Verisk Maplecroft picked by Lloyd’s Lab to develop political risk products for insurers
Lloyd’s announced today that Verisk Maplecroft would be among the next eleven InsurTech companies joining the Lloyd’s Lab innovation accelerator programme. We will be part of the sixth cohort focused on creating simpler products for insurers across issues including political risk and climate.
The global programme, which had 177 applications, selected eleven successful teams, including Verisk Maplecroft, to begin work on 26 April 2021. Lloyd’s said each of the teams chosen impressed an expert industry panel during a competitive pitch process, where they presented their innovative insurance product ideas for the market.
For the sixth cohort, the InsurTech companies were selected based on solutions geared towards four key themes: climate change and decarbonisation; geopolitics; data and models; and claims support services. The teams will explore how they can support Lloyd’s customers around the world by creating simpler products capable of responding quickly in the aftermath of a disaster.
The Verisk Maplecroft team will spend the 10 week programme refining product ideas, which draw on our portfolio of 51 global political risk indices, alongside our predictive analytics and expert analysis. The aim is to strengthen and improve the way insurers offer coverage for a range of issues, including civil unrest, terrorism and conflict.
“We’re absolutely thrilled to have been accepted into Lloyd’s Lab,” said Matt Moshiri, Verisk Maplecroft’s president. “We’ve helped corporate clients manage political risks for over 15 years, so we’re looking forward to building on this experience and creating unique products tailored for the insurance market.”
The cohort will begin in a virtual capacity but will be able to return to the physical Lloyd’s Lab workspace in London from 21 June.
"We’re delighted that we’ve been able to secure the most innovative and cutting edge InsurTech’s across the world to work with the Lloyd’s Lab and we look forward to collaborating on these critical market issues."
Ed Gaze
Lloyd’s Lab Senior Manager
Ed Gaze, Lloyd’s Lab Senior Manager, said: ‘We’re excited to welcome the new teams to the Lloyd’s Lab for our sixth cohort. Product simplification is a critical issue for the industry following the COVID-19 pandemic and Lloyd’s is committed to providing our customers with clarity in their policies so that valid claims are paid. We’re delighted that we’ve been able to secure the most innovative and cutting edge InsurTech’s across the world to work with the Lloyd’s Lab and we look forward to collaborating on these critical market issues.”
About the Lloyd’s Lab
The Lloyd’s Lab is the home of InsurTech and is a leading hub for technology-led innovation, with more than 900 applications from international InsurTechs to join the Lab in its first two years. Successful companies join the Lab for a ten-week programme, where they work with insurers in the Lloyd’s market to develop and test their ideas, using the expertise and experience of their mentors to add value to the Lloyd’s market.
Since the launch of the Future at Lloyd’s strategy, the Lab has expanded to promote greater collaboration between Lloyd’s expert underwriters and brokers, customers and capital providers.