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