Blink among 10 insurtechs chosen for Lloyd’s Lab

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Blink Parametric has earned a place among the 10 insurtechs selected to join the Lloyd’s Lab innovation accelerator programme.

Blink will join the fifth cohort at the Lloyd’s Lab, which will focus on data and models, new insurance products and markets, and Covid-19. The 10-week programme will commence on 7 September.

The insurtech, launched in 2016 and bought by CPP Group six months later, specialises in parametric insurance product innovation, with current offerings in travel, energy and the climate.

Lloyd’s received more than 140 applications for the fifth cohort of the Lloyd’s Lab. The 10 successful teams were selected after presenting their ideas in a competitive process during a virtual pitch day on 29 July.

RYSKEX, Hivemind Technologies, Geollect, KnowRisk, Predata, Thimble, HazardHub, Hailios and Inclusivity Solutions were also chosen to be a part of the fifth cohort at the Lloyd’s Lab.

This was the second completely virtual Lloyd’s Lab cohort following the successful completion of cohort four. The new teams will join Praedicat, Metabiota and Dialogue, which were specially selected in June to work on the Covid-19 response at Lloyd’s.

Commenting on Blink’s selection for the Lloyd’s Lab innovation accelerator programme, Paul Prendergast, co-founder and chief executive officer, said: “This has already been a tremendous experience for us and we’re just getting started. The pitch process allowed us to really refine our platform’s potential with an exciting range of commercial solutions and Lloyd’s Lab is going to work with us to accelerate the development and realisation phases by providing us not only with Lloyd’s market access, but with rich historical data, analysis, modelling and testing forums.”

“Our parametric platform’s effectiveness in supporting increasingly Covid-19 prone, high frequency, low severity claims environments was a major success factor in this process so we’re ready to showcase its full potential with this golden opportunity. We also get to collaborate with some of the world’s best minds in insurance innovation, so we are hugely honoured and thrilled to have been selected.”

Trevor Maynard, head of innovation at Lloyd’s, said: “This cohort of insurtechs will play an important role in our response to the Covid-19 pandemic and to help us develop the new models and insurance products of the future. We will undoubtedly need new products and services for insurers to deliver confidence and security against future waves of this pandemic and other systemic risks of the scale we have seen in 2020.”

“I’m thrilled to have the best insurtechs across the globe join the Lloyd’s Lab and look forward to seeing the progress they make. Lloyd’s has thrived on its purpose of sharing risk and it’s as important now as it has ever been to combine minds and build a braver world.”

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Mark Dugdale is the editor of Claims Media. Mark welcomes articles, letters or feedback from readers and can be reached via mark.dugdale@barkerbrooks.co.uk