A Canadian company has been selected by Lloyd’s as one of 12 new insurance technology firms to join the global insurance market’s innovation accelerator. BOXX Insurance, a Toronto-based global MGA, provides small and medium-sized businesses with solutions to protect themselves from cyber threats — data science and smart technology to reduce risks and prevent claims in the first place.
More than 190 applications were received from across the world for the fourth cohort of the Lloyd’s Lab, which starts on April 27. The successful teams were selected after presenting their ideas during a virtual pitch day on April 2.
“All 12 of the insurtechs we have selected bring something different and unique,” said Trevor Maynard, head of innovation at Lloyd’s. “I am thrilled to be working with some of the brightest and best talent from the insurtech sector to help the Lloyd’s Market develop new ideas that better serve our customers by developing solutions to the problems they face today. As the COVID-19 crisis continues its devastating march around the world it has never been more important for us to pull together, to use our combined resources and creativity to make a difference.”
The startups will be focused on four key themes — data and models, new insurance products and markets, the future of transportation and cyber.
Successful companies join the lab for a 10-week program, where they work with insurers in the Lloyd’s market to develop and test their ideas.
The Lloyd’s Lab is a leading hub for technology-led innovation, with more than 500 international insurance technology companies applying to join the lab in its first two years.
In the first three cohorts, start-ups, entrepreneurs and businesses have presented ideas ranging from live-streaming drones to event-based parametric insurance solutions for catastrophic flooding and on-demand insurance for the gig economy.
Original Article Published by Thompson’s World Insurance News