Lloyd’s has selected the next eleven insurtechs for its Lloyd’s Lab and says the new cohort, the seventh to experience the innovation accelerator program, will focus on creating simpler solutions related to cryptocurrencies.

The global program received 179 applications, from which eleven successful start-up teams were selected to work for ten weeks from September 6 to create insurance solutions that can be adapted to the Lloyd’s market.

Successful companies join the Lab and work with insurers in the Lloyd’s market to develop and test their ideas, using the expertise and experience of their mentors.

Lloyd’s Lab Senior Manager Ed Gaze says the decision to invite insurtechs with expertise in digital currency and cyber follows an increase in sophisticated attacks which pose an increasing challenge for the insurance industry.

Each of the teams chosen impressed an expert panel during a competitive pitch process, where they presented their innovative insurance product ideas.

“We’re pleased to once again secure cutting edge InsurTech’s from across the world to work with the Lloyd’s Lab,” Mr Gaze said.

The start-ups were selected based on solutions geared toward claims, data & models, and cryptocurrencies, though Lloyd’s Lab now also accepts “wildcard entrants” with solutions outside the core themes, in areas such as anti-money laundering, robotics and construction.

Here are ten of the lastest cohort. Lloyd’s says the 11th will be added when it is "no longer in stealth mode”:

Sotera Heritage, UK – uses machine learning to help price risk on unusual objects such as antiquities and creates digital identities for legitimate objects to support better anti-money laundering

Koop Technologies, Pennsylvania – specialises in commercial robotics and autonomous vehicle developers & operators. Uses a modular, API-powered platform.

ICEYE, Finland – provides near real-time flood extent and depth data to help calculate overall flood losses with speed and accuracy.

Jungle, Portugal – are an artificial intelligence platform designed to resolve underperformance arising from operational complexity in renewable energy and industrial processes

Falkonry, California – enables predictive operational excellence for manufacturing organisations

YEO Messaging, UK –a secure private messaging platform

Hubvia (Brush Country Claims), Texas – streamlines Property & Casualty claims handling

Merkle Science, Singapore – a predictive cryptocurrency risk and intelligence platform

Superscript, UK – combines broking and underwriting expertise with technology and data science

BirdsEyeView, UK – harnesses space-data and parametric solutions to provide uncomplicated insurance for severe-weather risks