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