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