on the ground funding from a number of London “human intelligence” with machine Status: Operating, still in insurance“We're really proud of the [client] traction we Status: Operating, AcquiredMarket insurers. In 2022 Safekeep was learning algorithms. This intelligence is achieved through the Lloyd's Lab.” acquired by CCC Intelligent Solutions provided to clients through its platform, Company type: Data consolidator, Jeff To, Senior VP at CCCCompany type: Administration systemto extend its claims management Global Events Observer.Data provider capabilities to include subrogation Head oce: North America Head oce: United Kingdom management. Main global oces: USA Main global oces: United Kingdom Locations served: Global Locations served: Global Employee count: 11-100 Employee count: 11-100 © Lloyd’s

64 Claims – Alumni proﬁles Lloyd’s Lab Impact Report 65 SettleIndex Focus in insurance value chain/ Activity in the Accelerator YEO Messaging Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Claims Limited workﬂow: Claims Primary focus product area whilst in Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Improving claims COHORT , Speciﬁc lines of business supported the Accelerator: Improving claims (if applicable): Corporate process (if applicable): Corporate, SME process Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: The Lab programme organisation: In the Accelerator, SettleIndex analyses litigation risk for raised SettleIndex’s proﬁle immensely. YEO Messaging is a secure, private YEO Messaging used its platform to lawyers, corporate legal departments They identiﬁed that the market was not messaging platform. It uses biometric develop an incident response system and insurers. It helps casualty insurers yet ready for ﬁnancial modelling of authentication, encryption, timed for cyber insurance claims, allowing make data-driven settlement decisions, litigation risk but were conﬁdent that it messaging and geospatial restrictions policyholders to communicate with ultimately aiming to reduce the cost of would adopt the software as panel to ensure that senders have control brokers, insurers and cybersecurity claims and analyse where the claims lawyers use it more and more. over who receives their message. vendors securely. YEO Messaging process can be improved. claims that the time taken for policyholders to report a cyber Founded: 2019 Founded: 2017 incident reduces from an average of 72 hours to just one hour using the Status: Operating, still in insurance Status: Operating, still in insurance YEO Cyber Solution it developed in Company type: Data models Company type: Other the Accelerator. Head oce: United Kingdom Head oce: United Kingdom Main global oces: United Kingdom Main global oces: United Kingdom Locations served: Global Locations served: Global Employee count: 1-10 Employee count: 1-10 Tautona AI Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Claims Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Improving claims (if applicable): process Example of beneﬁt of Accelerator to organisation: Tautona used its time in Tautona is an intelligent automation the Lab to develop a proof of concept company specialising in AI-powered (PoC) model to automate Atrium's solutions for the insurance industry. The delegated authority property claims for company aims to automate tasks the US market. Atrium used this to enter traditionally requiring human cognitive in the North American markets. Since abilities. With Tautona's deep learning this initial PoC, Tautona has signiﬁcantly technology, insurers can reduce cycle expanded its work within the Lloyd’s times from days to minutes, achieving market as well as internationally nearly zero costs for straight-through Founded: 2017 covering claims, underwriting, risk, claims. PolicyGPT, the company's regulatory compliance and broking. flagship AI product, helps to provide Status: Operating, still in insurance insights, operational efficiency and an improved customer experience. Company type: Data transformation, Administration system Head oce: Africa Main global oces: Africa Locations served: Global Employee count: 11-100 © Lloyd’s

64Claims – Alumni proﬁlesLloyd’s Lab Impact Report 65 SettleIndex Focus in insurance value chain/Activity in the AcceleratorYEO Messaging Focus in insurance value chain/Activity in the Accelerator COHORT , workﬂow: Claims Limited workﬂow: Claims Primary focus product area whilst in Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Improving claims COHORT , Speciﬁc lines of business supported the Accelerator: Improving claims (if applicable): Corporateprocess (if applicable): Corporate, SME process Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: The Lab programme organisation: In the Accelerator, SettleIndex analyses litigation risk for raised SettleIndex’s proﬁle immensely. YEO Messaging is a secure, private YEO Messaging used its platform to lawyers, corporate legal departments They identiﬁed that the market was not messaging platform. It uses biometric develop an incident response system and insurers. It helps casualty insurers yet ready for ﬁnancial modelling of authentication, encryption, timed for cyber insurance claims, allowing make data-driven settlement decisions, litigation risk but were conﬁdent that it messaging and geospatial restrictions policyholders to communicate with ultimately aiming to reduce the cost of would adopt the software as panel to ensure that senders have control brokers, insurers and cybersecurity claims and analyse where the claims lawyers use it more and more.over who receives their message. vendors securely. YEO Messaging process can be improved. claims that the time taken for policyholders to report a cyber Founded: 2019 Founded: 2017 incident reduces from an average of 72 hours to just one hour using the Status: Operating, still in insurance Status: Operating, still in insurance YEO Cyber Solution it developed in Company type: Data models Company type: Other the Accelerator. Head oce: United Kingdom Head oce: United Kingdom Main global oces: United Kingdom Main global oces: United Kingdom Locations served: Global Locations served: Global Employee count: 1-10 Employee count: 1-10 Tautona AI Focus in insurance value chain/Activity in the Accelerator COHORT , workﬂow: Claims Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Improving claims (if applicable): process Example of beneﬁt of Accelerator to organisation: Tautona used its time in Tautona is an intelligent automation the Lab to develop a proof of concept company specialising in AI-powered (PoC) model to automate Atrium's solutions for the insurance industry. The delegated authority property claims for company aims to automate tasks the US market. Atrium used this to enter traditionally requiring human cognitive in the North American markets. Since abilities. With Tautona's deep learning this initial PoC, Tautona has signiﬁcantly technology, insurers can reduce cycle expanded its work within the Lloyd’s times from days to minutes, achieving market as well as internationally nearly zero costs for straight-through Founded: 2017covering claims, underwriting, risk, claims. PolicyGPT, the company's regulatory compliance and broking. flagship AI product, helps to provide Status: Operating, still in insurance insights, operational efficiency and an improved customer experience.Company type: Data transformation, Administration system Head oce: Africa Main global oces: Africa Locations served: Global Employee count: 11-100 © Lloyd’s

66 67 Lloyd’s Lab Impact Report 67 P A A new insurance ecosystem r lum Cohort 3, 2019 o ce Sharing data and insights is something that individual insurers are unable to do unless an impartial industry group, such as Lloyd’s, facilitates a s n ‘protected space’ for them to do this in. It rarely happens without this encouragement, even though the bene昀椀ts for the market of pooling s i op c modelling data for complex risks could be huge – allowing better pricing, which bene昀椀ts both clients and insurers. a So, in the case of industry start-up, Hyperexponential, “Lloyd’s went above and beyond to help the role of the innovation team in the Lloyd’s Lab was t s not primarily to help educate the team about insurance make introductions for us to stakeholders – in fact the HX team already had some experience i e within the London market – but to bring together across the Lloyd’s landscape.” mi di昀昀erent 昀椀rms and make it possible for them to share HX information and see the bene昀椀ts of the results. In this a example the aim was to allow pricing teams to share live data while modelling new risks, especially those in s n the specialty markets. HX were also helped by the Lab to bring together the The idea was focused on the pre-contract pricing work network of specialists who might collaborate within a d that must be done for each risk before it is their product during their two-month project. They in underwritten. Traditionally a company actuary built fact set up a best-practice market pricing group in t their own company-speci昀椀c pricing model in Excel to partnership with the LMA and Lloyd’s, and this ion p price a new risk. However, the system that was collaboration forum for senior actuaries continues to developed through the Lab allows pricing to be done meet. HX were enthusiastic about the role that the Lab collaboratively in a shared system. played in making the cross-market partnerships they oi It was a brave move in a market where modelling and needed a reality. pricing intelligence has traditionally been jealously The Lab’s ability to connect them with new partners guarded, but the HX team had an idea that chimed and support their innovation helped to turbo-charge closely with Lloyd’s own ambitions for data sharing Hyperexponential’s visibility and usage, and their n among managing agents and insurers. platform is now used across the market. While in the Lab three mentors provided input and data. t Beazley and Atrium helped with the building of the proof of concept model, while Navigators provided an IT mentor. The HX team found that their time in the Lab “had a huge impact on our relationship with the market through the networks that we built up”. They found that the programme gave them much-needed insight into what would be most valued by clients, as well as how important ease of integration would be to pricing. It turned out that, even experienced in-market teams can learn more about the insurance ecosystem when paired with new teams in an innovation space. © Lloyd’s

66 67 Lloyd’s Lab Impact Report 67 PA A new insurance ecosystem rlum Cohort 3, 2019 o ce Sharing data and insights is something that individual insurers are unable to do unless an impartial industry group, such as Lloyd’s, facilitates a sn ‘protected space’ for them to do this in. It rarely happens without this encouragement, even though the bene昀椀ts for the market of pooling si op c modelling data for complex risks could be huge – allowing better pricing, which bene昀椀ts both clients and insurers. a So, in the case of industry start-up, Hyperexponential, “Lloyd’s went above and beyond to help the role of the innovation team in the Lloyd’s Lab was ts not primarily to help educate the team about insurance make introductions for us to stakeholders – in fact the HX team already had some experience ie within the London market – but to bring together across the Lloyd’s landscape.” mi di昀昀erent 昀椀rms and make it possible for them to share HX information and see the bene昀椀ts of the results. In this a example the aim was to allow pricing teams to share live data while modelling new risks, especially those in sn the specialty markets. HX were also helped by the Lab to bring together the The idea was focused on the pre-contract pricing work network of specialists who might collaborate within ad that must be done for each risk before it is their product during their two-month project. They in underwritten. Traditionally a company actuary built fact set up a best-practice market pricing group in t their own company-speci昀椀c pricing model in Excel to partnership with the LMA and Lloyd’s, and this ion p price a new risk. However, the system that was collaboration forum for senior actuaries continues to developed through the Lab allows pricing to be done meet. HX were enthusiastic about the role that the Lab collaboratively in a shared system. played in making the cross-market partnerships they oi It was a brave move in a market where modelling and needed a reality. pricing intelligence has traditionally been jealously The Lab’s ability to connect them with new partners guarded, but the HX team had an idea that chimed and support their innovation helped to turbo-charge closely with Lloyd’s own ambitions for data sharing Hyperexponential’s visibility and usage, and their n among managing agents and insurers. platform is now used across the market. While in the Lab three mentors provided input and data. t Beazley and Atrium helped with the building of the proof of concept model, while Navigators provided an IT mentor. The HX team found that their time in the Lab “had a huge impact on our relationship with the market through the networks that we built up”. They found that the programme gave them much-needed insight into what would be most valued by clients, as well as how important ease of integration would be to pricing. It turned out that, even experienced in-market teams can learn more about the insurance ecosystem when paired with new teams in an innovation space. © Lloyd’s

68 Process Optimisation – Alumni proﬁles Lloyd’s Lab Impact Report 69 Allphins Focus in insurance value chain/ Activity in the Accelerator CarbonChain Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting, COHORT , workﬂow: Point of underwriting, Loss modelling & analytics Primary focus product area whilst in Compliance & regulatory support Primary focus product area whilst in the Accelerator: New sources of risk the Accelerator: New sources of risk Speciﬁc lines of business supported insight - data or models, Enhancing Speciﬁc lines of business supported insight - data or models (if applicable): Speciality, Reinsurance back-end data eciencies (if applicable): Corporate, Speciality Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: CarbonChain’s original Allphins provides portfolio exposure data organisation: The Lab helped Allphins CarbonChain provides a platform that proposal was to build a new database analytics and technology solutions for validate and improve its product enables companies to track, report and for marine underwriters to allow them to insurers and reinsurers in specialty lines oerings to reinsurers, and connected reduce their supply chain emissions. The understand the emissions of vessels of business. Allphins’ adaptive exposure them with a number of clients. company focuses on the most carbon- they are insuring. During development, management covers multiple classes of intensive industries including metals, the team noticed a potential for the risk including oshore energy, political mining, agriculture and manufacturing. technology to work across wider and credit risks, terrorism and casualty. CarbonChain’s clients are manufacturers, underwriting portfolios for larger Allphins digitises portfolio information, banks, commodities traders and freight industrial conglomerates. With Tokio organises and enriches data so that it can Founded: 2018 companies. Founded: 2019 Marine Kiln, they explored this idea and, be analysed for dierent aggregation following a successful trial using a small scenarios and portfolio management. Status: Operating, still in insurance Status: Operating, still in insurance data set during the Accelerator (inferred) programme, launched a live project “ Our relationship with Chaucer dates back to Company type: Data transformation, looking at a portfolio of approximately the Lloyd’s Lab and they played a key role in Data provider Company type: Software provider 2,000 companies. helping us to improve our offering” Head oce: France Head oce: United Kingdom Laurent de la Porte, Founder A methodology framework was and Chief Executive Officer Main global oces: France Main global oces: United Kingdom developed to measure customers’ emissions and compare them with their Locations served: Global Locations served: Global industry and regional peers, translating Employee count: 11-100 Employee count: 11-100 this into a “carbon risk rating” that could be taken into account when considering each policy at the point of underwriting. Cactus (Marmalade) Focus in insurance value chain/ Activity in the Accelerator Clausematch Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting COHORT , workﬂow: Compliance & regulatory Primary focus product area whilst in support Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Improving policy and the Accelerator: Ancillary, (if applicable): claims admin, Improving UW tools and Speciﬁc lines of business supported accountancy and regulatory processes, Enhancing back-end data (if applicable): compliance services eciencies Example of beneﬁt of Accelerator to Cactus provides an underwriting and Example of beneﬁt of Accelerator to Clausematch is used by insurers’ and organisation: During the Accelerator, broking platform, Marmalade, for organisation: During Cactus’ time in other ﬁnancial service businesses’ risk Clausematch was able to create an commercial casualty and specialty the Lab the team developed a and compliance teams to create and insurance focused product, which insurance. Its data capture and pricing prototype for transferring insurance- manage internal company policy. involved retraining its AI models to platform allows underwriters to price related data in a machine-readable Clausematch will also help businesses analyse topics, themes and key words risks themselves and receive format between brokers and carriers. manage changes in industry-wide to understand insurance-speciﬁc submissions directly from brokers. During the prototype phase, a broker regulation that aect company policies regulations. Marmalade provides a standardised transmitted a speculative deal to an through its management capabilities. submission architecture which allows Founded: 2021 insurer on the behalf of a buyer, and Customers can use Clausematch to Founded: 2012 strategic oversight and portfolio-level the insurer provided a competitive generate insight reports and track new analysis from insurers’ actuarial team, Status: Operating, still in insurance bid. The buyer ultimately received a compliance requirements, including Status: Acquired by Corlytics Group reducing bottlenecks signiﬁcant reduction in their renewal adherence to ﬁnancial crime regulations. in 2023 and turnaround time. Company type: Administration system quote, saving tens of thousands of dollars. Company type: Administration system Head oce: Bermuda Head oce: United Kingdom Main global oces: Bermuda Main global oces: United Kingdom Locations served: Global Locations served: Global Employee count: 1-10 Employee count: 11-100 © Lloyd’s

68Process Optimisation – Alumni proﬁlesLloyd’s Lab Impact Report 69 AllphinsFocus in insurance value chain/Activity in the AcceleratorCarbonChain Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting, COHORT , workﬂow: Point of underwriting, Loss modelling & analytics Primary focus product area whilst in Compliance & regulatory support Primary focus product area whilst in the Accelerator: New sources of risk the Accelerator: New sources of risk Speciﬁc lines of business supported insight - data or models, Enhancing Speciﬁc lines of business supported insight - data or models (if applicable): Speciality, Reinsurance back-end data eciencies (if applicable): Corporate, Speciality Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: CarbonChain’s original Allphins provides portfolio exposure data organisation: The Lab helped Allphins CarbonChain provides a platform that proposal was to build a new database analytics and technology solutions for validate and improve its product enables companies to track, report and for marine underwriters to allow them to insurers and reinsurers in specialty lines oerings to reinsurers, and connected reduce their supply chain emissions. The understand the emissions of vessels of business. Allphins’ adaptive exposure them with a number of clients.company focuses on the most carbon- they are insuring. During development, management covers multiple classes of intensive industries including metals, the team noticed a potential for the risk including oshore energy, political mining, agriculture and manufacturing. technology to work across wider and credit risks, terrorism and casualty. CarbonChain’s clients are manufacturers, underwriting portfolios for larger Allphins digitises portfolio information, banks, commodities traders and freight industrial conglomerates. With Tokio organises and enriches data so that it can Founded: 2018companies. Founded: 2019 Marine Kiln, they explored this idea and, be analysed for dierent aggregation following a successful trial using a small scenarios and portfolio management. Status: Operating, still in insuranceStatus: Operating, still in insurance data set during the Accelerator (inferred) programme, launched a live project “ Our relationship with Chaucer dates back to Company type: Data transformation, looking at a portfolio of approximately the Lloyd’s Lab and they played a key role in Data provider Company type: Software provider 2,000 companies. helping us to improve our offering” Head oce: France Head oce: United Kingdom Laurent de la Porte, Founder A methodology framework was and Chief Executive OfficerMain global oces: France Main global oces: United Kingdom developed to measure customers’ emissions and compare them with their Locations served: Global Locations served: Global industry and regional peers, translating Employee count: 11-100 Employee count: 11-100 this into a “carbon risk rating” that could be taken into account when considering each policy at the point of underwriting. Cactus (Marmalade) Focus in insurance value chain/Activity in the AcceleratorClausematch Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting COHORT , workﬂow: Compliance & regulatory Primary focus product area whilst in support Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Improving policy and the Accelerator: Ancillary, (if applicable): claims admin, Improving UW tools and Speciﬁc lines of business supported accountancy and regulatory processes, Enhancing back-end data (if applicable): compliance services eciencies Example of beneﬁt of Accelerator to Cactus provides an underwriting and Example of beneﬁt of Accelerator to Clausematch is used by insurers’ and organisation: During the Accelerator, broking platform, Marmalade, for organisation: During Cactus’ time in other ﬁnancial service businesses’ risk Clausematch was able to create an commercial casualty and specialty the Lab the team developed a and compliance teams to create and insurance focused product, which insurance. Its data capture and pricing prototype for transferring insurance-manage internal company policy. involved retraining its AI models to platform allows underwriters to price related data in a machine-readable Clausematch will also help businesses analyse topics, themes and key words risks themselves and receive format between brokers and carriers. manage changes in industry-wide to understand insurance-speciﬁc submissions directly from brokers. During the prototype phase, a broker regulation that aect company policies regulations. Marmalade provides a standardised transmitted a speculative deal to an through its management capabilities. submission architecture which allows Founded: 2021insurer on the behalf of a buyer, and Customers can use Clausematch to Founded: 2012 strategic oversight and portfolio-level the insurer provided a competitive generate insight reports and track new analysis from insurers’ actuarial team, Status: Operating, still in insurancebid. The buyer ultimately received a compliance requirements, including Status: Acquired by Corlytics Group reducing bottlenecks signiﬁcant reduction in their renewal adherence to ﬁnancial crime regulations. in 2023 and turnaround time.Company type: Administration systemquote, saving tens of thousands of dollars. Company type: Administration system Head oce: Bermuda Head oce: United Kingdom Main global oces: Bermuda Main global oces: United Kingdom Locations served: Global Locations served: Global Employee count: 1-10 Employee count: 11-100 © Lloyd’s

70 Process Optimisation – Alumni proﬁles Lloyd’s Lab Impact Report 71 ClearConnect Focus in insurance value chain/ Activity in the Accelerator Deﬁnely Focus in insurance value chain/ Activity in the Accelerator Solutions workﬂow: Risk mitigation, Point COHORT , workﬂow: Compliance & regulatory of underwriting Primary focus product area whilst in support Primary focus product area whilst in COHORT , the Accelerator: New sources of risk the Accelerator: Ancillary, Speciﬁc lines of business supported insight - data or models Speciﬁc lines of business supported accountancy and regulatory (if applicable): (if applicable): Corporate, SME compliance services Example of beneﬁt of Accelerator to organisation: The Lab helped Example of beneﬁt of Accelerator to Insurers use ClearConnect Solutions' ClearConnect Solutions launch a new Deﬁnely provides legal technology organisation: Deﬁnely's original focus ClearTrac product to understand and risk mitigation product to the London solutions for reviewing documents and was outside of insurance, but the time mitigate commercial driver ﬂeet risks. Market that increases eciency, improving the accuracy of contracts. spent with the Lloyd’s Lab helped ClearTrac provides insurers with driver reduces losses, and moves toward The company helps clients with drafting Deﬁnely build a new product focused and vehicle history to assist with risk predictive loss analytics based on legal documents, proofreading and on insurance documentation. quantiﬁcation. In addition, it analyses real-time data. ClearConnect Solutions extracting information from digital and monitors real-time driver and ﬂeet launched a ﬂeet risk mitigation product contracts. Deﬁnely’s solutions are data – helping commercial transportation whilst in the Accelerator, and partnered used by solo legal practitioners as insurers, reinsurers, program managers, Founded: 2016 with a number of London Market well as in-house legal teams within Founded: 2017 coverholders and managing general insurers. large corporations. agencies review and monitor driver Status: Operating, still in insurance Status: Operating, still in insurance and ﬂeet risk. “Without the Lloyds Lab we would never have Company type: Administration been able to successfully pivot into the insurance Company type: Software provider, system, Data provider space. As a result, we now work with a number of Data transformation underwriters and brokers in both the Lloyd's and Head oce: North America broader London market.” Head oce: United Kingdom Main global oces: USA Rhys Hodkinson, Chief Commercial Officer Main global oces: United Kingdom Locations served: USA Locations served: Global Employee count: 11-100 Employee count: 11-100 CoVi Analytics Focus in insurance value chain/ Activity in the Accelerator Diesta Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Compliance & regulatory COHORT , workﬂow: Compliance & regulatory support Primary focus product area whilst in support Primary focus product area whilst in the Accelerator: Ancillary, the Accelerator: Ancillary, Speciﬁc lines of business supported accountancy and regulatory Speciﬁc lines of business supported accountancy and regulatory (if applicable): compliance services, Enhancing (if applicable): compliance services back-end data eciencies Example of beneﬁt of Accelerator to CoVi Analytics provides solutions to Example of beneﬁt of Accelerator to Diesta oers a premium processing organisation: Diesta developed a insurers, MGAs and brokers to help them organisation: No new solution was platform for insurers and brokers. Its customised premium processing become more operationally efficient. created during the Accelerator, but technology links internal systems and demonstration with McGill, Canopius The company’s application suite helps CoVi’s app suite is helping businesses brokers and insurers onto one ﬁnancial and Faraday speciﬁcally for the simplify how business activities are reduce 20 to 40% of time taken to ledger to process insurance premiums. Lloyd’s Lab. documented, measured, and monitored manage their operational overheads In the Accelerator, Diesta published a while automating reporting and analysis. related to business documentation, risk “The Lloyd’s Lab helped immensely to put Diesta’s whitepaper on the state of premium CoVi’s various modules can be used for and compliance monitoring and senior premium processing capabilities on the radar of processes in the Lloyd’s Market, and visualising processes, documenting management reporting. syndicates and Lloyd’s brokers alike.” developed three modules of its product policies, receiving live updates on Founded: 2016 Julien Schoemig, Co-Founder Founded: 2022 to help insurers: operational effectiveness and reporting Status: Acquired in 2018 by Charles and Chief Executive Officer Status: Operating, still in insurance on activities like incident reporting, Taylor InsureTech • Credit Control module developed to gifts, hospitality and conflict of Company type: Other assist insurers chase and receive interest monitoring. Company type: Software provider premium payments faster. Head oce: United Kingdom • Technical Reconciliation module Head oce: United Kingdom developed with live integration to Main global oces: United Kingdom Main global oces: United Kingdom Whitespace to help promote trust in Locations served: United Kingdom data in policy administration systems. Locations served: Global • Partner Engage module developed Employee count: 1-10 Employee count: 1-10 which ensures an ecient workﬂow on premium processes across the entire distribution chain. © Lloyd’s

70Process Optimisation – Alumni proﬁlesLloyd’s Lab Impact Report 71 ClearConnect Focus in insurance value chain/Activity in the AcceleratorDeﬁnely Focus in insurance value chain/ Activity in the Accelerator Solutions workﬂow: Risk mitigation, Point COHORT , workﬂow: Compliance & regulatory of underwriting Primary focus product area whilst in support Primary focus product area whilst in COHORT , the Accelerator: New sources of risk the Accelerator: Ancillary, Speciﬁc lines of business supported insight - data or models Speciﬁc lines of business supported accountancy and regulatory (if applicable): (if applicable): Corporate, SME compliance services Example of beneﬁt of Accelerator to organisation: The Lab helped Example of beneﬁt of Accelerator to Insurers use ClearConnect Solutions' ClearConnect Solutions launch a new Deﬁnely provides legal technology organisation: Deﬁnely's original focus ClearTrac product to understand and risk mitigation product to the London solutions for reviewing documents and was outside of insurance, but the time mitigate commercial driver ﬂeet risks. Market that increases eciency, improving the accuracy of contracts. spent with the Lloyd’s Lab helped ClearTrac provides insurers with driver reduces losses, and moves toward The company helps clients with drafting Deﬁnely build a new product focused and vehicle history to assist with risk predictive loss analytics based on legal documents, proofreading and on insurance documentation. quantiﬁcation. In addition, it analyses real-time data. ClearConnect Solutions extracting information from digital and monitors real-time driver and ﬂeet launched a ﬂeet risk mitigation product contracts. Deﬁnely’s solutions are data – helping commercial transportation whilst in the Accelerator, and partnered used by solo legal practitioners as insurers, reinsurers, program managers, Founded: 2016with a number of London Market well as in-house legal teams within Founded: 2017 coverholders and managing general insurers.large corporations. agencies review and monitor driver Status: Operating, still in insuranceStatus: Operating, still in insurance and ﬂeet risk. “Without the Lloyds Lab we would never have Company type: Administration been able to successfully pivot into the insurance Company type: Software provider, system, Data providerspace. As a result, we now work with a number of Data transformation underwriters and brokers in both the Lloyd's and Head oce: North Americabroader London market.” Head oce: United Kingdom Main global oces: USARhys Hodkinson, Chief Commercial Officer Main global oces: United Kingdom Locations served: USA Locations served: Global Employee count: 11-100 Employee count: 11-100 CoVi Analytics Focus in insurance value chain/Activity in the AcceleratorDiesta Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Compliance & regulatory COHORT , workﬂow: Compliance & regulatory support Primary focus product area whilst in support Primary focus product area whilst in the Accelerator: Ancillary, the Accelerator: Ancillary, Speciﬁc lines of business supported accountancy and regulatory Speciﬁc lines of business supported accountancy and regulatory (if applicable): compliance services, Enhancing (if applicable): compliance services back-end data eciencies Example of beneﬁt of Accelerator to CoVi Analytics provides solutions to Example of beneﬁt of Accelerator to Diesta oers a premium processing organisation: Diesta developed a insurers, MGAs and brokers to help them organisation: No new solution was platform for insurers and brokers. Its customised premium processing become more operationally efficient. created during the Accelerator, but technology links internal systems and demonstration with McGill, Canopius The company’s application suite helps CoVi’s app suite is helping businesses brokers and insurers onto one ﬁnancial and Faraday speciﬁcally for the simplify how business activities are reduce 20 to 40% of time taken to ledger to process insurance premiums. Lloyd’s Lab. documented, measured, and monitored manage their operational overheads In the Accelerator, Diesta published a while automating reporting and analysis. related to business documentation, risk “The Lloyd’s Lab helped immensely to put Diesta’s whitepaper on the state of premium CoVi’s various modules can be used for and compliance monitoring and senior premium processing capabilities on the radar of processes in the Lloyd’s Market, and visualising processes, documenting management reporting.syndicates and Lloyd’s brokers alike.” developed three modules of its product policies, receiving live updates on Founded: 2016Julien Schoemig, Co-Founder Founded: 2022 to help insurers: operational effectiveness and reporting Status: Acquired in 2018 by Charles and Chief Executive Officer Status: Operating, still in insurance on activities like incident reporting, Taylor InsureTech • Credit Control module developed to gifts, hospitality and conflict of Company type: Other assist insurers chase and receive interest monitoring.Company type: Software provider premium payments faster. Head oce: United Kingdom • Technical Reconciliation module Head oce: United Kingdom developed with live integration to Main global oces: United Kingdom Main global oces: United Kingdom Whitespace to help promote trust in Locations served: United Kingdom data in policy administration systems. Locations served: Global • Partner Engage module developed Employee count: 1-10 Employee count: 1-10 which ensures an ecient workﬂow on premium processes across the entire distribution chain. © Lloyd’s

72 Process Optimisation Lloyd’s Lab Impact Report 73 Sharing knowledge to manage risk But their product had not been tried within the London Cohort 4, 2020 insurance market. This established business needed access to testing opportunities and the expertise of the Lab ecosystem to help it rebuild its product to work for commercial P&C insurers. Optalitix joined the Lab programme and they were In a centuries-old marketplace, it seems somehow appropriate that there assigned six mentors, including one from the Future at are times when step-change improvements to customer processes Lloyd’s team. The mentors supplied over a dozen models for Optalitix to test-convert. This gave Optalitix emerge, not from young businesses, but from established 昀椀rms invited to a bank of valuable proof-of-concept case studies, and transfer their solutions into the Lloyd’s space. In this situation, Lloyd’s Lab the opportunity to see clearly what was needed to drive the digitisation of P&C customer journeys. is a powerful force for change, with the Lab team enabling ‘not from here’ Optalitix found that their participation in the Lab 昀椀rms to understand the market and supporting their innovation for the provided real insight into the Lloyd’s market and the bene昀椀t of clients. software systems that drive it. As a result, they are now not only already working directly with syndicates, but also building a quote system for Lloyd’s which South African 昀椀rm Optalitix had been working with consumer insurance businesses to operationalise their embeds their software into some of the processes that data for more than a decade; but were eager to see if are already underway within the Future at Lloyd’s. An they could deliver bene昀椀ts to underwriting teams existing product has been guided into the market operating in the Lloyd’s market, which was a new 昀椀eld through the innovation process, supporting the for them. The Lab gave Optalitix a space to prove their marketwide initiatives to digitise underwriting data, as concept in the London market, access to willing well as providing process improvements for individual partners who allowed them to test their thinking, and market 昀椀rms. ultimately brought to market a fully-worked product which Lloyd’s itself has used. The Optalitix team say “you have to enter a new market by considering what you can do for it, not what it can do for you”. Participation in the Lab has meant they can do just that. Unlocking data A key part of the Future at Lloyd’s programme is the digitalisation of customer journeys, a programme that is split into ‘getting covered’, and ‘recovering from loss’. The Optalitix team understood that one issue with digitisation in the ‘getting covered’ phase is that the underwriting data of many underwriting teams is locked in, embedded in the team’s own Excel spreadsheets, and only accessible via bespoke macros. The data is essentially trapped, holding back any kind of cross-market data initiative that would improve the ease of getting quotes for clients, or speed up the underwriting process for them. However, Optalitix had an existing product, Acumen, that was designed to draw data from any Excel spreadsheet and convert it into 昀氀exible API data. Acumen allows previously ‘trapped’ data to be embedded into other systems, meaning that a group of individual underwriting data sets can be quickly and easily shared into a format that is signi昀椀cantly more scalable. © Lloyd’s

72Process OptimisationLloyd’s Lab Impact Report 73 Sharing knowledge to manage risk But their product had not been tried within the London Cohort 4, 2020insurance market. This established business needed access to testing opportunities and the expertise of the Lab ecosystem to help it rebuild its product to work for commercial P&C insurers. Optalitix joined the Lab programme and they were In a centuries-old marketplace, it seems somehow appropriate that there assigned six mentors, including one from the Future at are times when step-change improvements to customer processes Lloyd’s team. The mentors supplied over a dozen models for Optalitix to test-convert. This gave Optalitix emerge, not from young businesses, but from established 昀椀rms invited to a bank of valuable proof-of-concept case studies, and transfer their solutions into the Lloyd’s space. In this situation, Lloyd’s Lab the opportunity to see clearly what was needed to drive the digitisation of P&C customer journeys. is a powerful force for change, with the Lab team enabling ‘not from here’ Optalitix found that their participation in the Lab 昀椀rms to understand the market and supporting their innovation for the provided real insight into the Lloyd’s market and the bene昀椀t of clients. software systems that drive it. As a result, they are now not only already working directly with syndicates, but also building a quote system for Lloyd’s which South African 昀椀rm Optalitix had been working with consumer insurance businesses to operationalise their embeds their software into some of the processes that data for more than a decade; but were eager to see if are already underway within the Future at Lloyd’s. An they could deliver bene昀椀ts to underwriting teams existing product has been guided into the market operating in the Lloyd’s market, which was a new 昀椀eld through the innovation process, supporting the for them. The Lab gave Optalitix a space to prove their marketwide initiatives to digitise underwriting data, as concept in the London market, access to willing well as providing process improvements for individual partners who allowed them to test their thinking, and market 昀椀rms. ultimately brought to market a fully-worked product which Lloyd’s itself has used. The Optalitix team say “you have to enter a new market by considering what you can do for it, not what it can do for you”. Participation in the Lab has meant they can do just that. Unlocking data A key part of the Future at Lloyd’s programme is the digitalisation of customer journeys, a programme that is split into ‘getting covered’, and ‘recovering from loss’. The Optalitix team understood that one issue with digitisation in the ‘getting covered’ phase is that the underwriting data of many underwriting teams is locked in, embedded in the team’s own Excel spreadsheets, and only accessible via bespoke macros. The data is essentially trapped, holding back any kind of cross-market data initiative that would improve the ease of getting quotes for clients, or speed up the underwriting process for them. However, Optalitix had an existing product, Acumen, that was designed to draw data from any Excel spreadsheet and convert it into 昀氀exible API data. Acumen allows previously ‘trapped’ data to be embedded into other systems, meaning that a group of individual underwriting data sets can be quickly and easily shared into a format that is signi昀椀cantly more scalable. © Lloyd’s

74 Process Optimisation – Alumni proﬁles Lloyd’s Lab Impact Report 75 distriBind Focus in insurance value chain/ Activity in the Accelerator Hyperexponential (hx) Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Compliance & regulatory COHORT , workﬂow: Point of underwriting, Loss support Primary focus product area whilst in modelling & analytics, Compliance & Primary focus product area whilst in the Accelerator: Enhancing back-end regulatory support the Accelerator: Improving UW tools Speciﬁc lines of business supported data eciencies and processes, New sources of risk (if applicable): Speciﬁc lines of business supported insight - data or models Example of beneﬁt of Accelerator to (if applicable): Specialty, Reinsurance organisation: During its time in the Example of beneﬁt of Accelerator to distriBind is curing the insurance Lab, distriBind gained access to hyperexponential (hx) aims to help organisation: The Lloyd’s Lab industry of its spreadsheet addiction, multi-format claims data to train its insurers and reinsurers simplify complex program enabled hx to prove that its instead providing a digital workbench algorithms and enhance the existing pricing decisions. Using hx’s customisable, actuarial pricing model was ﬁt for that improves and automates the veriﬁcation engine. distriBind also scalable Renew software, (re)insurers can purpose. It showed it could support exchange of data, eliminates reliance validated the model of ingestion and build, deploy and reﬁne actuarial pricing organisations to move existing pricing on spreadsheets and signiﬁcantly transformation across standards (i.e. models. The software allows actuaries models from legacy or alternative improves data visibility in the insurance non-v5.2- compliant bordereaux to and underwriters to monitor rate changes systems into the hyperexponential industry. It is focused on delegated v5.2-compliant data). The team also and review exposure rating, accumulation software system. authority business across all lines of Founded: 2018 gained valuable insight into claims risk and projected loss ratios. hx’s Founded: 2017 business and regions. distriBind’s operational challenges posed by data ecosystem, Renew Connect, provides hyperexponential was able to build an solutions enable insurers, reinsurers, Status: Operating, still in insurance errors and a lack of visibility. distriBind's access to data and systems partners. Status: Operating, still in insurance actuarial pricing model in 32 hours for brokers and MGAs to transfer and claims ingestion module, developed one of its cohort mentors, 10 times ingest data in their chosen format. Company type: Data transformation during the Lab, had MVP by Demo “The Accelerator provided us with a structured Company type: Software provider faster than the industry average. For Head oce: United Kingdom Day and is now in production with framework around collaboration with the Head oce: United Kingdom another client, hyperexponential built “ The experience was transformational for existing clients. Lloyd's Market and provided us with a catalyst 20 models in 10 months. The Lab also distriBind - we are now a very different Main global oces: United Kingdom for connects with the Market. It also provided us Main global oces: United Kingdom enabled hx to ﬁnd partners from within company to the one that initially walked into with a hub to work with our prospective clients” the cohort - such as Inari. the Lab. It was great to get the increased Locations served: Global Amrit Santhirasenan, Co-Founder Locations served: Global credibility and publicity from being selected, and Chief Executive Officer but the experience itself was also amazing” Employee count: 11-100 Employee count: 11-100 Dave Connors, Founder and Chief Executive Officer FRISS Focus in insurance value chain/ Activity in the Accelerator ImageFast Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting, COHORT , workﬂow: Compliance & regulatory Claims Primary focus product area whilst in support Primary focus product area whilst in the Accelerator: New sources of risk the Accelerator: Enhancing back-end Speciﬁc lines of business supported insight - data or models, Data, product & Speciﬁc lines of business supported data eciencies (if applicable): Personal, Corporate, service consolidator, Enhancing (if applicable): SME, Speciality back-end data eciencies Example of beneﬁt of Accelerator to organisation: Whilst in the Accelerator, FRISS focuses on providing “trust Example of beneﬁt of Accelerator to ImageFast is a technology and ImageFast worked on new functionality automation” solutions for property and organisation: In the Accelerator, consulting ﬁrm helping organisations for its Lloyd's Contract Conﬁdence tool, casualty insurers. FRISS Trust FRISS proved that it can classify to extract insights from documents which now helps to reduce: the risk of Automation Platform combines text US businesses using accurate and and legacy systems. The company regulatory ﬁnes, the cost and time of mining, machine learning, anomaly objective NAICS codes and provide has developed Lloyd’s Contract manual contract checks, the cost of detection, predictive models, and deeper insight into complex risks for Conﬁdence which helps managing unintended coverage or bad policy network analysis to indicate fraud risks the Lloyd’s market. agents, underwriters and brokers to wordings, and the number of claim for policies or claims. This allows insurers compare and check their Lloyd’s disputes. to manage trust throughout the Founded: 2006 FRISS also developed a deeper contracts' consistency and quality. Founded: 1997 insurance value chain, from the first understanding of what is required for a quote all the way to claims and Status: Operating, still in insurance broader expansion by expanding its Status: Operating, still in insurance investigations when needed. FRISS NAICS classiﬁcation capability beyond Underwriting Insights aggregates Company type: Data transformation, the US, before deploying this after Company type: Software provider third-party data sources to provide Data consolidator leaving the Lab and expanding its underwriters with more information Head oce: United Kingdom Head oce: The Netherlands NAICS classiﬁcation capability beyond about businesses seeking quotes. the US. Within the Lab, FRISS also Main global oces: United Kingdom Main global oces: The Netherlands, developed a new capability to proﬁle “You never know the opportunities you might come USA, Germany, Australia insurers’ portfolios in context, helping Locations served: Global across whilst working with your mentors.” them develop a growth strategy. Employee count: 11-100 Martyn Griffiths, Sales Manager UK Locations served: Europe, United Kingdom, USA, South America, Asia Employee count: 201-500 © Lloyd’s

74Process Optimisation – Alumni proﬁlesLloyd’s Lab Impact Report 75 distriBind Focus in insurance value chain/Activity in the AcceleratorHyperexponential (hx) Focus in insurance value chain/Activity in the Accelerator COHORT , workﬂow: Compliance & regulatory COHORT , workﬂow: Point of underwriting, Loss support Primary focus product area whilst in modelling & analytics, Compliance & Primary focus product area whilst in the Accelerator: Enhancing back-end regulatory support the Accelerator: Improving UW tools Speciﬁc lines of business supported data eciencies and processes, New sources of risk (if applicable): Speciﬁc lines of business supported insight - data or models Example of beneﬁt of Accelerator to (if applicable): Specialty, Reinsurance organisation: During its time in the Example of beneﬁt of Accelerator to distriBind is curing the insurance Lab, distriBind gained access to hyperexponential (hx) aims to help organisation: The Lloyd’s Lab industry of its spreadsheet addiction, multi-format claims data to train its insurers and reinsurers simplify complex program enabled hx to prove that its instead providing a digital workbench algorithms and enhance the existing pricing decisions. Using hx’s customisable, actuarial pricing model was ﬁt for that improves and automates the veriﬁcation engine. distriBind also scalable Renew software, (re)insurers can purpose. It showed it could support exchange of data, eliminates reliance validated the model of ingestion and build, deploy and reﬁne actuarial pricing organisations to move existing pricing on spreadsheets and signiﬁcantly transformation across standards (i.e. models. The software allows actuaries models from legacy or alternative improves data visibility in the insurance non-v5.2- compliant bordereaux to and underwriters to monitor rate changes systems into the hyperexponential industry. It is focused on delegated v5.2-compliant data). The team also and review exposure rating, accumulation software system. authority business across all lines of Founded: 2018gained valuable insight into claims risk and projected loss ratios. hx’s Founded: 2017 business and regions. distriBind’s operational challenges posed by data ecosystem, Renew Connect, provides hyperexponential was able to build an solutions enable insurers, reinsurers, Status: Operating, still in insuranceerrors and a lack of visibility. distriBind's access to data and systems partners.Status: Operating, still in insuranceactuarial pricing model in 32 hours for brokers and MGAs to transfer and claims ingestion module, developed one of its cohort mentors, 10 times ingest data in their chosen format. Company type: Data transformationduring the Lab, had MVP by Demo “The Accelerator provided us with a structured Company type: Software providerfaster than the industry average. For Head oce: United KingdomDay and is now in production with framework around collaboration with the Head oce: United Kingdomanother client, hyperexponential built “ The experience was transformational for existing clients.Lloyd's Market and provided us with a catalyst 20 models in 10 months. The Lab also distriBind - we are now a very different Main global oces: United Kingdomfor connects with the Market. It also provided us Main global oces: United Kingdomenabled hx to ﬁnd partners from within company to the one that initially walked into with a hub to work with our prospective clients” the cohort - such as Inari. the Lab. It was great to get the increased Locations served: GlobalAmrit Santhirasenan, Co-Founder Locations served: Global credibility and publicity from being selected, and Chief Executive Officer but the experience itself was also amazing”Employee count: 11-100 Employee count: 11-100 Dave Connors, Founder and Chief Executive Officer FRISS Focus in insurance value chain/Activity in the AcceleratorImageFast Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting, COHORT , workﬂow: Compliance & regulatory Claims Primary focus product area whilst in support Primary focus product area whilst in the Accelerator: New sources of risk the Accelerator: Enhancing back-end Speciﬁc lines of business supported insight - data or models, Data, product & Speciﬁc lines of business supported data eciencies (if applicable): Personal, Corporate, service consolidator, Enhancing (if applicable): SME, Specialityback-end data eciencies Example of beneﬁt of Accelerator to organisation: Whilst in the Accelerator, FRISS focuses on providing “trust Example of beneﬁt of Accelerator to ImageFast is a technology and ImageFast worked on new functionality automation” solutions for property and organisation: In the Accelerator, consulting ﬁrm helping organisations for its Lloyd's Contract Conﬁdence tool, casualty insurers. FRISS Trust FRISS proved that it can classify to extract insights from documents which now helps to reduce: the risk of Automation Platform combines text US businesses using accurate and and legacy systems. The company regulatory ﬁnes, the cost and time of mining, machine learning, anomaly objective NAICS codes and provide has developed Lloyd’s Contract manual contract checks, the cost of detection, predictive models, and deeper insight into complex risks for Conﬁdence which helps managing unintended coverage or bad policy network analysis to indicate fraud risks the Lloyd’s market.agents, underwriters and brokers to wordings, and the number of claim for policies or claims. This allows insurers compare and check their Lloyd’s disputes. to manage trust throughout the Founded: 2006FRISS also developed a deeper contracts' consistency and quality. Founded: 1997 insurance value chain, from the first understanding of what is required for a quote all the way to claims and Status: Operating, still in insurancebroader expansion by expanding its Status: Operating, still in insurance investigations when needed. FRISS NAICS classiﬁcation capability beyond Underwriting Insights aggregates Company type: Data transformation, the US, before deploying this after Company type: Software provider third-party data sources to provide Data consolidatorleaving the Lab and expanding its underwriters with more information Head oce: United Kingdom Head oce: The NetherlandsNAICS classiﬁcation capability beyond about businesses seeking quotes.the US. Within the Lab, FRISS also Main global oces: United Kingdom Main global oces: The Netherlands, developed a new capability to proﬁle “You never know the opportunities you might come USA, Germany, Australiainsurers’ portfolios in context, helping Locations served: Global across whilst working with your mentors.”them develop a growth strategy.Employee count: 11-100 Martyn Griffiths, Sales Manager UKLocations served: Europe, United Kingdom, USA, South America, Asia Employee count: 201-500 © Lloyd’s

76 Process Optimisation – Alumni proﬁles Lloyd’s Lab Impact Report 77 Inari Focus in insurance value chain/ Activity in the Accelerator Optalitix Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting, Policy COHORT , workﬂow: Point of underwriting, admin system, Claims, Compliance & Primary focus product area whilst in Compliance & regulatory support Primary focus product area whilst in regulatory support the Accelerator: Improving policy and the Accelerator: Improving UW tools claims admin I Improving UW tools and Speciﬁc lines of business supported and processes, Enhancing back-end Speciﬁc lines of business supported processes I Data, product & service (if applicable): data eciencies (if applicable): Corporate, SME, consolidator I Enhancing back-end Speciality data eciencies Example of beneﬁt of Accelerator to inari provides a cloud-based policy Optalitix improves underwriting and organisation: Optalitix created a administration system for insurers, Example of beneﬁt of Accelerator to risk management for insurers. Its proof-of-concept version of their reinsurers, MGAs and Lloyd's syndicates. organisation: inari used its time in the operational products include an data collection product. This product It oers three core products: a Lab to further its understanding of the underwriting workbench that allows aimed to reduce the time taken by bordereaux management system, an London Market’s expectations from its users to manage risk more eectively insurers to report on and share insurer/MGA administration system, and policy administration systems. This and a data analytics tool for improving catastrophe data. After the Accelerator, a reinsurance administration system. To insight inﬂuenced inari’s decision to data accuracy and understanding risk. Optalitix was authorised by Lloyd’s to support the entire risk lifecycle, inari build its ecosystem. They obtained Its products are hosted on a no-code create a full-build version of this in uses distributed ledger technology. Their Founded: 2017 partners during or soon after the administration system that can be Founded: 2013 October 2020, going on to help products are modular and API-based so Cohort. integrated with any other system. Lloyd’s save 13,000 hours in data can be integrated with external sources Status: Operating, still in insurance Optalitix allows users to host any Status: Operating, still in insurance administration time. Its platform has as well as inari’s own ecosystem of During the Lab, inari modiﬁed its existing Excel, Python or R model in reported on over $6bn of catastrophe partners. Company type: Administration system systems to underwrite cyber risks from their products and connect using Company type: Administration claims globally for 187 insurers, submission to post bind a piece of risk, APIs and web forms. system, Software provider coverholders and TPAs helping to Head oce: Spain “ The Lab helped us tremendously to understand in minutes instead of days. inari did this Head oce: United Kingdom improve post-catastrophe recovery. the London market's expectations further and Main global oces: Spain in addition to integrating with several influenced our decision to build our ecosystem.” external data sources for cyber risk. Main global oces: United Kingdom Frank Perkins, Chief Executive Officer Locations served: Europe, United Kingdom, USA, Asia Locations served: Global Employee count: 11-100 Employee count: 11-100 KASKO Focus in insurance value chain/ Activity in the Accelerator Persefoni Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting, Policy COHORT , workﬂow: Compliance & regulatory admin system Primary focus product area whilst in Primary focus product area whilst in the Accelerator: Improving UW tools support the Accelerator: Ancillary, Speciﬁc lines of business supported and processes, Increasing access to Speciﬁc lines of business supported accountancy and regulatory (if applicable): insurance, Product & service (if applicable): compliance services consolidator Example of beneﬁt of Accelerator to KASKO provides insurers and MGAs Example of beneﬁt of Accelerator to Persefoni's software helps companies organisation: Persefoni came into the with a modular no-/low-code product organisation: KASKO used its time in and ﬁnancial institutions to meet Lab with a mission to help the Lloyd’s builder platform, which enables the Lab to build underwriting workﬂows stakeholder and regulatory climate market to start working towards its goal companies to digitalise new or existing that allowed simple risks to be disclosure requirements. The of net zero underwriting by 2050. At the products and workflows, focusing automatically quoted and bound, while company’s software allows clients beginning of the Lab, Persefoni had a lot specifically on distribution, underwriting, referring complex risks to underwriters to measure their carbon footprint, of engagement from their mentors and contract management as well as self- for manual review and adjustment of report on it and track their emissions a promising discussion about the service portals for the insured. The quotes and coverages. These manual reduction progress. Persefoni’s carbon accounting needs of the Lloyd’s platform can be used as a standalone Founded: 2015 adjustments were automatically fed back clients are within the private equity, Founded: 2020 market and the upcoming PCAF or in combination with existing systems into the digitally supported workﬂow to banking and insurance industries. guidelines for carbon accounting and such as policy administration and Status: Operating, still in insurance reduce the time taken to alter coverages. Status: Operating, still in insurance reporting in the insurance industry. claims solutions. “We're really proud of the traction we achieved Some initial progress was made in Company type: Administration system Looking to re-register with Lloyd's in through the Lloyd's Lab.” Company type: Software provider terms understanding the needs of the Head oce: United Kingdom Brussels, one insurance brokerage Jeff To, Senior VP at CCC Head oce: North America market and challenges around data. found more stringent requirements had Main global oces: United Kingdom been placed on how underwriting data Main global oces: USA was collected, stored and reported. Locations served: Europe, KASKO oered a quick and ﬂexible way Locations served: Global United Kingdom to migrate excel-based work into a Employee count: 201-500 Employee count: 11-100 cloud-based solution with enhanced security, audit trails, reporting tools and ﬂexible workﬂows. © Lloyd’s

76Process Optimisation – Alumni proﬁlesLloyd’s Lab Impact Report 77 InariFocus in insurance value chain/Activity in the AcceleratorOptalitix Focus in insurance value chain/Activity in the Accelerator COHORT , workﬂow: Point of underwriting, Policy COHORT , workﬂow: Point of underwriting, admin system, Claims, Compliance & Primary focus product area whilst in Compliance & regulatory support Primary focus product area whilst in regulatory support the Accelerator: Improving policy and the Accelerator: Improving UW tools claims admin I Improving UW tools and Speciﬁc lines of business supported and processes, Enhancing back-end Speciﬁc lines of business supported processes I Data, product & service (if applicable): data eciencies (if applicable): Corporate, SME, consolidator I Enhancing back-end Speciality data eciencies Example of beneﬁt of Accelerator to inari provides a cloud-based policy Optalitix improves underwriting and organisation: Optalitix created a administration system for insurers, Example of beneﬁt of Accelerator to risk management for insurers. Its proof-of-concept version of their reinsurers, MGAs and Lloyd's syndicates. organisation: inari used its time in the operational products include an data collection product. This product It oers three core products: a Lab to further its understanding of the underwriting workbench that allows aimed to reduce the time taken by bordereaux management system, an London Market’s expectations from its users to manage risk more eectively insurers to report on and share insurer/MGA administration system, and policy administration systems. This and a data analytics tool for improving catastrophe data. After the Accelerator, a reinsurance administration system. To insight inﬂuenced inari’s decision to data accuracy and understanding risk. Optalitix was authorised by Lloyd’s to support the entire risk lifecycle, inari build its ecosystem. They obtained Its products are hosted on a no-code create a full-build version of this in uses distributed ledger technology. Their Founded: 2017partners during or soon after the administration system that can be Founded: 2013October 2020, going on to help products are modular and API-based so Cohort.integrated with any other system. Lloyd’s save 13,000 hours in data can be integrated with external sources Status: Operating, still in insuranceOptalitix allows users to host any Status: Operating, still in insuranceadministration time. Its platform has as well as inari’s own ecosystem of During the Lab, inari modiﬁed its existing Excel, Python or R model in reported on over $6bn of catastrophe partners.Company type: Administration system systems to underwrite cyber risks from their products and connect using Company type: Administration claims globally for 187 insurers, submission to post bind a piece of risk, APIs and web forms.system, Software provider coverholders and TPAs helping to Head oce: Spain “ The Lab helped us tremendously to understand in minutes instead of days. inari did this Head oce: United Kingdomimprove post-catastrophe recovery. the London market's expectations further and Main global oces: Spainin addition to integrating with several influenced our decision to build our ecosystem.”external data sources for cyber risk.Main global oces: United Kingdom Frank Perkins, Chief Executive OfficerLocations served: Europe, United Kingdom, USA, Asia Locations served: Global Employee count: 11-100 Employee count: 11-100 KASKO Focus in insurance value chain/Activity in the AcceleratorPersefoni Focus in insurance value chain/Activity in the Accelerator COHORT , workﬂow: Point of underwriting, Policy COHORT , workﬂow: Compliance & regulatory admin system Primary focus product area whilst in Primary focus product area whilst in the Accelerator: Improving UW tools support the Accelerator: Ancillary, Speciﬁc lines of business supported and processes, Increasing access to Speciﬁc lines of business supported accountancy and regulatory (if applicable): insurance, Product & service (if applicable): compliance services consolidator Example of beneﬁt of Accelerator to KASKO provides insurers and MGAs Example of beneﬁt of Accelerator to Persefoni's software helps companies organisation: Persefoni came into the with a modular no-/low-code product organisation: KASKO used its time in and ﬁnancial institutions to meet Lab with a mission to help the Lloyd’s builder platform, which enables the Lab to build underwriting workﬂows stakeholder and regulatory climate market to start working towards its goal companies to digitalise new or existing that allowed simple risks to be disclosure requirements. The of net zero underwriting by 2050. At the products and workflows, focusing automatically quoted and bound, while company’s software allows clients beginning of the Lab, Persefoni had a lot specifically on distribution, underwriting, referring complex risks to underwriters to measure their carbon footprint, of engagement from their mentors and contract management as well as self-for manual review and adjustment of report on it and track their emissions a promising discussion about the service portals for the insured. The quotes and coverages. These manual reduction progress. Persefoni’s carbon accounting needs of the Lloyd’s platform can be used as a standalone Founded: 2015adjustments were automatically fed back clients are within the private equity, Founded: 2020market and the upcoming PCAF or in combination with existing systems into the digitally supported workﬂow to banking and insurance industries. guidelines for carbon accounting and such as policy administration and Status: Operating, still in insurancereduce the time taken to alter coverages.Status: Operating, still in insurancereporting in the insurance industry. claims solutions. “We're really proud of the traction we achieved Some initial progress was made in Company type: Administration systemLooking to re-register with Lloyd's in through the Lloyd's Lab.”Company type: Software providerterms understanding the needs of the Head oce: United KingdomBrussels, one insurance brokerage Jeff To, Senior VP at CCCHead oce: North Americamarket and challenges around data. found more stringent requirements had Main global oces: United Kingdombeen placed on how underwriting data Main global oces: USA was collected, stored and reported. Locations served: Europe, KASKO oered a quick and ﬂexible way Locations served: Global United Kingdomto migrate excel-based work into a Employee count: 201-500 Employee count: 11-100cloud-based solution with enhanced security, audit trails, reporting tools and ﬂexible workﬂows. © Lloyd’s

78 Process Optimisation Lloyd’s Lab Impact Report 79 Carbon Risk Rating – greater transparency Moving from the Lab to a live pilot The team at Carbon Chain readily admit they: new Tokio Marine Kiln and Carbon Chain began exploring on the path to net zero nothing about the insurance market. Through the the idea of measuring emissions across whole Cohort 6, 2021 programme we were able to meet senior stakeholders insurance portfolios for large clients and, following a who were extremely supportive of green innovation. successful trial using a small data set during the Lab We also learned how to design our o昀昀ering in a way programme, have now jointly launched a live project that makes sense to Lloyd’s members. On the other looking at a portfolio of approximately 2,000 hand, as we already work with a number of banks and companies. large corporates, we were able to bring those lessons Tokio Marine Kiln and Carbon Chain have a The journey to a successful transition into a low-carbon economy will to our conversations with the insurance industry and in methodology framework to measure customers’ turn help them to understand what best practice looks require global collaboration on a scale never seen before. Alongside the emissions and compare them with their industry and like elsewhere”. regional peers, translating this into a ‘carbon risk rating’ commitments that many nations around the world are making, Lloyd’s and The original Carbon Chain proposal was to build a new that Tokio Marine Kiln can take into account when the global (re)insurance industry have a unique role to play, providing database for maritime and marine underwriters, to considering each policy it is underwriting. allow them to understand the emissions of vessels they innovative products and services to manage and protect against a rapidly Tokio Marine Kiln recognised the wider value of what is are insuring, and this was the 昀椀rst pilot project in the being built and Brad Irick, Chief Executive O昀漀cer of changing risk landscape. Lab, designed in partnership with Atrium, a Tokio Marine Kiln said: “The bene昀椀ts of this technology longstanding insurer in the Lloyd’s market, who see a extend beyond Tokio Marine Kiln and present an This includes using market expertise to help pioneer carbon emissions ratings database being an integral opportunity for the whole market and society more new risk transfer solutions for green innovation and part of the marine industry’s decarbonisation e昀昀orts. generally.” the Lloyd’s Lab has taken a signi昀椀cant role in leading However, as the team developed the product, they the market to 昀椀nd ways to innovate in this area. Carbon Chain’s work is only just beginning. In future began to see how their technology might work across project phases, customers will be made aware of their Carbon Chain is one of a group of new start-ups that wider underwriting portfolios for larger industrial ratings based on reported data or industry have been sponsored through the Lloyd’s Lab as part conglomerates, and they undertook a second pilot benchmarks. Customers who are not already of ambitious plans for insurers to understand, measure project with Tokio Marine Kiln (TMK). measuring and reporting emissions data will be and support the transition to low-carbon transport, encouraged to do this to further improve transparency mining and industry. and begin to reduce their emissions scores. The challenge of emissions measurement The scale and pace of green innovation required means that many 昀椀rms are under pressure to demonstrate they have sustainable business operations. Critical business partners, such as banks and insurers, are now being asked to know the carbon footprints of the businesses they insure and 昀椀nance. The founders of Carbon Chain had backgrounds in mining and oil & gas. They knew that all those involved in these industries were reaching for ways to measure carbon outputs, as well as track change and Carbon Chain was set up to focus on the industrial and improvement, and they also knew that they could commodities sector (oil, gas, metals mining, agriculture, deliver these measurements. transport). hose sectors account for over half of the world’s greenhouse gas emissions. Working with commodities traders, producers, and banks that 昀椀nance commodities products, the team built out a database of emissions information on speci昀椀c commodity supply chains, plus globally signi昀椀cant, mines, smelters, re昀椀neries, cargo vessels and so on. As the database of emissions grew, Carbon Chain began to understand their data could be valuable to insurers who wished to run climate stress tests on potential clients before insuring them. © Lloyd’s

78Process OptimisationLloyd’s Lab Impact Report 79 Carbon Risk Rating – greater transparency Moving from the Lab to a live pilot The team at Carbon Chain readily admit they: new Tokio Marine Kiln and Carbon Chain began exploring on the path to net zero nothing about the insurance market. Through the the idea of measuring emissions across whole Cohort 6, 2021programme we were able to meet senior stakeholders insurance portfolios for large clients and, following a who were extremely supportive of green innovation. successful trial using a small data set during the Lab We also learned how to design our o昀昀ering in a way programme, have now jointly launched a live project that makes sense to Lloyd’s members. On the other looking at a portfolio of approximately 2,000 hand, as we already work with a number of banks and companies. large corporates, we were able to bring those lessons Tokio Marine Kiln and Carbon Chain have a The journey to a successful transition into a low-carbon economy will to our conversations with the insurance industry and in methodology framework to measure customers’ turn help them to understand what best practice looks require global collaboration on a scale never seen before. Alongside the emissions and compare them with their industry and like elsewhere”. regional peers, translating this into a ‘carbon risk rating’ commitments that many nations around the world are making, Lloyd’s and The original Carbon Chain proposal was to build a new that Tokio Marine Kiln can take into account when the global (re)insurance industry have a unique role to play, providing database for maritime and marine underwriters, to considering each policy it is underwriting. allow them to understand the emissions of vessels they innovative products and services to manage and protect against a rapidly Tokio Marine Kiln recognised the wider value of what is are insuring, and this was the 昀椀rst pilot project in the being built and Brad Irick, Chief Executive O昀漀cer of changing risk landscape. Lab, designed in partnership with Atrium, a Tokio Marine Kiln said: “The bene昀椀ts of this technology longstanding insurer in the Lloyd’s market, who see a extend beyond Tokio Marine Kiln and present an This includes using market expertise to help pioneer carbon emissions ratings database being an integral opportunity for the whole market and society more new risk transfer solutions for green innovation and part of the marine industry’s decarbonisation e昀昀orts. generally.” the Lloyd’s Lab has taken a signi昀椀cant role in leading However, as the team developed the product, they the market to 昀椀nd ways to innovate in this area. Carbon Chain’s work is only just beginning. In future began to see how their technology might work across project phases, customers will be made aware of their Carbon Chain is one of a group of new start-ups that wider underwriting portfolios for larger industrial ratings based on reported data or industry have been sponsored through the Lloyd’s Lab as part conglomerates, and they undertook a second pilot benchmarks. Customers who are not already of ambitious plans for insurers to understand, measure project with Tokio Marine Kiln (TMK). measuring and reporting emissions data will be and support the transition to low-carbon transport, encouraged to do this to further improve transparency mining and industry. and begin to reduce their emissions scores. The challenge of emissions measurement The scale and pace of green innovation required means that many 昀椀rms are under pressure to demonstrate they have sustainable business operations. Critical business partners, such as banks and insurers, are now being asked to know the carbon footprints of the businesses they insure and 昀椀nance. The founders of Carbon Chain had backgrounds in mining and oil & gas. They knew that all those involved in these industries were reaching for ways to measure carbon outputs, as well as track change and Carbon Chain was set up to focus on the industrial and improvement, and they also knew that they could commodities sector (oil, gas, metals mining, agriculture, deliver these measurements. transport). hose sectors account for over half of the world’s greenhouse gas emissions. Working with commodities traders, producers, and banks that 昀椀nance commodities products, the team built out a database of emissions information on speci昀椀c commodity supply chains, plus globally signi昀椀cant, mines, smelters, re昀椀neries, cargo vessels and so on. As the database of emissions grew, Carbon Chain began to understand their data could be valuable to insurers who wished to run climate stress tests on potential clients before insuring them. © Lloyd’s

80 Process Optimisation – Alumni proﬁles Lloyd’s Lab Impact Report 81 Phinsys Focus in insurance value chain/ Activity in the Accelerator Retechnica Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Compliance & regulatory COHORT , workﬂow: Point of underwriting, support Primary focus product area whilst in Claims Primary focus product area whilst in the Accelerator: Ancillary, the Accelerator: Improving policy and Speciﬁc lines of business supported accountancy and regulatory Speciﬁc lines of business supported claims admin, Improving UW tools and (if applicable): Corporate compliance services (if applicable): processes, Enhancing back-end data eciencies, Improving claims process Example of beneﬁt of Accelerator to Phinsys has built a platform of software organisation: As part of its time in the Retechnica is an artiﬁcial intelligence Example of beneﬁt of Accelerator to tools to optimise and automate the Accelerator, Phinsys created three new company. Its product Ingenia helps organisation: During its time in the ﬁnance function of insurance businesses, full suite proof-of-concepts. It also companies automatically extract Lab, Retechnica made contact with improving their ﬁnancial accounting, worked to ensure that its product and analyse information from their several insurance businesses and had regulatory reporting and analytical worked in line with the Lloyd’s Market documents, helping them to automate in-depth conversations with some to processes. The company works with a Data Collections (MDC) programme, manual processes and to extract insights support Retechnica’s go-to-market wide range of insurance organisations which aims to improve the ways in from large amounts of content. strategy in insurance. across the UK, Europe, US, Bermuda, which Lloyd’s handles data. As well as and Lloyd’s insurance markets. Founded: 2010 this, Phinsys was introduced to many “It was a pleasure to participate in the Lloyd's Lab. Founded: 2012 managing agents it had not previously It enabled Retechnica, an AI solution provider, “ Our time in the Lab provided invaluable Status: Operating, still in insurance worked with. It also conducted to get in-depth exposure to key actors in the Status: Operating, still in insurance exposure to the market for our finance insurance market, leading us to the development automation platform and revealed the Company type: Data transformation, research to show that the company’s of highly innovative and relevant solutions” Company type: Data transformation extent of the challenge faced by all Administration system solution saves on average 500 hours a Marco Lannone, Founder and Lloyd’s syndicates in dealing with high year in completing Lloyd’s Quarterly Chief Executive Officer Head oce: United Kingdom operating costs and legacy systems that Head oce: United Kingdom Returns. hamper future growth and profitability” Main global oces: United Kingdom Main global oces: United Kingdom Stuart Conibear, Chief Commercial Officer Locations served: Global Locations served: USA, Europe, United Kingdom Employee count: 1-10 Employee count: 11-100 RequirementONE Focus in insurance value chain/ Activity in the Accelerator Scrub AI Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Compliance & regulatory COHORT , workﬂow: Point of underwriting support Primary focus product area whilst in Primary focus product area whilst in the Accelerator: Ancillary, Speciﬁc lines of business supported the Accelerator: Enhancing back-end Speciﬁc lines of business supported accountancy and regulatory (if applicable): data eciencies (if applicable): compliance services Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: Before taking part in the RequirementONE provides a platform organisation: RequirementONE Scrub AI provides an AI solution for Accelerator, Scrub AI oered a solution for compliance lifecycle management. gained a greater understanding of the automating data cleansing from to automate data cleaning in SOVs for Users can automatically monitor Lloyd’s of London ecosystem. spreadsheets. It uses optical the RMS output format. During the Lab, regulatory developments from industry character recognition technology Scrub AI extended this oering from the bodies, regulators and best practice and machine learning to extract RMS to the AIR data output format. sites in relevant jurisdictions. Through relevant information. Using the using the platform, companies can platform, SOVs and bordereaux collaboratively manage policies, can be cleaned and validated in procedures, controls, and risks all in Founded: 2015 seconds and outputted into RMS, Founded: 2020 one place. AIR, Sequel Impact or customised Status: Operating, still in insurance formats. Status: Operating, still in insurance “We found that Lloyds Market was a very good fit with our mission – to ‘help companies action Company type: Administration system Company type: Data transformation regulatory change’. Our regulatory change management solution could quickly be Head oce: United Kingdom Head oce: United Kingdom adapted to individual needs of Lloyds Market Main global oces: United Kingdom Main global oces: United Kingdom participants to track and action relevant regulatory developments.” Locations served: Global Locations served: Global Helen Dann, Co-Founder and Chief Customer Officer Employee count: 1-10 Employee count: 1-10 © Lloyd’s

80Process Optimisation – Alumni proﬁlesLloyd’s Lab Impact Report 81 Phinsys Focus in insurance value chain/Activity in the AcceleratorRetechnica Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Compliance & regulatory COHORT , workﬂow: Point of underwriting, support Primary focus product area whilst in Claims Primary focus product area whilst in the Accelerator: Ancillary, the Accelerator: Improving policy and Speciﬁc lines of business supported accountancy and regulatory Speciﬁc lines of business supported claims admin, Improving UW tools and (if applicable): Corporatecompliance services (if applicable): processes, Enhancing back-end data eciencies, Improving claims process Example of beneﬁt of Accelerator to Phinsys has built a platform of software organisation: As part of its time in the Retechnica is an artiﬁcial intelligence Example of beneﬁt of Accelerator to tools to optimise and automate the Accelerator, Phinsys created three new company. Its product Ingenia helps organisation: During its time in the ﬁnance function of insurance businesses, full suite proof-of-concepts. It also companies automatically extract Lab, Retechnica made contact with improving their ﬁnancial accounting, worked to ensure that its product and analyse information from their several insurance businesses and had regulatory reporting and analytical worked in line with the Lloyd’s Market documents, helping them to automate in-depth conversations with some to processes. The company works with a Data Collections (MDC) programme, manual processes and to extract insights support Retechnica’s go-to-market wide range of insurance organisations which aims to improve the ways in from large amounts of content. strategy in insurance. across the UK, Europe, US, Bermuda, which Lloyd’s handles data. As well as and Lloyd’s insurance markets.Founded: 2010this, Phinsys was introduced to many “It was a pleasure to participate in the Lloyd's Lab. Founded: 2012 managing agents it had not previously It enabled Retechnica, an AI solution provider, “ Our time in the Lab provided invaluable Status: Operating, still in insuranceworked with. It also conducted to get in-depth exposure to key actors in the Status: Operating, still in insurance exposure to the market for our finance insurance market, leading us to the development automation platform and revealed the Company type: Data transformation, research to show that the company’s of highly innovative and relevant solutions”Company type: Data transformation extent of the challenge faced by all Administration systemsolution saves on average 500 hours a Marco Lannone, Founder and Lloyd’s syndicates in dealing with high year in completing Lloyd’s Quarterly Chief Executive Officer Head oce: United Kingdom operating costs and legacy systems that Head oce: United KingdomReturns. hamper future growth and profitability” Main global oces: United Kingdom Main global oces: United Kingdom Stuart Conibear, Chief Commercial Officer Locations served: Global Locations served: USA, Europe, United Kingdom Employee count: 1-10 Employee count: 11-100 RequirementONE Focus in insurance value chain/Activity in the AcceleratorScrub AI Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Compliance & regulatory COHORT , workﬂow: Point of underwriting support Primary focus product area whilst in Primary focus product area whilst in the Accelerator: Ancillary, Speciﬁc lines of business supported the Accelerator: Enhancing back-end Speciﬁc lines of business supported accountancy and regulatory (if applicable): data eciencies (if applicable): compliance services Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: Before taking part in the RequirementONE provides a platform organisation: RequirementONE Scrub AI provides an AI solution for Accelerator, Scrub AI oered a solution for compliance lifecycle management. gained a greater understanding of the automating data cleansing from to automate data cleaning in SOVs for Users can automatically monitor Lloyd’s of London ecosystem.spreadsheets. It uses optical the RMS output format. During the Lab, regulatory developments from industry character recognition technology Scrub AI extended this oering from the bodies, regulators and best practice and machine learning to extract RMS to the AIR data output format. sites in relevant jurisdictions. Through relevant information. Using the using the platform, companies can platform, SOVs and bordereaux collaboratively manage policies, can be cleaned and validated in procedures, controls, and risks all in Founded: 2015seconds and outputted into RMS, Founded: 2020 one place. AIR, Sequel Impact or customised Status: Operating, still in insuranceformats. Status: Operating, still in insurance “We found that Lloyds Market was a very good fit with our mission – to ‘help companies action Company type: Administration systemCompany type: Data transformation regulatory change’. Our regulatory change management solution could quickly be Head oce: United Kingdom Head oce: United Kingdom adapted to individual needs of Lloyds Market Main global oces: United KingdomMain global oces: United Kingdom participants to track and action relevant regulatory developments.”Locations served: Global Locations served: Global Helen Dann, Co-Founder and Chief Customer OfficerEmployee count: 1-10 Employee count: 1-10 © Lloyd’s

82 83 Lloyd’s Lab Impact Report 83 D A A constellation of eyes a lum watching out for disaster ta Cohort 7, 2021 a n How ‘persistent monitoring’ satellites can help manage and mitigate the impacts of climate change. n i With global weather events coming thick and fast, rapid Interpretation is also key. ICEYE have a team of d c reactions to 昀椀re and 昀氀ood have never been more of a meteorologists who are constantly watching the weather challenge for the insurance industry. In major 昀氀ood or 昀椀re and other factors which drive 昀氀ooding. They issue m a events, the public may not have access to the area for forecasts of where they expect 昀氀ooding to happen, days, or even weeks. This prevents insurers and including to several parametric insurers. reinsurers from understanding the loss, and most If ICEYE’s team expect 昀氀ooding, they can task the importantly of all, delays payments to those a昀昀ected. o s constellation of satellites to start taking radio images of Space monitoring has been seen as a possible answer a 昀氀ood area. ICEYE’s team will also enrich the satellite e for a decade at least. However, it is only now that a new data by overlaying it onto digital terrain models; as well generation of satellites, such as the group operated by as adding in data from 昀氀ood and rain gauges, and they d a ICEYE, a recent graduate of the Lloyd’s Lab; are able to will also track social media imagery, which can in itself provide rapid 昀椀re, fully interpreted and frequent enhance details of precisely where 昀氀ood areas begin e information about 昀氀ood, 昀椀re and hurricane-hit areas via a and end. constellation of satellites that are small and a昀昀ordable Overall, the data hugely speeds up the time to action, ls n enough to enable persistent monitoring. sometimes by a factor of weeks. ICEYE operates the world’s largest synthetic-aperture A number of Lloyd’s insurers are now taking advantage of d radar (SAR) satellite constellation, one that can provide this facility to develop innovative covers for vulnerable data and imagery for any location on Earth, multiple times communities. For example, a parametric insurance facility a day. By combining satellite imaging with multiple has been jointly put together by the Insurance p auxiliary information sources – including river/tidal gauge Development Foundation, the United Nations, as well as data, ground sensors, watershed maps, elevation models Swiss Re and Allianz. Satellite data provided a simple and open-source imagery – it is possible to deliver easily trigger for payouts to be made, creating a grouped oi ingestible hazard data while a 昀氀ood is still ongoing. insurance product for vulnerable rural groups in Ghana, A critical failing in previously generations of imaging who now have 昀椀nancial protection in case of 昀氀ood, where satellites was they were equipped with optical sensors, before they had nothing. This 昀椀lls a protection gap, and which cannot penetrate cloud cover or smoke. In addition, also helps the local community to adapt successfully to n these cannot produce reliable images at night. Radar an increasingly extreme climate environment. imaging sensors, in contrast, can capture data at night Although ICEYE is primarily at present used to monitor t and in all weather conditions. 昀氀oods, the SAR constellation can also be used to track For insurance companies and government bodies, this is deforestation, and to monitor wild昀椀res. It can also unlocking the possibility of observing and reacting to measure ice build-up and melting speed. Finally, the ongoing 昀氀oods as never before. Persistent monitoring of system can persistently monitor movement in the ground, 昀氀oods through the use of SAR satellites contributes to tracking subsidence around, for example, dams and faster, fact-based event response and can enable waste heads from open-cast mines. This data is accurate automated claims noti昀椀cation, support the partial to within millimetres, and can be used to help predict risk automation of claims handling, enhance customer service of collapse in these high-impact environments – critical and facilitate rapid loss assessment and more accurate both for insurer and for insured. reserving. The depth of data provided can also go further, Space technology is beginning to enable innovative and support solutions to provide safety nets for activities within insurance and around the management of communities at risk of 昀氀ood. climate change, that enables better recovery from catastrophes than has even been thought possible. © Lloyd’s

82 83 Lloyd’s Lab Impact Report 83 DA A constellation of eyes alum watching out for disaster ta Cohort 7, 2021 an How ‘persistent monitoring’ satellites can help manage and mitigate the impacts of climate change. ni With global weather events coming thick and fast, rapid Interpretation is also key. ICEYE have a team of d c reactions to 昀椀re and 昀氀ood have never been more of a meteorologists who are constantly watching the weather challenge for the insurance industry. In major 昀氀ood or 昀椀re and other factors which drive 昀氀ooding. They issue ma events, the public may not have access to the area for forecasts of where they expect 昀氀ooding to happen, days, or even weeks. This prevents insurers and including to several parametric insurers. reinsurers from understanding the loss, and most If ICEYE’s team expect 昀氀ooding, they can task the importantly of all, delays payments to those a昀昀ected. os constellation of satellites to start taking radio images of Space monitoring has been seen as a possible answer a 昀氀ood area. ICEYE’s team will also enrich the satellite e for a decade at least. However, it is only now that a new data by overlaying it onto digital terrain models; as well generation of satellites, such as the group operated by as adding in data from 昀氀ood and rain gauges, and they d a ICEYE, a recent graduate of the Lloyd’s Lab; are able to will also track social media imagery, which can in itself provide rapid 昀椀re, fully interpreted and frequent enhance details of precisely where 昀氀ood areas begin e information about 昀氀ood, 昀椀re and hurricane-hit areas via a and end. constellation of satellites that are small and a昀昀ordable Overall, the data hugely speeds up the time to action, lsn enough to enable persistent monitoring. sometimes by a factor of weeks. ICEYE operates the world’s largest synthetic-aperture A number of Lloyd’s insurers are now taking advantage of d radar (SAR) satellite constellation, one that can provide this facility to develop innovative covers for vulnerable data and imagery for any location on Earth, multiple times communities. For example, a parametric insurance facility a day. By combining satellite imaging with multiple has been jointly put together by the Insurance p auxiliary information sources – including river/tidal gauge Development Foundation, the United Nations, as well as data, ground sensors, watershed maps, elevation models Swiss Re and Allianz. Satellite data provided a simple and open-source imagery – it is possible to deliver easily trigger for payouts to be made, creating a grouped oi ingestible hazard data while a 昀氀ood is still ongoing. insurance product for vulnerable rural groups in Ghana, A critical failing in previously generations of imaging who now have 昀椀nancial protection in case of 昀氀ood, where satellites was they were equipped with optical sensors, before they had nothing. This 昀椀lls a protection gap, and which cannot penetrate cloud cover or smoke. In addition, also helps the local community to adapt successfully to n these cannot produce reliable images at night. Radar an increasingly extreme climate environment. imaging sensors, in contrast, can capture data at night Although ICEYE is primarily at present used to monitor t and in all weather conditions. 昀氀oods, the SAR constellation can also be used to track For insurance companies and government bodies, this is deforestation, and to monitor wild昀椀res. It can also unlocking the possibility of observing and reacting to measure ice build-up and melting speed. Finally, the ongoing 昀氀oods as never before. Persistent monitoring of system can persistently monitor movement in the ground, 昀氀oods through the use of SAR satellites contributes to tracking subsidence around, for example, dams and faster, fact-based event response and can enable waste heads from open-cast mines. This data is accurate automated claims noti昀椀cation, support the partial to within millimetres, and can be used to help predict risk automation of claims handling, enhance customer service of collapse in these high-impact environments – critical and facilitate rapid loss assessment and more accurate both for insurer and for insured. reserving. The depth of data provided can also go further, Space technology is beginning to enable innovative and support solutions to provide safety nets for activities within insurance and around the management of communities at risk of 昀氀ood. climate change, that enables better recovery from catastrophes than has even been thought possible. © Lloyd’s

84 Data and models – Alumni proﬁles Lloyd’s Lab Impact Report 85 Axio Focus in insurance value chain/ Activity in the Accelerator Describe Data Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting COHORT , workﬂow: Risk mitigation, Point of Primary focus product area whilst in underwriting, Loss modelling & Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Ancillary, analytics the Accelerator: Improving UW tools (if applicable): Corporate accountancy and regulatory and processes, New sources of risk compliance services I New sources Speciﬁc lines of business supported insight - data or models of risk insight - data or models (if applicable): Example of beneﬁt of Accelerator to Axio helps customers understand Example of beneﬁt of Accelerator to Describe Data’s product, Kompreno, organisation: Whilst having access to cybersecurity risks, compliance and organisation: During the Lab provides risk and portfolio analysis data providers and underwriters in the insurance. Insurers can use Axio to programme Axio were able to build a across a range of business lines. It Accelerator, Describe Data built its stress test how a speciﬁc policy will friction-less process for cyber physical enables insurers to model both the prototype of Kompreno, speciﬁcally for respond to a cyber-attack across an damage risk transfer. With the advice frequency and severity of future events' Directors and Ocers insurance entire portfolio. Brokers also can work and expertise from mentors in the using multiple techniques, including products. with Axio to identify gaps in insurance market, they developed a fully machine learning, AI, and Bayesian policy coverage by searching for operational proof of concept demo statistical analysis. Kompreno can exclusions and clauses. Founded: 2013 platform during the 10-weeks, which also analyse multi-dimensional Founded: 2019 will be used to underpin business portfolios supporting risk selection Status: Operating, still in insurance between brokers and underwriters and scenario modelling. Status: Operating, still in insurance Company type: Data models, for cyber physical damage. Company type: Data models, “The first week was incredible. It really brought Data provider us up to speed with how Lloyd's works and what Data provider the essence of the marketplace is, the history and Head oce: USA the etiquette. We then went straight into working Head oce: Europe Main global oces: USA and meeting our mentors and trying to get as Main global oces: Ireland much out of the process as possible” Locations served: Global Michael Crawford, Chief Executive Officer Locations served: Global and Co-Founder Employee count: 11-100 Employee count: 1-10 CetoAI Focus in insurance value chain/ Activity in the Accelerator Digital Fineprint Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Risk mitigation, Point of COHORT , workﬂow: Point of underwriting underwriting, Loss modelling & Primary focus product area whilst in Primary focus product area whilst in analytics, Compliance & regulatory the Accelerator: New sources of risk Speciﬁc lines of business supported the Accelerator: New sources of risk support insight - data or models, Increasing (if applicable): SME insight - data or models access to insurance Speciﬁc lines of business supported Example of beneﬁt of Accelerator to (if applicable): Corporate Example of beneﬁt of Accelerator to organisation: During its time in the Lab, CetoAI uses AI to provide predictive organisation: The programme helped Digital Fineprint used open data AI to Digital Fineprint interacted with a analytics to the maritime insurance with introductions to capacity create predictive models and insights number of underwriting businesses and sector. The company uses existing data providers, which accelerated CetoAI’s on SMEs. The company’s sources coverholders within Lloyd’s, gaining a sources on ships of any size to increase journey to becoming an MGA and included social media, websites and deeper understanding of the market’s vessel availability, prevent unexpected coverholder. It also helped to close its government data. The insights provided inner workings. The company was machinery failures, improve crew safety, investment round and increased the by Digital Fineprint could be used for acquired by broker hubb in 2021. manage risk, and reduce performance company’s brand awareness within the risk selection, underwriting, pricing related emissions. CetoAI identifies insurance market. In the Accelerator, and marketing strategies. breakdown risks in advance, resulting Founded: 2020 CetoAI developed its Mechanical Founded: 2016 in greater vessel uptime and fewer Performance Index which takes “Lloyd's Lab was a massive eye-opener for us. insurance losses. Status: Operating, still in insurance real-time data from a vessel to Despite the fact we'd been in InsurTech for the Status: Acquired by hubb in 2021 produce a standardised score. three years prior, we had never interacted in a “We found that Lloyds Market was a very good Company type: Data provider meaningful way with the Lloyd's market itself. Company type: Data provider, Data fit with our mission – to ‘help companies action It was also great to see some other startups consolidator (now part of broker hubb) regulatory change’. Our regulatory change Head oce: United Kingdom as part of the Lab.” management solution could quickly be Erik Abrahamsson, Chief Executive Officer Head oce: United Kingdom Main global oces: United Kingdom adapted to individual needs of Lloyds Market and Founder Main global oces: United Kingdom participants to track and action relevant Locations served: Global regulatory developments.” Locations served: United Kingdom Helen Dann, Co-Founder Employee count: 1-10 and Chief Customer Officer Employee count: 11-100 © Lloyd’s

84Data and models – Alumni proﬁlesLloyd’s Lab Impact Report 85 Axio Focus in insurance value chain/Activity in the AcceleratorDescribe Data Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting COHORT , workﬂow: Risk mitigation, Point of Primary focus product area whilst in underwriting, Loss modelling & Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Ancillary, analytics the Accelerator: Improving UW tools (if applicable): Corporateaccountancy and regulatory and processes, New sources of risk compliance services I New sources Speciﬁc lines of business supported insight - data or models of risk insight - data or models (if applicable): Example of beneﬁt of Accelerator to Axio helps customers understand Example of beneﬁt of Accelerator to Describe Data’s product, Kompreno, organisation: Whilst having access to cybersecurity risks, compliance and organisation: During the Lab provides risk and portfolio analysis data providers and underwriters in the insurance. Insurers can use Axio to programme Axio were able to build a across a range of business lines. It Accelerator, Describe Data built its stress test how a speciﬁc policy will friction-less process for cyber physical enables insurers to model both the prototype of Kompreno, speciﬁcally for respond to a cyber-attack across an damage risk transfer. With the advice frequency and severity of future events' Directors and Ocers insurance entire portfolio. Brokers also can work and expertise from mentors in the using multiple techniques, including products. with Axio to identify gaps in insurance market, they developed a fully machine learning, AI, and Bayesian policy coverage by searching for operational proof of concept demo statistical analysis. Kompreno can exclusions and clauses.Founded: 2013platform during the 10-weeks, which also analyse multi-dimensional Founded: 2019 will be used to underpin business portfolios supporting risk selection Status: Operating, still in insurancebetween brokers and underwriters and scenario modelling.Status: Operating, still in insurance Company type: Data models, for cyber physical damage. Company type: Data models, “The first week was incredible. It really brought Data providerus up to speed with how Lloyd's works and what Data provider the essence of the marketplace is, the history and Head oce: USAthe etiquette. We then went straight into working Head oce: Europe Main global oces: USAand meeting our mentors and trying to get as Main global oces: Ireland much out of the process as possible” Locations served: GlobalMichael Crawford, Chief Executive Officer Locations served: Global and Co-Founder Employee count: 11-100 Employee count: 1-10 CetoAI Focus in insurance value chain/Activity in the AcceleratorDigital Fineprint Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Risk mitigation, Point of COHORT , workﬂow: Point of underwriting underwriting, Loss modelling & Primary focus product area whilst in Primary focus product area whilst in analytics, Compliance & regulatory the Accelerator: New sources of risk Speciﬁc lines of business supported the Accelerator: New sources of risk support insight - data or models, Increasing (if applicable): SME insight - data or models access to insurance Speciﬁc lines of business supported Example of beneﬁt of Accelerator to (if applicable): CorporateExample of beneﬁt of Accelerator to organisation: During its time in the Lab, CetoAI uses AI to provide predictive organisation: The programme helped Digital Fineprint used open data AI to Digital Fineprint interacted with a analytics to the maritime insurance with introductions to capacity create predictive models and insights number of underwriting businesses and sector. The company uses existing data providers, which accelerated CetoAI’s on SMEs. The company’s sources coverholders within Lloyd’s, gaining a sources on ships of any size to increase journey to becoming an MGA and included social media, websites and deeper understanding of the market’s vessel availability, prevent unexpected coverholder. It also helped to close its government data. The insights provided inner workings. The company was machinery failures, improve crew safety, investment round and increased the by Digital Fineprint could be used for acquired by broker hubb in 2021. manage risk, and reduce performance company’s brand awareness within the risk selection, underwriting, pricing related emissions. CetoAI identifies insurance market. In the Accelerator, and marketing strategies. breakdown risks in advance, resulting Founded: 2020CetoAI developed its Mechanical Founded: 2016 in greater vessel uptime and fewer Performance Index which takes “Lloyd's Lab was a massive eye-opener for us. insurance losses.Status: Operating, still in insurancereal-time data from a vessel to Despite the fact we'd been in InsurTech for the Status: Acquired by hubb in 2021 produce a standardised score. three years prior, we had never interacted in a “We found that Lloyds Market was a very good Company type: Data providermeaningful way with the Lloyd's market itself. Company type: Data provider, Data fit with our mission – to ‘help companies action It was also great to see some other startups consolidator (now part of broker hubb) regulatory change’. Our regulatory change Head oce: United Kingdomas part of the Lab.” management solution could quickly be Erik Abrahamsson, Chief Executive Officer Head oce: United Kingdom Main global oces: United Kingdom adapted to individual needs of Lloyds Market and Founder Main global oces: United Kingdom participants to track and action relevant Locations served: Global regulatory developments.” Locations served: United Kingdom Helen Dann, Co-Founder Employee count: 1-10 and Chief Customer Officer Employee count: 11-100 © Lloyd’s

86 Data and models – Alumni proﬁles Lloyd’s Lab Impact Report 87 Falkonry Focus in insurance value chain/ Activity in the Accelerator Gabriel Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Risk mitigation, Point of COHORT , workﬂow: Risk mitigation underwriting Primary focus product area whilst in Primary focus product area whilst in the Accelerator: New sources of risk Speciﬁc lines of business supported the Accelerator: New sources of risk Speciﬁc lines of business supported insight - data or models (if applicable): insight - data or models (if applicable): Corporate Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: Prior to their experience Gabriel provides early detection alerts to organisation: Gabriel has brought Falkonry provides a suite of AI tools in the Lab, Falkonry had very little risk-reducing and resilience-enhancing to continuously monitor assets and reduce risk and improve resilience of engagement with the insurance insureds. The solution is currently focused technology to two syndicates: one processes within factories, plants market. Before joining, the team had selling active assailant cover and vessels. Through the company’s on active assailant threats, but is relevant a developed a thesis about how their for a wide range of natural and man-made (technology being provided for their platform and sensor data from clients, data could be used in the underwriting insureds) and the other is launching a Falkonry identiﬁes anomalies and events. Gabriel’s software provides danger process which they planned to test alerts, live video streams, interactive ﬂoor new tech-enabled preventative alerts clients to the earliest sign of over the course of the programme. insurance product which is powered any developing issues. plans and in-building communication with Following discussions and guidance security teams and law enforcement. This by Gabriel’s technology. Founded: 2012 from their mentors, the team began to helps to either stop threats before they Founded: 2018 “ Our time in the Lab provided invaluable look at their product from a risk exposure to the market for our finance Status: Operating, still in insurance impact lives and businesses or it reduces Status: Operating, still in insurance automation platform and revealed the management perspective and how the longevity and impact of an incident. extent of the challenge faced by all Company type: Data provider, their product could be used by Company type: Data provider Lloyd’s syndicates in dealing with high Data transformation industrial clients, risk management “ The Lloyd's Lab put Gabriel on the fast track to operating costs and legacy systems that consultancies and captive insurers uncovering the right insurance fit to deliver on our Head oce: Israel hamper future growth and profitability.” Head oce: North America rather than the traditional insurance core mission of saving lives through smart carriers. technology. By quickly engaging with the entire Main global oces: Eastern Stuart Conibear, Chief Commercial Officer Main global oces: USA Mediterranean marketplace, we found the syndicates, underwriters, risk managers and insurds where Gabriel can make Locations served: Global the world of a difference. I'm proud to share now we Locations served: Eastern can reduce risk and protect precious lives with Mediterranean, USA Employee count: 11-100 smarter active assailant cover from Lloyd's.” Employee count: 11-100 Yoni Sherizen, Co-Founder FireBreak Focus in insurance value chain/ Activity in the Accelerator Geollect Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Risk mitigation, Point of COHORT , AND COHORT , workﬂow: Risk mitigation, Compliance underwriting Primary focus product area whilst in & regulatory support Primary focus product area whilst in the Accelerator: Improving UW tools the Accelerator: New sources of risk Speciﬁc lines of business supported and processes, New sources of risk Speciﬁc lines of business supported insight - data or models (if applicable): Personal insight - data or models (if applicable): Corporate Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: Geollect reﬁned a new FireBreak provides a mobile app for organisation: FireBreak left the Lab Geollect is a geospatial intelligence map visualisation tool, Geonius, for self-inspection of property wildfire risk. at the end of cohort 10, earlier in 2023. company providing insights into tracking non-static risks including The app provides users with the best After working closely with mentors and weather, health, geopolitical, civil marine, aviation and oshore energy. actions that can be taken to mitigate the other InsurTechs in the Accelerator, disturbance, criminal activity, and Geonius allows insurers to track the risk to their properties. Insurers can use they continued to develop their app supply chain disruption. Marine location of assets, visualise exposure the submitted data and images for and are currently experiencing such insurers use the company’s data values and policy restrictions, identify underwriting and risk selection, to sell high demand that there is a waitlist for portal and insights to better accumulations and gain insights from coverage, and verify eligibility for their services. understand risk mitigation, threat historic data. mitigation discounts required by the Founded: 2022 levels and compliance adherence Founded: 2017 California Department of Insurance. in near real time. Status: Operating, still in insurance Status: Operating, still in insurance “Lloyd's Lab accelerated years of product requirements research. The Lab matched us Company type: Data provider Company type: Data provider, Data with innovation-seeking mentors from the consolidator, Data transformation, Lloyd’s insurance market. We met our mentors Head oce: North America Software provider weekly, refined our product to meet their Main global oces: USA companies' requirements, and secured five Head oce: United Kingdom proof of concept projects in 10 weeks.” Locations served: USA Main global oces: United Kingdom Tac Leung, Co-Founder Employee count: 1-10 Locations served: Global Employee count: 11-100 © Lloyd’s

86Data and models – Alumni proﬁlesLloyd’s Lab Impact Report 87 Falkonry Focus in insurance value chain/Activity in the AcceleratorGabriel Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Risk mitigation, Point of COHORT , workﬂow: Risk mitigation underwriting Primary focus product area whilst in Primary focus product area whilst in the Accelerator: New sources of risk Speciﬁc lines of business supported the Accelerator: New sources of risk Speciﬁc lines of business supported insight - data or models (if applicable): insight - data or models (if applicable): Corporate Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: Prior to their experience Gabriel provides early detection alerts to organisation: Gabriel has brought Falkonry provides a suite of AI tools in the Lab, Falkonry had very little risk-reducing and resilience-enhancing to continuously monitor assets and reduce risk and improve resilience of engagement with the insurance insureds. The solution is currently focused technology to two syndicates: one processes within factories, plants market. Before joining, the team had selling active assailant cover and vessels. Through the company’s on active assailant threats, but is relevant a developed a thesis about how their for a wide range of natural and man-made (technology being provided for their platform and sensor data from clients, data could be used in the underwriting insureds) and the other is launching a Falkonry identiﬁes anomalies and events. Gabriel’s software provides danger process which they planned to test alerts, live video streams, interactive ﬂoor new tech-enabled preventative alerts clients to the earliest sign of over the course of the programme. insurance product which is powered any developing issues.plans and in-building communication with Following discussions and guidance security teams and law enforcement. This by Gabriel’s technology. Founded: 2012from their mentors, the team began to helps to either stop threats before they Founded: 2018 “ Our time in the Lab provided invaluable look at their product from a risk exposure to the market for our finance Status: Operating, still in insuranceimpact lives and businesses or it reduces Status: Operating, still in insurance automation platform and revealed the management perspective and how the longevity and impact of an incident. extent of the challenge faced by all Company type: Data provider, their product could be used by Company type: Data provider Lloyd’s syndicates in dealing with high Data transformationindustrial clients, risk management “ The Lloyd's Lab put Gabriel on the fast track to operating costs and legacy systems that consultancies and captive insurers uncovering the right insurance fit to deliver on our Head oce: Israel hamper future growth and profitability.”Head oce: North Americarather than the traditional insurance core mission of saving lives through smart carriers. technology. By quickly engaging with the entire Main global oces: Eastern Stuart Conibear, Chief Commercial OfficerMain global oces: USA Mediterranean marketplace, we found the syndicates, underwriters, risk managers and insurds where Gabriel can make Locations served: Globalthe world of a difference. I'm proud to share now we Locations served: Eastern can reduce risk and protect precious lives with Mediterranean, USA Employee count: 11-100smarter active assailant cover from Lloyd's.” Employee count: 11-100 Yoni Sherizen, Co-Founder FireBreak Focus in insurance value chain/Activity in the AcceleratorGeollect Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Risk mitigation, Point of COHORT , AND COHORT , workﬂow: Risk mitigation, Compliance underwriting Primary focus product area whilst in & regulatory support Primary focus product area whilst in the Accelerator: Improving UW tools the Accelerator: New sources of risk Speciﬁc lines of business supported and processes, New sources of risk Speciﬁc lines of business supported insight - data or models (if applicable): Personalinsight - data or models (if applicable): Corporate Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: Geollect reﬁned a new FireBreak provides a mobile app for organisation: FireBreak left the Lab Geollect is a geospatial intelligence map visualisation tool, Geonius, for self-inspection of property wildfire risk. at the end of cohort 10, earlier in 2023. company providing insights into tracking non-static risks including The app provides users with the best After working closely with mentors and weather, health, geopolitical, civil marine, aviation and oshore energy. actions that can be taken to mitigate the other InsurTechs in the Accelerator, disturbance, criminal activity, and Geonius allows insurers to track the risk to their properties. Insurers can use they continued to develop their app supply chain disruption. Marine location of assets, visualise exposure the submitted data and images for and are currently experiencing such insurers use the company’s data values and policy restrictions, identify underwriting and risk selection, to sell high demand that there is a waitlist for portal and insights to better accumulations and gain insights from coverage, and verify eligibility for their services.understand risk mitigation, threat historic data. mitigation discounts required by the Founded: 2022levels and compliance adherence Founded: 2017 California Department of Insurance.in near real time. Status: Operating, still in insurance Status: Operating, still in insurance “Lloyd's Lab accelerated years of product requirements research. The Lab matched us Company type: Data provider Company type: Data provider, Data with innovation-seeking mentors from the consolidator, Data transformation, Lloyd’s insurance market. We met our mentors Head oce: North America Software provider weekly, refined our product to meet their Main global oces: USA companies' requirements, and secured five Head oce: United Kingdom proof of concept projects in 10 weeks.”Locations served: USA Main global oces: United Kingdom Tac Leung, Co-Founder Employee count: 1-10 Locations served: Global Employee count: 11-100 © Lloyd’s

88 Data and models – Alumni proﬁles Lloyd’s Lab Impact Report 89 Hailios Focus in insurance value chain/ Activity in the Accelerator ICEYE Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Loss modelling & analytics, COHORT , workﬂow: Loss modelling & analytics, Claims Primary focus product area whilst in Claims Primary focus product area whilst in the Accelerator: New sources of risk the Accelerator: Improving claims Speciﬁc lines of business supported insight - data or models, Improving Speciﬁc lines of business supported process (if applicable): Corporate, SME, claims process (if applicable): Personal, Corporate, Speciality, Reinsurance SME, Speciality, Reinsurance, Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to Government organisation: ICEYE worked in the Hailios has created compact sensors organisation: ICEYE uses its own constellation of Lab on a solution to help distinguish which detect and analyse hail. Its sensors synthetic aperture radar satellites to between damage caused by water and are installed at policyholders’ locations to provide constant monitoring across the damage caused by wind from a tropical allow parametric insurance pay-outs to world, at any time and in any weather storm. It also got support in building its be triggered by localised hail data. Hailios conditions. The company produces high wildﬁre damage solution. sensors are used for parametric hail water mark estimates within 24 hours of a insurance in industries including ﬂood, helping insurers to quickly estimate automotive, agriculture, renewable losses and improve the claims process. energy, and commercial property. Founded: 2017 The company is also developing persistent Founded: 2014 monitoring solutions for wildﬁres and can Status: Operating, still in insurance support parametric insurance products. Status: Operating, still in insurance Company type: Data provider “Taking part in Lloyds Lab gave ICEYE superb Company type: Data provider Head oce: USA exposure to the market and the opportunity to Head oce: Finland gain hugely valuable insight into the way in which Main global oces: USA market participants can get value from utilising Main global oces: Finland our unique Nat Cat solutions. We’re finding Locations served: USA, Australia continued involvement highly beneficial.” Locations served: Global Stephen Lathrope, Global Head of Insurance Employee count: 11-100 Employee count: 201-500 HazardHub Focus in insurance value chain/ Activity in the Accelerator Insurdata Focus in insurance value chain/ Activity in the Accelerator (Guidewire) workﬂow: Point of underwriting COHORT , workﬂow: Point of underwriting Primary focus product area whilst in Primary focus product area whilst in COHORT , Speciﬁc lines of business supported the Accelerator: New sources of risk Speciﬁc lines of business supported the Accelerator: New sources of risk Personal, Corporate, (if applicable): (if applicable): insight - data or models insight - data or models SME Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: HazardHub was able to organisation: After their time in the HazardHub informs insurers if a access data from 23,000 claims from Insurdata provides insurers and cohort, Insurdata was acquired by commercial or residential property risk Managing Agents that it used to verify reinsurers with building-level location Big Ticket and continues to act as a is high or low in seconds. The company its product oering. The Lab helped to data and geocoding services. wholly-owned subsidiary. Earlier this provides key attributes such as property prove the value of HazardHub models The company specialises in high- year, Big Ticket launched their digital use code, year built and square footage. when assessing hurricane, wind and resolution, peril-speciﬁc exposure infrastructure for commercial insurance It also offers hazard data and scores for storm surge risks. This proof has and property risk data to support using Insurdata’s technology as a a wide range of perils including flood, allowed syndicates to quickly and pricing, underwriting and portfolio foundation. subsidence, earthquake and wildfire. accurately assess the risk for any management. Founded: 2016 existing or prospective book of US Founded: 2017 “The Lab was a fantastic partner in the London property business. market and super-accelerated our success and Status: Operating, still in insurance - Status: Acquired by Big Ticket (in 2022 eventual exit!” division of Guidewire Software, Inc - inferred) Bob Frady, Vice President Company type: Data provider Company type: Data provider Head oce: North America Head oce: North America Main global oces: USA Main global oces: USA Locations served: USA Locations served: Global Employee count: 1001+ Employee count: 1-10 © Lloyd’s

88Data and models – Alumni proﬁlesLloyd’s Lab Impact Report 89 Hailios Focus in insurance value chain/Activity in the AcceleratorICEYE Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Loss modelling & analytics, COHORT , workﬂow: Loss modelling & analytics, Claims Primary focus product area whilst in Claims Primary focus product area whilst in the Accelerator: New sources of risk the Accelerator: Improving claims Speciﬁc lines of business supported insight - data or models, Improving Speciﬁc lines of business supported process (if applicable): Corporate, SME, claims process (if applicable): Personal, Corporate, Speciality, Reinsurance SME, Speciality, Reinsurance, Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to Government organisation: ICEYE worked in the Hailios has created compact sensors organisation: ICEYE uses its own constellation of Lab on a solution to help distinguish which detect and analyse hail. Its sensors synthetic aperture radar satellites to between damage caused by water and are installed at policyholders’ locations to provide constant monitoring across the damage caused by wind from a tropical allow parametric insurance pay-outs to world, at any time and in any weather storm. It also got support in building its be triggered by localised hail data. Hailios conditions. The company produces high wildﬁre damage solution. sensors are used for parametric hail water mark estimates within 24 hours of a insurance in industries including ﬂood, helping insurers to quickly estimate automotive, agriculture, renewable losses and improve the claims process. energy, and commercial property.Founded: 2017The company is also developing persistent Founded: 2014 monitoring solutions for wildﬁres and can Status: Operating, still in insurancesupport parametric insurance products.Status: Operating, still in insurance Company type: Data provider“Taking part in Lloyds Lab gave ICEYE superb Company type: Data provider Head oce: USAexposure to the market and the opportunity to Head oce: Finland gain hugely valuable insight into the way in which Main global oces: USAmarket participants can get value from utilising Main global oces: Finland our unique Nat Cat solutions. We’re finding Locations served: USA, Australiacontinued involvement highly beneficial.”Locations served: Global Stephen Lathrope, Global Head of Insurance Employee count: 11-100 Employee count: 201-500 HazardHub Focus in insurance value chain/Activity in the AcceleratorInsurdata Focus in insurance value chain/ Activity in the Accelerator (Guidewire) workﬂow: Point of underwriting COHORT , workﬂow: Point of underwriting Primary focus product area whilst in Primary focus product area whilst in COHORT , Speciﬁc lines of business supported the Accelerator: New sources of risk Speciﬁc lines of business supported the Accelerator: New sources of risk Personal, Corporate, (if applicable): (if applicable): insight - data or models insight - data or models SME Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: HazardHub was able to organisation: After their time in the HazardHub informs insurers if a access data from 23,000 claims from Insurdata provides insurers and cohort, Insurdata was acquired by commercial or residential property risk Managing Agents that it used to verify reinsurers with building-level location Big Ticket and continues to act as a is high or low in seconds. The company its product oering. The Lab helped to data and geocoding services. wholly-owned subsidiary. Earlier this provides key attributes such as property prove the value of HazardHub models The company specialises in high- year, Big Ticket launched their digital use code, year built and square footage. when assessing hurricane, wind and resolution, peril-speciﬁc exposure infrastructure for commercial insurance It also offers hazard data and scores for storm surge risks. This proof has and property risk data to support using Insurdata’s technology as a a wide range of perils including flood, allowed syndicates to quickly and pricing, underwriting and portfolio foundation. subsidence, earthquake and wildfire.accurately assess the risk for any management. Founded: 2016existing or prospective book of US Founded: 2017 “The Lab was a fantastic partner in the London property business. market and super-accelerated our success and Status: Operating, still in insurance - Status: Acquired by Big Ticket (in 2022 eventual exit!”division of Guidewire Software, Inc - inferred) Bob Frady, Vice President Company type: Data provider Company type: Data provider Head oce: North America Head oce: North America Main global oces: USA Main global oces: USA Locations served: USA Locations served: Global Employee count: 1001+ Employee count: 1-10 © Lloyd’s

90 Data and Models Lloyd’s Lab Impact Report 91 Infrastructure health checks that New risk pro昀椀les help to plug the liability gap Since completing the tenth cohort of Loyd’s Lab, Cohort 4, 2020 and Cohort 10, 2022 Value.Space has begun to consider new and unique risk pro昀椀les emerging as a consequence of climate change. Rising temperatures and increased rainfall are creating soil conditions that increase the risk of subsidence, placing a greater strain on large Following its initial involvement with the Lloyd’s Lab, Value.Space was infrastructure assets, but also raising exposure levels able to develop its existing, highly cost-e昀昀ective structural survey tool for other property types. There is a growing need among insurers for a survey for infrastructure owners, powered by satellite data, and launch it into tool to assess property and liability exposures for the global insurance market. The ability to make detailed structural speci昀椀c assets across a range of sectors, and to measure the growth of those exposures across health checks for infrastructure assets is now accessible to a broad portfolios. The timing, for Value.Space and Lloyd’s, couldn’t be more appropriate. range of carriers. “ In terms of the liability model, there is big Previous Lab experience advantage for the market in being able to The genesis of what Value.Space o昀昀ers today was understand the risk profile of a dam or a mine realised in cohort four of the Lloyd's Lab, in early 2020. The company was paired with mentors including an really quickly, and in giving a better estimate underwriter, a risk engineer, and a 昀椀nancial controller, of what the contract is going to cost the who supplied use cases that helped de昀椀ne the speci昀椀c challenges faced by insurers when assessing the Re-discovering the bene昀椀ts of the Lloyd’s Lab insured. Brokers can now check the rate that structural integrity of large infrastructure assets. Value. It was to solve this issue that Value.Space returned to is being applied very quickly, which means Space then tailored its o昀昀ering for insurers, to provide the Lloyd’s Lab in cohort 10. a survey tool that was faster, more accurate and more the insured is getting coverage quicker, and cost e昀漀cient than any they had used before. One of the major bene昀椀ts of working on this problem in the broker gets the business quicker, the Lab was the ability to shape a liability model with constant feedback from the industry. which is creating more enduring relationships Addressing the liability protection gap As with the property model, the ability to carry out with buyers." portfolio assessments across hundreds of assets, Following cohort four, Value.Space had an e昀昀ective would be prohibitively expensive if done manually. The Reijo Pold, Founder & Chief Strategy Ocer solution for infrastructure property risks, developed in Value.Space survey tool is ten times faster than manual concert with the insurance industry. However, as alternatives, and 25 times more cost-e昀漀cient. word-of-mouth spread about their solution, they became aware of another pressing concern for The analysis produced also enables insurers to adjust infrastructure insurers. their risk-based pricing, drive remediation processes, improve their combined operating ratio, and take Alongside the global protection gap for uninsured control of their loss ratio for liability exposures. catastrophe losses - which for 2022 was estimated by Swiss Re at $151bn - there is a huge liability protection gap that is less well-documented. In addition to prospective property losses, what insurers want to understand about the risk of breaches at dams or tailing storage facilities, is the dollar amount of potential liability claims from these events. Until now, these have proved di昀漀cult to calculate. © Lloyd’s

90Data and ModelsLloyd’s Lab Impact Report 91 Infrastructure health checks that New risk pro昀椀les help to plug the liability gap Since completing the tenth cohort of Loyd’s Lab, Cohort 4, 2020 and Cohort 10, 2022 Value.Space has begun to consider new and unique risk pro昀椀les emerging as a consequence of climate change. Rising temperatures and increased rainfall are creating soil conditions that increase the risk of subsidence, placing a greater strain on large Following its initial involvement with the Lloyd’s Lab, Value.Space was infrastructure assets, but also raising exposure levels able to develop its existing, highly cost-e昀昀ective structural survey tool for other property types. There is a growing need among insurers for a survey for infrastructure owners, powered by satellite data, and launch it into tool to assess property and liability exposures for the global insurance market. The ability to make detailed structural speci昀椀c assets across a range of sectors, and to measure the growth of those exposures across health checks for infrastructure assets is now accessible to a broad portfolios. The timing, for Value.Space and Lloyd’s, couldn’t be more appropriate. range of carriers. “ In terms of the liability model, there is big Previous Lab experience advantage for the market in being able to The genesis of what Value.Space o昀昀ers today was understand the risk profile of a dam or a mine realised in cohort four of the Lloyd's Lab, in early 2020. The company was paired with mentors including an really quickly, and in giving a better estimate underwriter, a risk engineer, and a 昀椀nancial controller, of what the contract is going to cost the who supplied use cases that helped de昀椀ne the speci昀椀c challenges faced by insurers when assessing the Re-discovering the bene昀椀ts of the Lloyd’s Lab insured. Brokers can now check the rate that structural integrity of large infrastructure assets. Value. It was to solve this issue that Value.Space returned to is being applied very quickly, which means Space then tailored its o昀昀ering for insurers, to provide the Lloyd’s Lab in cohort 10. a survey tool that was faster, more accurate and more the insured is getting coverage quicker, and cost e昀漀cient than any they had used before. One of the major bene昀椀ts of working on this problem in the broker gets the business quicker, the Lab was the ability to shape a liability model with constant feedback from the industry. which is creating more enduring relationships Addressing the liability protection gapAs with the property model, the ability to carry out with buyers." portfolio assessments across hundreds of assets, Following cohort four, Value.Space had an e昀昀ective would be prohibitively expensive if done manually. The Reijo Pold, Founder & Chief Strategy Ocersolution for infrastructure property risks, developed in Value.Space survey tool is ten times faster than manual concert with the insurance industry. However, as alternatives, and 25 times more cost-e昀漀cient. word-of-mouth spread about their solution, they became aware of another pressing concern for The analysis produced also enables insurers to adjust infrastructure insurers.their risk-based pricing, drive remediation processes, improve their combined operating ratio, and take Alongside the global protection gap for uninsured control of their loss ratio for liability exposures. catastrophe losses - which for 2022 was estimated by Swiss Re at $151bn - there is a huge liability protection gap that is less well-documented. In addition to prospective property losses, what insurers want to understand about the risk of breaches at dams or tailing storage facilities, is the dollar amount of potential liability claims from these events. Until now, these have proved di昀漀cult to calculate. © Lloyd’s

92 Data and models – Alumni proﬁles Lloyd’s Lab Impact Report 93 Intelligent AI Focus in insurance value chain/ Activity in the Accelerator Kovrr Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Risk mitigation, Point of COHORT , workﬂow: Risk mitigation, Point of underwriting, Claims Primary focus product area whilst in underwriting, Compliance & regulatory Primary focus product area whilst in the Accelerator: Improving UW tools support the Accelerator: Improving UW tools Speciﬁc lines of business supported and processes, New sources of risk and processes, New sources of risk (if applicable): Corporate, insight - data or models, Data, product & Speciﬁc lines of business supported insight - data or models Reinsurance, Captive service consolidator, Improving claims (if applicable): Corporate, SME process Example of beneﬁt of Accelerator to Intelligent AI creates 'Digital Twins' of Kovrr allows global enterprises and (re) organisation: During its time in the locations by integrating information Example of beneﬁt of Accelerator to insurers to quantify the ﬁnancial impact of Accelerator, Kovrr developed its drawn from commercial property owners, organisation: During its time in the cyber risk. The company’s platform is CRA-Zones framework, now known as over 300 data sets, satellite imagery, Lab, Intelligent AI engaged in mentoring used for planning cybersecurity budgets, CRIMZON, which is used to monitor unstructured documents and IoT feeds with 11 major insurers and brokers, communicating risk to boards of directors, cyber risk accumulations. CRIMZON attached to a given location. Intelligent which has led to greatly improved prioritising new initiatives, buying cyber allows insurers to analyse multiple AI’s platform is used by commercial market validation and engagement in insurance, and reporting to regulators. portfolios and group risk by geography, property owners, brokers and insurers. the form of piloting and product testing. industry or entity size.. Founded: 2020 It tested and launched a new Intelligent Founded: 2017 Rebuild Cost Validation platform, which Status: Operating, still in insurance addresses the issue of underinsurance Status: Operating, still in insurance Company type: Data provider, in commercial property. It has many Company type: Data models, Data transformation beneﬁts including reducing rebuild cost data provider calculations timescales by over 90%, Head oce: United Kingdom improving the accuracy of Head oce: Israel reinstatement valuations from Main global oces: United Kingdom properties, and providing insurers and Main global oces: Eastern large clients with fast access to Mediterranean Locations served: Global aggregated dashboards or current Locations served: Global Employee count: 1-10 portfolio exposure/underinsurance. Employee count: 11-100 Jupiter Intelligence Focus in insurance value chain/ Activity in the Accelerator Merkle Science Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting, COHORT , workﬂow: Point of underwriting Compliance & regulatory support Primary focus product area whilst in Primary focus product area whilst in the Accelerator: Ancillary, Speciﬁc lines of business supported the Accelerator: New sources of risk Speciﬁc lines of business supported accountancy and regulatory (if applicable): Speciality insight - data or models (if applicable): Personal, Corporate, compliance services, New sources SME, Speciality, Government of risk insight - data or models Example of beneﬁt of Accelerator to organisation: In the Lloyd's Lab Jupiter Intelligence offers global physical Example of beneﬁt of Accelerator to Merkle Science specialises in Accelerator, Merkle Science created a climate risk analytics, providing hazard organisation: The Accelerator providing risk and intelligence Crypto and DeFi risk data platform to and loss estimates based on projected helped Jupiter to gain a better data about the Crypto and DeFi help insurers underwrite and monitor changes in climate. The company covers perspective of dierent use cases, (Decentralised Finance) market. Its Crypto and DeFi policyholders. a range of perils including flood, wind, including UK ﬂooding risk, North capabilities include transaction wildfire, freeze and heat. Customers can American hurricane risk and the global modelling, risk scoring and crime assess the impact on portfolios using its risks associated with sea level rise. detection and investigation. Merkle ClimateScore Global tool and individual Science oers data to help insurers assets using ClimateScore Planning. Founded: 2017 underwrite and monitor Crypto Founded: 2018 and DeFi policyholders. “In 2021 Jupiter took part in the Lloyd’s Lab. We Status: Operating, still in insurance Status: Operating, still in insurance worked closely with four syndicates and insurers to analyse a selection of datasets in ClimateScore Company type: Data models Company type: Data provider Global. This provided insights and perspectives around use cases such as UK flooding, North Head oce: USA Head oce: Singapore American hurricane and sea level rise.” Main global oces: USA Main global oces: Singapore, USA, Jessyla Reedha, Head of Sales EMEA UK, India Locations served: Global Locations served: Global Employee count: 101-200 Employee count: 11-100 © Lloyd’s

92Data and models – Alumni proﬁlesLloyd’s Lab Impact Report 93 Intelligent AI Focus in insurance value chain/Activity in the AcceleratorKovrr Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Risk mitigation, Point of COHORT , workﬂow: Risk mitigation, Point of underwriting, Claims Primary focus product area whilst in underwriting, Compliance & regulatory Primary focus product area whilst in the Accelerator: Improving UW tools support the Accelerator: Improving UW tools Speciﬁc lines of business supported and processes, New sources of risk and processes, New sources of risk (if applicable): Corporate, insight - data or models, Data, product & Speciﬁc lines of business supported insight - data or models Reinsurance, Captive service consolidator, Improving claims (if applicable): Corporate, SME process Example of beneﬁt of Accelerator to Intelligent AI creates 'Digital Twins' of Kovrr allows global enterprises and (re) organisation: During its time in the locations by integrating information Example of beneﬁt of Accelerator to insurers to quantify the ﬁnancial impact of Accelerator, Kovrr developed its drawn from commercial property owners, organisation: During its time in the cyber risk. The company’s platform is CRA-Zones framework, now known as over 300 data sets, satellite imagery, Lab, Intelligent AI engaged in mentoring used for planning cybersecurity budgets, CRIMZON, which is used to monitor unstructured documents and IoT feeds with 11 major insurers and brokers, communicating risk to boards of directors, cyber risk accumulations. CRIMZON attached to a given location. Intelligent which has led to greatly improved prioritising new initiatives, buying cyber allows insurers to analyse multiple AI’s platform is used by commercial market validation and engagement in insurance, and reporting to regulators. portfolios and group risk by geography, property owners, brokers and insurers.the form of piloting and product testing. industry or entity size.. Founded: 2020It tested and launched a new Intelligent Founded: 2017 Rebuild Cost Validation platform, which Status: Operating, still in insuranceaddresses the issue of underinsurance Status: Operating, still in insurance Company type: Data provider, in commercial property. It has many Company type: Data models, Data transformationbeneﬁts including reducing rebuild cost data provider calculations timescales by over 90%, Head oce: United Kingdomimproving the accuracy of Head oce: Israel reinstatement valuations from Main global oces: United Kingdomproperties, and providing insurers and Main global oces: Eastern large clients with fast access to Mediterranean Locations served: Global aggregated dashboards or current Locations served: Global Employee count: 1-10portfolio exposure/underinsurance. Employee count: 11-100 Jupiter Intelligence Focus in insurance value chain/Activity in the AcceleratorMerkle Science Focus in insurance value chain/Activity in the Accelerator COHORT , workﬂow: Point of underwriting, COHORT , workﬂow: Point of underwriting Compliance & regulatory support Primary focus product area whilst in Primary focus product area whilst in the Accelerator: Ancillary, Speciﬁc lines of business supported the Accelerator: New sources of risk Speciﬁc lines of business supported accountancy and regulatory (if applicable): Speciality insight - data or models (if applicable): Personal, Corporate, compliance services, New sources SME, Speciality, Governmentof risk insight - data or models Example of beneﬁt of Accelerator to organisation: In the Lloyd's Lab Jupiter Intelligence offers global physical Example of beneﬁt of Accelerator to Merkle Science specialises in Accelerator, Merkle Science created a climate risk analytics, providing hazard organisation: The Accelerator providing risk and intelligence Crypto and DeFi risk data platform to and loss estimates based on projected helped Jupiter to gain a better data about the Crypto and DeFi help insurers underwrite and monitor changes in climate. The company covers perspective of dierent use cases, (Decentralised Finance) market. Its Crypto and DeFi policyholders. a range of perils including flood, wind, including UK ﬂooding risk, North capabilities include transaction wildfire, freeze and heat. Customers can American hurricane risk and the global modelling, risk scoring and crime assess the impact on portfolios using its risks associated with sea level rise.detection and investigation. Merkle ClimateScore Global tool and individual Science oers data to help insurers assets using ClimateScore Planning.Founded: 2017underwrite and monitor Crypto Founded: 2018 and DeFi policyholders. “In 2021 Jupiter took part in the Lloyd’s Lab. We Status: Operating, still in insuranceStatus: Operating, still in insurance worked closely with four syndicates and insurers to analyse a selection of datasets in ClimateScore Company type: Data models Company type: Data provider Global. This provided insights and perspectives around use cases such as UK flooding, North Head oce: USA Head oce: Singapore American hurricane and sea level rise.” Main global oces: USA Main global oces: Singapore, USA, Jessyla Reedha, Head of Sales EMEA UK, India Locations served: Global Locations served: Global Employee count: 101-200 Employee count: 11-100 © Lloyd’s

94 Data and models – Alumni proﬁles Lloyd’s Lab Impact Report 95 Metabiota Focus in insurance value chain/ Activity in the Accelerator Oasis Loss Modelling Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting Framework (LMF) workﬂow: Point of underwriting, Loss Primary focus product area whilst in modelling & analytics Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: New sources of risk COHORT , the Accelerator: Data, product & (if applicable): Speciality insight - data or models Speciﬁc lines of business supported service consolidator (if applicable): Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: Metabiota developed organisation: The Lab increased the Metabiota is focused on quantifying a prototype tool for insurers in the Oasis provides an open-source platform proﬁle of Oasis and its objectives in the and mitigating epidemic and pandemic Accelerator, which included a for developing, deploying and executing London Market. It helped to promote risk. It has worked with the insurance customised epidemic warning catastrophe models. It was created to Open Data Standards that Oasis industry to provide data and models system, a COVID risk index for increase the model choice for the (re) curates on behalf of the insurance for epidemic and pandemic insurance exposure management and a risk insurance industry, whilst democratising industry. The Open Results Data products. Metabiota's data and analytics modelling tool for underwriting. risk for developing countries. Oasis’ other initiative that was developed and technology and team, including aims include reducing costs to the released during Cohort 3 is being epidemiological risk models, were industry, increasing innovation, implemented into many organisations. acquired by Ginkgo Bioworks in 2022. Founded: 2008 maintaining open data standards, Founded: 2012 supporting academics, and reducing the Status: Acquired*, still in insurance barriers to entry for ﬁrms that want to get Status: Operating, still in insurance Company type: Data provider, their models used within insurance. Company type: Other Data models “The Lab gets your right to the heart of the London market, talking to many of the right people. For us Head oce: United Kingdom Head oce: USA promoting open standards it gave us a great lift.” Main global oces: United Kingdom Main global oces: USA Dickie Whittaker, Chief Executive Officer Locations served: Global Locations served: Global Employee count: 11-100 Employee count: 11-100 *Metabiota’s data and analytics technology and team, the part of Metabiota that participated in the Lloyd’s Lab Accelerator, were acquired by Ginkgo Bioworks in 2022. Moonshot Focus in insurance value chain/ Activity in the Accelerator Orca AI Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting COHORT , workﬂow: Risk mitigation, Primary focus product area whilst in Compliance & regulatory support Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: New sources of risk the Accelerator: New sources of risk (if applicable): Speciality insight - data or models Speciﬁc lines of business supported insight - data or models (if applicable): Speciality Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: In the Accelerator, organisation: Since their time in the RequirementONE provides a platform Moonshot developed a risk analytics Orca AI is used to track vessel activity Lab, Orca AI have partnered with a for compliance lifecycle management. solution for insurance companies, using and risks. One of Orca AI’s products, number of investors and launched Users can automatically monitor data on online threats from social media SeaPod, gathers and tracks targets another product, Fleet View, which regulatory developments from industry to assess the risk of terror, organised such as oceanic wildlife, buoys and aims to collate data from millions of bodies, regulators and best practice crime, and violence in the US. The ﬁshing boats that may pose a risk to nautical miles to provide ﬂeet sites in relevant jurisdictions. Through solution provides an overall and a daily ships. Its other product, FleetView, managers with information about using the platform, companies can risk score for locations across the US, can be used by ﬂeet managers to their vessels and feedback to collaboratively manage policies, quantifying the likelihood that threats of monitor the operations of a shipping their crews. procedures, controls, and risks all in Founded: 2015 violence online will translate into ﬂeet. It provides a bespoke risk score Founded: 2018 one place. violence against people or property in to each ship and recommendations Status: Operating, still in insurance the real world. on how to reduce this risk. Status: Operating, still in insurance “We found that Lloyds Market was a very good fit with our mission – to ‘help companies action Company type: Data provider Company type: Data provider regulatory change’. Our regulatory change management solution could quickly be Head oce: United Kingdom Head oce: Israel adapted to individual needs of Lloyds Market Main global oces: United Kingdom, Main global oces: Eastern participants to track and action relevant regulatory developments.” USA Mediterranean Helen Dann, Co-Founder Locations served: Global Locations served: Global and Chief Customer Officer Employee count: 11-100 Employee count: 11-100 © Lloyd’s

94Data and models – Alumni proﬁlesLloyd’s Lab Impact Report 95 Metabiota Focus in insurance value chain/Activity in the AcceleratorOasis Loss Modelling Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting Framework (LMF) workﬂow: Point of underwriting, Loss Primary focus product area whilst in modelling & analytics Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: New sources of risk COHORT , the Accelerator: Data, product & (if applicable): Specialityinsight - data or models Speciﬁc lines of business supported service consolidator (if applicable): Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: Metabiota developed organisation: The Lab increased the Metabiota is focused on quantifying a prototype tool for insurers in the Oasis provides an open-source platform proﬁle of Oasis and its objectives in the and mitigating epidemic and pandemic Accelerator, which included a for developing, deploying and executing London Market. It helped to promote risk. It has worked with the insurance customised epidemic warning catastrophe models. It was created to Open Data Standards that Oasis industry to provide data and models system, a COVID risk index for increase the model choice for the (re) curates on behalf of the insurance for epidemic and pandemic insurance exposure management and a risk insurance industry, whilst democratising industry. The Open Results Data products. Metabiota's data and analytics modelling tool for underwriting.risk for developing countries. Oasis’ other initiative that was developed and technology and team, including aims include reducing costs to the released during Cohort 3 is being epidemiological risk models, were industry, increasing innovation, implemented into many organisations. acquired by Ginkgo Bioworks in 2022.Founded: 2008maintaining open data standards, Founded: 2012 supporting academics, and reducing the Status: Acquired*, still in insurancebarriers to entry for ﬁrms that want to get Status: Operating, still in insurance Company type: Data provider, their models used within insurance. Company type: Other Data models“The Lab gets your right to the heart of the London market, talking to many of the right people. For us Head oce: United Kingdom Head oce: USA promoting open standards it gave us a great lift.” Main global oces: United Kingdom Main global oces: USADickie Whittaker, Chief Executive Officer Locations served: Global Locations served: Global Employee count: 11-100 Employee count: 11-100 *Metabiota’s data and analytics technology and team, the part of Metabiota that participated in the Lloyd’s Lab Accelerator, were acquired by Ginkgo Bioworks in 2022. Moonshot Focus in insurance value chain/Activity in the AcceleratorOrca AI Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting COHORT , workﬂow: Risk mitigation, Primary focus product area whilst in Compliance & regulatory support Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: New sources of risk the Accelerator: New sources of risk (if applicable): Specialityinsight - data or models Speciﬁc lines of business supported insight - data or models (if applicable): Speciality Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: In the Accelerator, organisation: Since their time in the RequirementONE provides a platform Moonshot developed a risk analytics Orca AI is used to track vessel activity Lab, Orca AI have partnered with a for compliance lifecycle management. solution for insurance companies, using and risks. One of Orca AI’s products, number of investors and launched Users can automatically monitor data on online threats from social media SeaPod, gathers and tracks targets another product, Fleet View, which regulatory developments from industry to assess the risk of terror, organised such as oceanic wildlife, buoys and aims to collate data from millions of bodies, regulators and best practice crime, and violence in the US. The ﬁshing boats that may pose a risk to nautical miles to provide ﬂeet sites in relevant jurisdictions. Through solution provides an overall and a daily ships. Its other product, FleetView, managers with information about using the platform, companies can risk score for locations across the US, can be used by ﬂeet managers to their vessels and feedback to collaboratively manage policies, quantifying the likelihood that threats of monitor the operations of a shipping their crews. procedures, controls, and risks all in Founded: 2015violence online will translate into ﬂeet. It provides a bespoke risk score Founded: 2018 one place.violence against people or property in to each ship and recommendations Status: Operating, still in insurancethe real world.on how to reduce this risk.Status: Operating, still in insurance “We found that Lloyds Market was a very good fit with our mission – to ‘help companies action Company type: Data providerCompany type: Data provider regulatory change’. Our regulatory change management solution could quickly be Head oce: United Kingdom Head oce: Israel adapted to individual needs of Lloyds Market Main global oces: United Kingdom, Main global oces: Eastern participants to track and action relevant regulatory developments.”USA Mediterranean Helen Dann, Co-Founder Locations served: Global Locations served: Global and Chief Customer Officer Employee count: 11-100 Employee count: 11-100 © Lloyd’s

96 Data and models – Alumni proﬁles Lloyd’s Lab Impact Report 97 PolArctic Focus in insurance value chain/ Activity in the Accelerator Predata Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting, COHORT , workﬂow: Loss modelling & analytics Compliance & regulatory support Primary focus product area whilst in Primary focus product area whilst in the Accelerator: New sources of risk Speciﬁc lines of business supported the Accelerator: New sources of risk Speciﬁc lines of business supported insight - data or models (if applicable): Speciality insight - data or models (if applicable): Speciality, Reinsurance, Government Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: PolArctic gained access organisation: In 2021, FiscalNote PolArctic is an oceanographic and data to a range of mentors, helping to Predata analyses online activity acquired Predata, going on to partner science company with a focus on ﬁne-tune the organisation’s oering. and web trac to create predictive with Peraton earlier this year. This creating products for the Arctic. The PolArctic was then able to present its analytics for geopolitical risk. It partnership will allow the group to company identiﬁes and creates solutions solutions to the Lloyd's Market provides alerts and monitoring deliver AI-powered solutions at scale to business and policy questions about Association Navigating Limits Ice capabilities to help companies and speed and more eectively than the Arctic through the use of artiﬁcial committee, which led to an opportunity understand shifts in digital ever before. Predata’s technology will intelligence and machine learning for a trial with the committee. behaviour over time. help to provide powerful new techniques, allowing customers to plan capabilities, empowering warﬁghters for future Arctic maritime activities. Founded: 2020 As maritime trac intensiﬁes in the “We're really proud of the [client] traction we Founded: 2015 in the data information environment. Arctic, the potential for accidents and achieved through the Lloyd's Lab.” “ Our time in the Lab provided invaluable Status: Operating, still in insurance damages increases, exposing Jeff To, Senior VP at CCC Status: Acquired, unclear if still exposure to the market for our finance reinsurers to greater risk as ship ﬂeets in insurance automation platform and revealed the Company type: Data provider could be frozen into a region. By extent of the challenge faced by all incorporating PolArctic's data, Company type: Data provider Lloyd’s syndicates in dealing with high Head oce: United Kingdom operating costs and legacy systems that reinsurers can accurately assess the Head oce: USA hamper future growth and profitability” Main global oces: United Kingdom potential exposure and losses associated with the increased shipping Main global oces: USA Stuart Conibear, Chief Commercial Officer Locations served: Arctic activities across a portfolio. Locations served: Global Employee count: 1-10 Employee count: 11-100 Praedicat Focus in insurance value chain/ Activity in the Accelerator Previsico Focus in insurance value chain/ Activity in the Accelerator COHORT , AND COHORT , workﬂow: Risk mitigation, Point of COHORT , workﬂow: Risk mitigation underwriting, Loss modelling & Primary focus product area whilst in Primary focus product area whilst in analytics the Accelerator: New sources of risk Speciﬁc lines of business supported the Accelerator: New sources of risk insight - data or models (if applicable): Personal, Corporate, insight - data or models Speciﬁc lines of business supported SME Example of beneﬁt of Accelerator to (if applicable): Corporate Example of beneﬁt of Accelerator to organisation: organisation: During the Lab Previsico In Cohort 3, Praedicat Praedicat uses scientiﬁc research, created a new insurance product called Previsico provides real-time, property- designed a tool, with the help of the advanced data analytics and modelling Hundreds, a casualty product covering level surface water and ordinary Lloyd’s market, which gives insurers the techniques to help (re)insurers better risk on a named peril basis. This includes watercourse flood forecasts using ability to alert clients of imminent risks, understand and manage emerging risks. new technologies such as 5G, proprietary modelling software and down to an individual property level (25m), The idea was born out of a research nanotechnology and chemicals used in sensors. The company’s flood warnings so they can move valuables to higher and development project between manufacturing and agriculture. The are updated every three hours and ground and set up temporary ﬂood RAND and RMS. Praedicat uses data product is designed to cover general provide a 48-hour outlook. This defences in the case of a forthcoming science and artiﬁcial intelligence liability and D&O around the same liability information can be used to warn ﬂood. This fed into a major and ongoing to build a probabilistic liability Founded: 2012 events, which is a common coverage policyholders so that they can put Founded: 2019 contract with Liberty Specialty Markets, catastrophe model and risk products gap. It provides underwriters with data preventative and mitigation measures the company’s mentor in the Accelerator, for some of the world’s largest Status: Operating, still in insurance that allows them to assess exposures in place to help limit losses. Status: Operating, still in insurance and provided the building blocks to insurers and corporations. and control aggregation risks. meeting and working with other insurers. Company type: Data provider, “With flood’s global risk increasing exponentially, Company type: Data provider Data models due to climate change and urbanisation, Previsico Using historic Lloyd’s loss data Previsico “Being part of the Accelerator definitely enabled us In cohort 5, Praedicat developed a suite Head oce: United Kingdom was able to determine that their alerts to integrate more with the Lloyd's Market, which of scenarios for the casualty insurance is working across The Lloyd’s market to provide still very much has a face-to-face culture” Head oce: North America tools to help underwriters address flood risk and could have a typical reduction in losses of market to help insurers track Main global oces: United Kingdom around 50% but possibly up to 100%. This Bob Reville, Chief Executive Officer and Founder Main global oces: USA exposures, establish reserves and to warn property owners of flood, giving them time to act and mitigate flood loss.” Locations served: United Kingdom, was for households, commercial manage aggregations for COVID-19 properties and ﬁne art and specie. The Locations served: Global liability. The scenarios are designed to Jonathan Jackson, Chief Executive Officer USA degree of loss reduction depended on the Employee count: 11-100 address clash risk from Covid that may Employee count: 11-100 type of asset (moveable or unmovable) impact general liability and D&O lines and if they combined an alert with a ﬂood within an insurer’s portfolio. action plan and/or resilience measures. © Lloyd’s

96Data and models – Alumni proﬁlesLloyd’s Lab Impact Report 97 PolArctic Focus in insurance value chain/Activity in the AcceleratorPredata Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting, COHORT , workﬂow: Loss modelling & analytics Compliance & regulatory support Primary focus product area whilst in Primary focus product area whilst in the Accelerator: New sources of risk Speciﬁc lines of business supported the Accelerator: New sources of risk Speciﬁc lines of business supported insight - data or models (if applicable): Speciality insight - data or models (if applicable): Speciality, Reinsurance, GovernmentExample of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: PolArctic gained access organisation: In 2021, FiscalNote PolArctic is an oceanographic and data to a range of mentors, helping to Predata analyses online activity acquired Predata, going on to partner science company with a focus on ﬁne-tune the organisation’s oering. and web trac to create predictive with Peraton earlier this year. This creating products for the Arctic. The PolArctic was then able to present its analytics for geopolitical risk. It partnership will allow the group to company identiﬁes and creates solutions solutions to the Lloyd's Market provides alerts and monitoring deliver AI-powered solutions at scale to business and policy questions about Association Navigating Limits Ice capabilities to help companies and speed and more eectively than the Arctic through the use of artiﬁcial committee, which led to an opportunity understand shifts in digital ever before. Predata’s technology will intelligence and machine learning for a trial with the committee. behaviour over time. help to provide powerful new techniques, allowing customers to plan capabilities, empowering warﬁghters for future Arctic maritime activities.Founded: 2020As maritime trac intensiﬁes in the “We're really proud of the [client] traction we Founded: 2015in the data information environment. Arctic, the potential for accidents and achieved through the Lloyd's Lab.” “ Our time in the Lab provided invaluable Status: Operating, still in insurancedamages increases, exposing Jeff To, Senior VP at CCCStatus: Acquired, unclear if still exposure to the market for our finance reinsurers to greater risk as ship ﬂeets in insurance automation platform and revealed the Company type: Data providercould be frozen into a region. By extent of the challenge faced by all incorporating PolArctic's data, Company type: Data provider Lloyd’s syndicates in dealing with high Head oce: United Kingdom operating costs and legacy systems that reinsurers can accurately assess the Head oce: USA hamper future growth and profitability”Main global oces: United Kingdompotential exposure and losses associated with the increased shipping Main global oces: USA Stuart Conibear, Chief Commercial OfficerLocations served: Arcticactivities across a portfolio. Locations served: Global Employee count: 1-10 Employee count: 11-100 Praedicat Focus in insurance value chain/Activity in the AcceleratorPrevisico Focus in insurance value chain/ Activity in the Accelerator COHORT , AND COHORT , workﬂow: Risk mitigation, Point of COHORT , workﬂow: Risk mitigation underwriting, Loss modelling & Primary focus product area whilst in Primary focus product area whilst in analytics the Accelerator: New sources of risk Speciﬁc lines of business supported the Accelerator: New sources of risk insight - data or models (if applicable): Personal, Corporate, insight - data or models Speciﬁc lines of business supported SME Example of beneﬁt of Accelerator to (if applicable): CorporateExample of beneﬁt of Accelerator to organisation: organisation: During the Lab Previsico In Cohort 3, Praedicat Praedicat uses scientiﬁc research, created a new insurance product called Previsico provides real-time, property- designed a tool, with the help of the advanced data analytics and modelling Hundreds, a casualty product covering level surface water and ordinary Lloyd’s market, which gives insurers the techniques to help (re)insurers better risk on a named peril basis. This includes watercourse flood forecasts using ability to alert clients of imminent risks, understand and manage emerging risks. new technologies such as 5G, proprietary modelling software and down to an individual property level (25m), The idea was born out of a research nanotechnology and chemicals used in sensors. The company’s flood warnings so they can move valuables to higher and development project between manufacturing and agriculture. The are updated every three hours and ground and set up temporary ﬂood RAND and RMS. Praedicat uses data product is designed to cover general provide a 48-hour outlook. This defences in the case of a forthcoming science and artiﬁcial intelligence liability and D&O around the same liability information can be used to warn ﬂood. This fed into a major and ongoing to build a probabilistic liability Founded: 2012events, which is a common coverage policyholders so that they can put Founded: 2019 contract with Liberty Specialty Markets, catastrophe model and risk products gap. It provides underwriters with data preventative and mitigation measures the company’s mentor in the Accelerator, for some of the world’s largest Status: Operating, still in insurancethat allows them to assess exposures in place to help limit losses.Status: Operating, still in insuranceand provided the building blocks to insurers and corporations.and control aggregation risks. meeting and working with other insurers. Company type: Data provider, “With flood’s global risk increasing exponentially, Company type: Data provider Data modelsdue to climate change and urbanisation, Previsico Using historic Lloyd’s loss data Previsico “Being part of the Accelerator definitely enabled us In cohort 5, Praedicat developed a suite Head oce: United Kingdom was able to determine that their alerts to integrate more with the Lloyd's Market, which of scenarios for the casualty insurance is working across The Lloyd’s market to provide still very much has a face-to-face culture”Head oce: North Americatools to help underwriters address flood risk and could have a typical reduction in losses of market to help insurers track Main global oces: United Kingdom around 50% but possibly up to 100%. This Bob Reville, Chief Executive Officer and FounderMain global oces: USAexposures, establish reserves and to warn property owners of flood, giving them time to act and mitigate flood loss.” Locations served: United Kingdom, was for households, commercial manage aggregations for COVID-19 properties and ﬁne art and specie. The Locations served: Globalliability. The scenarios are designed to Jonathan Jackson, Chief Executive OfficerUSA degree of loss reduction depended on the Employee count: 11-100address clash risk from Covid that may Employee count: 11-100 type of asset (moveable or unmovable) impact general liability and D&O lines and if they combined an alert with a ﬂood within an insurer’s portfolio. action plan and/or resilience measures. © Lloyd’s

98 Data and Models Lloyd’s Lab Impact Report 99 Quantifying physical damage “There is a concern that cyber risk can’t be A key factor for Axio was the brand value of Lloyd’s, priced with any level of confidence owing to a risks to improve the resilience of and the added legitimacy that it brings to any cyber insurance clients enterprise associated with the Lab. Participation has lack of usable data. But for many owners and led Axio to further discussions with the Lloyd’s Market operators of critical infrastructure, being able Cohort 10, 2023 Association, with insurers already involved in the cyber physical damage space or looking to dip a toe in the to articulate and find insurance cover for water, with brokers in London and the US looking to cyber-physical attacks is a top priority. By match this capacity with client appetite for coverage, and also with risk managers who are clamouring for a working with the insurance market through Understanding how cyber risk can translate into real-world issues is a cyber physical damage product. the Lloyd’s Lab, we're now in the process of challenge that the insurance industry and its clients have long wrestled Soon after completing the Lloyd’s Lab tenth cohort, turning our fully-working, proof of concept Axio was also named as a leading provider of cyber with. So when Axio’s cyber risk quanti昀椀cation SaaS platform was 昀椀rst risk quanti昀椀cation tools in the Forrester Wave Report model to a ‘go-to-market’ version". showcased in the 昀椀nal week of the Lloyd’s Lab tenth cohort, it introduced for Q3 2023. Peter Hawley - Vice President, Insurance, Axio Global, Inc. a unique solution to a pressing problem for thousands of insureds, from critical infrastructure owners to municipalities. Axio has deep insurance industry roots. Co-founder Scott Kannry was closely involved in developing the 昀椀rst commercial cyber insurance products while working at Aon, while co-founder David White was the security architect for the Cybersecurity Capability Maturity Model (C2M2 model) and has contributed to the development of many widely-used cybersecurity assessment frameworks. In the cyber physical damage version of the Axio360 platform, created in the Lloyd’s Lab, Axio takes the data submitted by clients as part of various insurance applications – for cyber, property, engineering risk etc – and runs it through various model scenarios before enriching it with further data as required by insurers or brokers. It then runs that output through a Monte Carlo simulation, producing realistic loss numbers, typically on a loss exceedance curve, which can then be broken down into separate physical damage and business interruption exposures. Building an ecosystem through the Lloyd’s Lab Many organisations exposed to physical damage from cyber-attacks 昀椀nd it di昀漀cult to articulate their true risk, and global insurance market capacity can be limited due to a lack of actionable exposure data. Participation in the Lloyd’s Lab was therefore a natural progression for Axio in helping to quantify cyber risk for its clients, and in assisting the Growing the cyber security property damage market insurance market with improving data quality and information 昀氀ow around physical damage exposures. Participating in the Lloyd’s Lab exceeded Axio’s expectations, with the highly positive reaction from the Axio’s engagement with around a dozen mentors in market to their proof of concept model now driving the the Lloyd’s Lab gave them the opportunity to talk development of a full cyber physical product that will directly to market practitioners – both underwriters soon be brought to market. and brokers – and to quickly build an ecosystem around the cyber physical damage proof of concept. The Lloyd’s Lab incubation of the Axio platform will also accelerate use of the updated Cyber Security Property Damage risk code, with the potential to grow capacity for these exposures from current gross written premium of around £200 million to a possible multi-billion dollar market. © Lloyd’s

98Data and ModelsLloyd’s Lab Impact Report 99 Quantifying physical damage “There is a concern that cyber risk can’t be A key factor for Axio was the brand value of Lloyd’s, priced with any level of confidence owing to a risks to improve the resilience of and the added legitimacy that it brings to any cyber insurance clients enterprise associated with the Lab. Participation has lack of usable data. But for many owners and led Axio to further discussions with the Lloyd’s Market operators of critical infrastructure, being able Cohort 10, 2023Association, with insurers already involved in the cyber physical damage space or looking to dip a toe in the to articulate and find insurance cover for water, with brokers in London and the US looking to cyber-physical attacks is a top priority. By match this capacity with client appetite for coverage, and also with risk managers who are clamouring for a working with the insurance market through Understanding how cyber risk can translate into real-world issues is a cyber physical damage product. the Lloyd’s Lab, we're now in the process of challenge that the insurance industry and its clients have long wrestled Soon after completing the Lloyd’s Lab tenth cohort, turning our fully-working, proof of concept Axio was also named as a leading provider of cyber with. So when Axio’s cyber risk quanti昀椀cation SaaS platform was 昀椀rst risk quanti昀椀cation tools in the Forrester Wave Report model to a ‘go-to-market’ version". showcased in the 昀椀nal week of the Lloyd’s Lab tenth cohort, it introduced for Q3 2023. Peter Hawley - Vice President, Insurance, Axio Global, Inc. a unique solution to a pressing problem for thousands of insureds, from critical infrastructure owners to municipalities. Axio has deep insurance industry roots. Co-founder Scott Kannry was closely involved in developing the 昀椀rst commercial cyber insurance products while working at Aon, while co-founder David White was the security architect for the Cybersecurity Capability Maturity Model (C2M2 model) and has contributed to the development of many widely-used cybersecurity assessment frameworks. In the cyber physical damage version of the Axio360 platform, created in the Lloyd’s Lab, Axio takes the data submitted by clients as part of various insurance applications – for cyber, property, engineering risk etc – and runs it through various model scenarios before enriching it with further data as required by insurers or brokers. It then runs that output through a Monte Carlo simulation, producing realistic loss numbers, typically on a loss exceedance curve, which can then be broken down into separate physical damage and business interruption exposures. Building an ecosystem through the Lloyd’s Lab Many organisations exposed to physical damage from cyber-attacks 昀椀nd it di昀漀cult to articulate their true risk, and global insurance market capacity can be limited due to a lack of actionable exposure data. Participation in the Lloyd’s Lab was therefore a natural progression for Axio in helping to quantify cyber risk for its clients, and in assisting the Growing the cyber security property damage market insurance market with improving data quality and information 昀氀ow around physical damage exposures. Participating in the Lloyd’s Lab exceeded Axio’s expectations, with the highly positive reaction from the Axio’s engagement with around a dozen mentors in market to their proof of concept model now driving the the Lloyd’s Lab gave them the opportunity to talk development of a full cyber physical product that will directly to market practitioners – both underwriters soon be brought to market. and brokers – and to quickly build an ecosystem around the cyber physical damage proof of concept.The Lloyd’s Lab incubation of the Axio platform will also accelerate use of the updated Cyber Security Property Damage risk code, with the potential to grow capacity for these exposures from current gross written premium of around £200 million to a possible multi-billion dollar market. © Lloyd’s

100 Data and models – Alumni proﬁles Lloyd’s Lab Impact Report 101 Privateer Space Focus in insurance value chain/ Activity in the Accelerator Simulytic Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Loss modelling & analytics COHORT , workﬂow: Point of underwriting Primary focus product area whilst in Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: New sources of risk Speciﬁc lines of business supported the Accelerator: New sources of risk (if applicable): Corporate, Speciality insight - data or models (if applicable): Speciality insight - data or models Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: In the Accelerator, organisation: During the programme, Privateer Space collects and processes Privateer Space worked with Simulytic, a Siemens AG venture, uses Simulytic made huge progress towards data about the collision risk of satellites underwriters oering space insurance simulation to understand the risk the development of their insurance and debris for satellite operators. products to understand speciﬁc risks exposure of autonomous vehicles (AVs) in product, completing around 75% of it Its data can be used by insurers to and design insurance solutions for deployment. Simulytic creates a digital during the 10 weeks, with the advice understand the unique risks that debris them. It evaluated dierent risk models replica of an AV's environment and and expertise of the Lab team and and constellations pose to each other and processes that could be improved simulates how vehicles would behave in mentors. This has enabled them to as well as for mission assurance and with Privateer’s data and analytics. speciﬁc conditions and interact with road secure their ﬁrst repeat customer and on-orbit satellite insurance. Eventually, it narrowed its focus onto users. The output data can be used to signed contract that will develop the Founded: 2021 mega-constellations being launched by model the risk of collisions. Founded: 2021 product. “ Lloyd’s Lab got Privateer mentored by the world established space operators, with a leaders in the space insurance market and in 12 Status: Operating, still in insurance special focus on recently formed Status: Operating, still in insurance weeks we defined exquisite requirements to businesses registering their interest in improve underwriting quality analysis for the Company type: Data provider Company type: Data models orbital collision risk factor, a large and growing launching large constellations, ﬁnanced peril where the lack of predictive data held back Head oce: USA by debt from existing operations. The Head oce: Germany carriers from writing coverage in the fast-growing company worked with debt lenders to lower earth orbit segments.” Main global oces: USA understand the type of coverage they Main global oces: Germany Andrew Grinalds, Vice President Locations served: Global will require for ﬁnancing and with Locations served: Global insurers to understand gaps in risk Employee count: 11-100 quantiﬁcation. Employee count: 11-100 REOR20 Focus in insurance value chain/ Activity in the Accelerator Sotera Heritage Ltd Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Risk mitigation, Point of COHORT , workﬂow: Risk mitigation, Point of underwriting, Loss modelling & Primary focus product area whilst in underwriting Primary focus product area whilst in analytics, Claims the Accelerator: New sources of the Accelerator: New sources of risk risk insight - data or models, Improving Speciﬁc lines of business supported insight - data or models Speciﬁc lines of business supported claims process (if applicable): Corporate, SME (if applicable): Personal, Corporate, Example of beneﬁt of Accelerator to SME Government Example of beneﬁt of Accelerator to organisation: After completing Cohort REOR20 develops flood models by organisation: As part of the Lab, Sotera Heritage seeks to combat 7 of Lloyds Lab, Sotera raised a round of combining computational engineering REOR20 was able to validate its model the illicit trade of antiquities and angel funding from a Lloyd’s insurer. tools with artificial intelligence with access to a large volume of loss provide the insurance market with Sotera is currently running pilots within methodologies to produce high- data from the marketplace, which in turn data to ensure that the goods they the Lloyds market to test and reﬁne the resolution models at scale. The began the design process on products are underwriting are not stolen and core technology and calibrate the risk company’s models incorporate factors to bring the model insights to market. allow them to accurately price this pricing algorithm. including accumulated water, speed of risk. To do this, Sotera Heritage water movement and duration of flooding delivers information about an which affect how much damage a Founded: 2019 object's provenance, risk proﬁle, Founded: 2020 building sustains from flooding. This and history. could be used to support improved risk Status: Operating, still in insurance Status: Operating, still in insurance mitigation, underwriting and claims management. Company type: Data models Company type: Data provider Head oce: Europe Head oce: North America “Being part of Cohort 10 enabled us to get otherwise elusive claims data and talk to dozens Main global oces: Switzerland Main global oces: USA, of potential users to shape our product. The United Kingdom input we got in these 10 weeks would have taken Locations served: Global (inferred) us years to accumulate without the Lloyd’s Lab!” Locations served: Global David Schenkel, Head of Product Employee count: 1-10 Employee count: 1-10 © Lloyd’s

100Data and models – Alumni proﬁlesLloyd’s Lab Impact Report 101 Privateer Space Focus in insurance value chain/Activity in the AcceleratorSimulytic Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Loss modelling & analytics COHORT , workﬂow: Point of underwriting Primary focus product area whilst in Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: New sources of risk Speciﬁc lines of business supported the Accelerator: New sources of risk (if applicable): Corporate, Speciality insight - data or models (if applicable): Speciality insight - data or models Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: In the Accelerator, organisation: During the programme, Privateer Space collects and processes Privateer Space worked with Simulytic, a Siemens AG venture, uses Simulytic made huge progress towards data about the collision risk of satellites underwriters oering space insurance simulation to understand the risk the development of their insurance and debris for satellite operators. products to understand speciﬁc risks exposure of autonomous vehicles (AVs) in product, completing around 75% of it Its data can be used by insurers to and design insurance solutions for deployment. Simulytic creates a digital during the 10 weeks, with the advice understand the unique risks that debris them. It evaluated dierent risk models replica of an AV's environment and and expertise of the Lab team and and constellations pose to each other and processes that could be improved simulates how vehicles would behave in mentors. This has enabled them to as well as for mission assurance and with Privateer’s data and analytics. speciﬁc conditions and interact with road secure their ﬁrst repeat customer and on-orbit satellite insurance.Eventually, it narrowed its focus onto users. The output data can be used to signed contract that will develop the Founded: 2021mega-constellations being launched by model the risk of collisions.Founded: 2021 product. “ Lloyd’s Lab got Privateer mentored by the world established space operators, with a leaders in the space insurance market and in 12 Status: Operating, still in insurancespecial focus on recently formed Status: Operating, still in insurance weeks we defined exquisite requirements to businesses registering their interest in improve underwriting quality analysis for the Company type: Data providerCompany type: Data models orbital collision risk factor, a large and growing launching large constellations, ﬁnanced peril where the lack of predictive data held back Head oce: USAby debt from existing operations. The Head oce: Germany carriers from writing coverage in the fast-growing company worked with debt lenders to lower earth orbit segments.”Main global oces: USAunderstand the type of coverage they Main global oces: Germany Andrew Grinalds, Vice PresidentLocations served: Globalwill require for ﬁnancing and with Locations served: Global insurers to understand gaps in risk Employee count: 11-100quantiﬁcation. Employee count: 11-100 REOR20 Focus in insurance value chain/Activity in the AcceleratorSotera Heritage Ltd Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Risk mitigation, Point of COHORT , workﬂow: Risk mitigation, Point of underwriting, Loss modelling & Primary focus product area whilst in underwriting Primary focus product area whilst in analytics, Claims the Accelerator: New sources of the Accelerator: New sources of risk risk insight - data or models, Improving Speciﬁc lines of business supported insight - data or models Speciﬁc lines of business supported claims process (if applicable): Corporate, SME (if applicable): Personal, Corporate, Example of beneﬁt of Accelerator to SME GovernmentExample of beneﬁt of Accelerator to organisation: After completing Cohort REOR20 develops flood models by organisation: As part of the Lab, Sotera Heritage seeks to combat 7 of Lloyds Lab, Sotera raised a round of combining computational engineering REOR20 was able to validate its model the illicit trade of antiquities and angel funding from a Lloyd’s insurer. tools with artificial intelligence with access to a large volume of loss provide the insurance market with Sotera is currently running pilots within methodologies to produce high-data from the marketplace, which in turn data to ensure that the goods they the Lloyds market to test and reﬁne the resolution models at scale. The began the design process on products are underwriting are not stolen and core technology and calibrate the risk company’s models incorporate factors to bring the model insights to market.allow them to accurately price this pricing algorithm. including accumulated water, speed of risk. To do this, Sotera Heritage water movement and duration of flooding delivers information about an which affect how much damage a Founded: 2019object's provenance, risk proﬁle, Founded: 2020 building sustains from flooding. This and history. could be used to support improved risk Status: Operating, still in insuranceStatus: Operating, still in insurance mitigation, underwriting and claims management.Company type: Data models Company type: Data provider Head oce: Europe Head oce: North America “Being part of Cohort 10 enabled us to get otherwise elusive claims data and talk to dozens Main global oces: SwitzerlandMain global oces: USA, of potential users to shape our product. The United Kingdom input we got in these 10 weeks would have taken Locations served: Global (inferred) us years to accumulate without the Lloyd’s Lab!” Locations served: Global David Schenkel, Head of ProductEmployee count: 1-10 Employee count: 1-10 © Lloyd’s

102 Data and models – Alumni proﬁles Lloyd’s Lab Impact Report 103 Spacebands Focus in insurance value chain/ Activity in the Accelerator Swiss Re Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Risk mitigation, Loss COHORT , workﬂow: Point of underwriting modelling & analytics, Claims Primary focus product area whilst in Primary focus product area whilst in the Accelerator: New sources of risk Speciﬁc lines of business supported the Accelerator: New sources of risk Speciﬁc lines of business supported insight - data or models, Improving (if applicable): Corporate insight - data or models, Data, product & (if applicable): claims process service consolidator Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to spacebands provide businesses with organisation: Conversations in the The Swiss Re Group is one of the world’s organisation: Swiss Re created a wearable devices which detect if an Lab helped to shape the company’s leading providers of reinsurance, prototype of an Underwriting Data employee is in the proximity of a insurance oering and go-to-market insurance, and other forms of insurance- Platform targeting the initial problem workplace hazard and at risk of being strategy. Through conversations in the based risk transfer. In 2023 the company of collecting ESG data on private injured. Users can use the spacebands Accelerator, spacebands realised that launched Swiss Re Reinsurance Solutions, companies and developing usable website and mobile app to monitor its proposed insurance dashboard oering a range of services from bespoke underwriting insights. The prototype hazards, oer wellness reminders concept did not work as intended. In its consulting to software solutions and uses three dierent data sources and and receive employee feedback. place, the company created a advanced data and insight capabilities. collection methodologies in order to Founded: 2020 downloadable, digestible report for Founded: 1863 provide a more comprehensive view of each insured customer. “The Lloyd's Lab forced us to deliver at speed ESG information than what is currently Status: Operating, still in insurance with a constant focus on clients' needs and Status: Operating, still in insurance readily available. It returns raw data and spacebands also uncovered some key feedback. It was an invaluable experience to it allows users to combine it to create Company type: Data provider features that were missing from its bring an innovative idea from the concept to the Company type: Reinsurer, Insurer, prototype in a completely different environment Data models, Data provider their own view of risk. The Lab also Head oce: United Kingdom product oering which they are now and to quickly test commercial opportunities.” oered great visibility and access to looking to add, such as gas detection Head oce: Europe Swiss Re’s newly created Reinsurance Main global oces: United Kingdom and working-at-height monitoring. Anna Bordon, Senior New Propositions and Partnerships Lead Solutions division. Main global oces: Switzerland Locations served: United Kingdom Locations served: Global Employee count: 1-10 Employee count: 1001+ Sustema Focus in insurance value chain/ Activity in the Accelerator Tomorrow.io Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting COHORT , workﬂow: Risk mitigation, Claims Primary focus product area whilst in Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: New sources of risk Speciﬁc lines of business supported the Accelerator: New sources of risk Corporate (if applicable): (if applicable): insight - data or models insight - data or models Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: During the 10-week organisation: Munich Re, one of Sustema behavioural analytics provides programme, Sustema was able to Tomorrow.io provides hyperlocal Tomorrow.io’s mentors in the commercial insurers with a comparative stress test its business hypothesis weather intelligence and analytics. Accelerator, helped with the analysis of the corporate behaviour of with market participants, and the Using Tomorrow.io, insurers are development of its Insights Dashboard over 17,000 companies worldwide. constructive feedback from doing so, able to provide early warnings to feature. It allows users to see where, Sustainability and ESG are components helped to reﬁne their business model policyholders of extreme weather when and how their business will be of sound corporate behaviour that is and value proposition. As a result, events that are likely to damage their impacted by the weather in real-time analysed by Sustema behavioural Sustema was able to develop Sustema property or vehicle. The company’s using hourly forecasts. analytics (BASE). BASE, which is a user-friendly product historical archive and real-time Founded: 2017 that enables improved underwriting weather insights can also be used Founded: 2016 “We found that Lloyds Market was a very good proﬁtability and makes ESG metrics for claim validation. fit with our mission – to ‘help companies action Status: Operating, still in insurance actionable in the core business of Status: Operating, still in insurance regulatory change’. Our regulatory change underwriting. management solution could quickly be Company type: Data provider Company type: Data provider adapted to individual needs of Lloyds Market participants to track and action relevant Head oce: Switzerland Head oce: North America regulatory developments.” Main global oces: Switzerland Main global oces: USA Helen Dann, Co-Founder and Chief Customer Officer Locations served: Global Locations served: USA (but potentially other areas too, USA is the Employee count: 1-10 only one conﬁrmed) Employee count: 201-500 © Lloyd’s

102Data and models – Alumni proﬁlesLloyd’s Lab Impact Report 103 Spacebands Focus in insurance value chain/Activity in the AcceleratorSwiss Re Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Risk mitigation, Loss COHORT , workﬂow: Point of underwriting modelling & analytics, Claims Primary focus product area whilst in Primary focus product area whilst in the Accelerator: New sources of risk Speciﬁc lines of business supported the Accelerator: New sources of risk Speciﬁc lines of business supported insight - data or models, Improving (if applicable): Corporate insight - data or models, Data, product & (if applicable): claims process service consolidator Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to spacebands provide businesses with organisation: Conversations in the The Swiss Re Group is one of the world’s organisation: Swiss Re created a wearable devices which detect if an Lab helped to shape the company’s leading providers of reinsurance, prototype of an Underwriting Data employee is in the proximity of a insurance oering and go-to-market insurance, and other forms of insurance- Platform targeting the initial problem workplace hazard and at risk of being strategy. Through conversations in the based risk transfer. In 2023 the company of collecting ESG data on private injured. Users can use the spacebands Accelerator, spacebands realised that launched Swiss Re Reinsurance Solutions, companies and developing usable website and mobile app to monitor its proposed insurance dashboard oering a range of services from bespoke underwriting insights. The prototype hazards, oer wellness reminders concept did not work as intended. In its consulting to software solutions and uses three dierent data sources and and receive employee feedback.place, the company created a advanced data and insight capabilities. collection methodologies in order to Founded: 2020downloadable, digestible report for Founded: 1863 provide a more comprehensive view of each insured customer. “The Lloyd's Lab forced us to deliver at speed ESG information than what is currently Status: Operating, still in insurancewith a constant focus on clients' needs and Status: Operating, still in insurance readily available. It returns raw data and spacebands also uncovered some key feedback. It was an invaluable experience to it allows users to combine it to create Company type: Data providerfeatures that were missing from its bring an innovative idea from the concept to the Company type: Reinsurer, Insurer, prototype in a completely different environment Data models, Data provider their own view of risk. The Lab also Head oce: United Kingdomproduct oering which they are now and to quickly test commercial opportunities.” oered great visibility and access to looking to add, such as gas detection Head oce: Europe Swiss Re’s newly created Reinsurance Main global oces: United Kingdomand working-at-height monitoring.Anna Bordon, Senior New Propositions and Partnerships Lead Solutions division. Main global oces: Switzerland Locations served: United Kingdom Locations served: Global Employee count: 1-10 Employee count: 1001+ Sustema Focus in insurance value chain/Activity in the AcceleratorTomorrow.io Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Point of underwriting COHORT , workﬂow: Risk mitigation, Claims Primary focus product area whilst in Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: New sources of risk Speciﬁc lines of business supported the Accelerator: New sources of risk Corporate (if applicable): (if applicable): insight - data or models insight - data or models Example of beneﬁt of Accelerator to Example of beneﬁt of Accelerator to organisation: During the 10-week organisation: Munich Re, one of Sustema behavioural analytics provides programme, Sustema was able to Tomorrow.io provides hyperlocal Tomorrow.io’s mentors in the commercial insurers with a comparative stress test its business hypothesis weather intelligence and analytics. Accelerator, helped with the analysis of the corporate behaviour of with market participants, and the Using Tomorrow.io, insurers are development of its Insights Dashboard over 17,000 companies worldwide. constructive feedback from doing so, able to provide early warnings to feature. It allows users to see where, Sustainability and ESG are components helped to reﬁne their business model policyholders of extreme weather when and how their business will be of sound corporate behaviour that is and value proposition. As a result, events that are likely to damage their impacted by the weather in real-time analysed by Sustema behavioural Sustema was able to develop Sustema property or vehicle. The company’s using hourly forecasts. analytics (BASE).BASE, which is a user-friendly product historical archive and real-time Founded: 2017that enables improved underwriting weather insights can also be used Founded: 2016 “We found that Lloyds Market was a very good proﬁtability and makes ESG metrics for claim validation. fit with our mission – to ‘help companies action Status: Operating, still in insuranceactionable in the core business of Status: Operating, still in insurance regulatory change’. Our regulatory change underwriting. management solution could quickly be Company type: Data provider Company type: Data provider adapted to individual needs of Lloyds Market participants to track and action relevant Head oce: Switzerland Head oce: North America regulatory developments.” Main global oces: Switzerland Main global oces: USA Helen Dann, Co-Founder and Chief Customer OfficerLocations served: Global Locations served: USA (but potentially other areas too, USA is the Employee count: 1-10 only one conﬁrmed) Employee count: 201-500 © Lloyd’s

104 Data and models – Alumni proﬁles Value.Space Focus in insurance value chain/ Activity in the Accelerator COHORT , AND COHORT , workﬂow: Point of underwriting Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Improving UW tools (if applicable): Corporate, SME, and processes Speciality, Reinsurance, Captive, Government Example of beneﬁt of Accelerator to organisation: In Cohort 4, Value. Value.Space delivers satellite-based Space tailored its asset and portfolio- infrastructure risk assessments and level structural integrity audits for the monitoring to underwriters and risk insurance industry. It has been engineers. It specialises in mines, dams, delivering these risk assessments and business property, providing a fast globally to insurers ever since and and low-cost way to assess and monitor raising venture capital funding. After its the structural integrity of assets. time in the Lab, it evaluated that its risk assessments are ten times faster and “ Value.Space built its core product at Lloyd’s Lab Founded: 2022 25 times cheaper than alternative with underwriters and risk engineers, specifically methods of risk assessment. with their needs in mind. That has been invaluable Status: Operating, still in insurance for the company and is a key component in why In Cohort 10, Value.Space developed Value.Space is delivering to the Lloyd’s market, Company type: Data provider a liability model to help insurers across the world today.” Head oce: United Kingdom & Estonia understand how potential risks Reijo Pold, Founder and Chief Strategy Officer shown on asset risk assessments Main global oces: United Kingdom could materialise to a liability loss & Estonia event. This product is designed to help underwriters price policies and Locations served: Global advise clients. Employee count: 11-100 Verisk Maplecroft Focus in insurance value chain/ Activity in the Accelerator COHORT , workﬂow: Risk mitigation, Point of underwriting, Loss modelling & Primary focus product area whilst in analytics the Accelerator: New sources of risk insight - data or models Speciﬁc lines of business supported (if applicable): Example of beneﬁt of Accelerator to organisation: Verisk Maplecroft used Verisk Maplecroft provides clients with its time in the Lab to identify and better insight and data on environmental, understand the potential market human rights and political risk. It opportunities in the realm of political combines sustainability, resilience violence underwriting. Having identiﬁed and ESG intelligence to create a these opportunities, Verisk Maplecroft coherent global view. Risk exposure then used the remainder of its time to insight is provided at a portfolio, adapt its existing Civil Unrest Index to corporate and asset level. create a global, subnational Strikes, Founded: 2001 Riots and Civil Commotion (SRCC) “Participating in Lloyd’s Lab truly catalysed our index to meet the requirements of the ability to create a new and innovative SRCC Status: Operating, still in insurance insurance industry. product for the insurance industry. The intensive timetable and continuous mentor engagement Company type: Data provider enabled us to move swiftly and confidently from high-level product conceptualisation to bringing Head oce: United Kingdom a viable solution to market unlike anything else that is used by political violence insurers today” Main global oces: United Kingdom James Allan, Head of Corporate Risk Locations served: Global and Sustainability Employee count: 101-200

104Data and models – Alumni proﬁles Value.Space Focus in insurance value chain/Activity in the Accelerator COHORT , AND COHORT , workﬂow: Point of underwriting Primary focus product area whilst in Speciﬁc lines of business supported the Accelerator: Improving UW tools (if applicable): Corporate, SME, and processes Speciality, Reinsurance, Captive, GovernmentExample of beneﬁt of Accelerator to organisation: In Cohort 4, Value. Value.Space delivers satellite-based Space tailored its asset and portfolio- infrastructure risk assessments and level structural integrity audits for the monitoring to underwriters and risk insurance industry. It has been engineers. It specialises in mines, dams, delivering these risk assessments and business property, providing a fast globally to insurers ever since and and low-cost way to assess and monitor raising venture capital funding. After its the structural integrity of assets.time in the Lab, it evaluated that its risk assessments are ten times faster and “ Value.Space built its core product at Lloyd’s Lab Founded: 202225 times cheaper than alternative with underwriters and risk engineers, specifically methods of risk assessment. with their needs in mind. That has been invaluable Status: Operating, still in insurance for the company and is a key component in why In Cohort 10, Value.Space developed Value.Space is delivering to the Lloyd’s market, Company type: Data providera liability model to help insurers across the world today.” Head oce: United Kingdom & Estoniaunderstand how potential risks Reijo Pold, Founder and Chief Strategy Officershown on asset risk assessments Main global oces: United Kingdom could materialise to a liability loss & Estoniaevent. This product is designed to help underwriters price policies and Locations served: Globaladvise clients. Employee count: 11-100 Verisk Maplecroft Focus in insurance value chain/Activity in the Accelerator COHORT , workﬂow: Risk mitigation, Point of underwriting, Loss modelling & Primary focus product area whilst in analytics the Accelerator: New sources of risk insight - data or models Speciﬁc lines of business supported (if applicable): Example of beneﬁt of Accelerator to organisation: Verisk Maplecroft used Verisk Maplecroft provides clients with its time in the Lab to identify and better insight and data on environmental, understand the potential market human rights and political risk. It opportunities in the realm of political combines sustainability, resilience violence underwriting. Having identiﬁed and ESG intelligence to create a these opportunities, Verisk Maplecroft coherent global view. Risk exposure then used the remainder of its time to insight is provided at a portfolio, adapt its existing Civil Unrest Index to corporate and asset level.create a global, subnational Strikes, Founded: 2001Riots and Civil Commotion (SRCC) “Participating in Lloyd’s Lab truly catalysed our index to meet the requirements of the ability to create a new and innovative SRCC Status: Operating, still in insuranceinsurance industry. product for the insurance industry. The intensive timetable and continuous mentor engagement Company type: Data provider enabled us to move swiftly and confidently from high-level product conceptualisation to bringing Head oce: United Kingdom a viable solution to market unlike anything else that is used by political violence insurers today”Main global oces: United Kingdom James Allan, Head of Corporate Risk Locations served: Global and Sustainability Employee count: 101-200

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