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