Lloyd’s has welcomed 11 new InsurTech teams from more than 130 applicants for the third cohort of its “Lloyd’s Lab” after shortlisted firms presented their ideas to experts across the market during a pitch day.

The successful teams will begin working in the lab as part of a 10-week program that kicks off on September 2.

Lloyd’s is spearheading a push to “supercharge” innovation, overhaul costs and reimagine its future. It plans to publish a future blueprint on September 30.

The start-ups will seek ways to help Lloyd’s market participants better understand threat scenarios and ways to reduce the cost of processing claims, as well as the burden of compliance and regulation.

“We want to harness this creative spirit to help us build a new Lloyd’s, which is nimbler, more customer focused, faster and more efficient than ever,” says Bruce Carnegie-Brown, Lloyd’s Chairman.

The successful teams are:

• ClimaCell, which takes an Internet-of-Things approach to collect millions of weather observations
• Digital Fineprint, helping insurers and brokers improve their reach and profitability in the SME market
• Flock, a Big Data start-up that helps underwriters unlock the power of risk intelligence
• FloodFlash, which enables no-exclusions, instant-settlement flood insurance
• Hyperexponential, pricing software maker for speciality insurance
• INARI, which digitises insurance operations through the entire risk lifecycle
• Insurdata, a platform which creates peril specific exposure data globally
• Oasis, an open source catastrophe modelling platform, free to use by anyone
• Phinsys, creator of intelligent finance automation tools
• Praedicat, which curates and quantifies scientific data to identify risks
• Tautona AI, promising automated processes once reserved for human judgement.