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