Eleven successful insurtech teams have been selected to make up the sixth cohort of the Lloyd’s Lab innovation 10-week accelerator programme, which begins on Wednesday.

The latest start-ups have been selected based on solutions geared towards the themes of climate change and decarbonisation, geopolitics, data and models, and claims support services. The initiative received 177 applications.

The lab will start virtually and progress to Lloyd’s Lab workspace in London from June 21, subject to social distancing rules.

Lloyd’s Lab Senior Manager Ed Gaze says product simplification is a critical issue for the industry following the COVID-19 pandemic.

“Lloyd’s is committed to providing our customers with clarity in their policies so that valid claims are paid,” Mr Gaze says. “We look forward to collaborating on these critical market issues.”

More than 900 applications have been made to join the Lab in its first two years. Successful companies work with insurers in the Lloyd’s market to develop and test their ideas, using mentor guidance to add value to the Lloyd’s market.

Several have created products that are now being used in the market, for example Parsyl which launched products with Lloyd’s in December to support the deployment of a COVID-19 vaccine to emerging countries.

The Lloyd’s Lab recently also launched a new initiative called Office Hours which is aimed at supporting early stage start-ups by providing guidance and tips from Lloyd’s market experts.

The successful teams in the latest cohort are:

• Gaia, creators of an insurance product to make IVF treatments more affordable. The innovative fertility solution was included despite being outside the main four themes
• Supercede Technology – helps automate the creation of submission packs for presentation of risk to reinsurers
• Moonshot – an analytics and technology firm that maps extremism and organised crime
• Verisk Maplecroft – manages risks that can undermine commercial value, damage brand reputation and disrupt operations and supply chains
• Scrub AI – automates data cleansing
• Safekeep – an AI solution that increases the number of recoverable claims by 37%, and increases dollar net recoveries
• SettleIndex – a litigation risk platform to resolve disputes
• DistriBind – uses AI in delegated authority
• CarbonChain – automates company accounting of carbon emissions
• Jupiter Intelligence – provides climate risk analysis of multiple perils
• Tesselo – a geospatial intelligence firm helping monitor natural resources – trees, soils, crops – and reduce climatic risks.