RYSKEX, an AI-driven hedging platform for emerging risk that bring together risk management, captive insurance units and institutional investors, is among the second cohort of 12 teams to join Lloyd’s Lab, the experimental development hub to explore ways to boost efficiencies at Lloyd’s of London.
The Lloyd’s Lab has been set up to attract teams from around the world to develop products, platforms and processes that will help transform Lloyd’s into a more technology-driven market.
Starting today (April 29), the teams begin the ten-week programme, with applications for a third cohort expected to open in June.
The theme for this programme include powering data-driven underwriting with new insights, enhancing the customer experience, enabling back-office efficiencies, and creating next-generation insurance products or services.
Berlin-based RYSKEX describes itself as the world's first CAPtech company, and offers a hedging platform for non-insurable and emerging risks embedded in a B2B ecosystem bringing together risk, captive and non-captive management units and institutional investors in a blockchain based P2P approach supported by AI and the RYSCoin, RYSKEX's stablecoin - a cryptocurrency designed to minimise the price volatility of the stablecoin, relative to some "stable" assets.
Other teams participating include ClauseMatch, CoVi Analytics, Describe Data, Field Pro Direct, ImageFast, miBroker, OPTIMIZ Claims, RequirementONE, Retechnica, Sustema, and Tremor Technologies.
Ireland-based Describe Data and US-based Field Pros Direct both use AI, with the former developing the use of new data sources and AI to give underwriters a better understanding of risk, and the latter working on an on-demand adjuster platform that combines AI, machine learning, predictive analytics, and a network of licensed adjusters to cut claims process time and boost quality.
Swiss-based Sustema is developing a tool that analyses the publicly available data of more than 17,000 listed companies and applies behavioural analytics to improve underwriting performance.
Canada-based miBroker has created miCtrl, which is a digital insurance brokerage that offers on demand insurance for gig economy workers.
ClauseMatch, based in both the UK and Singapore, is building real-time collaboration software to help firms manage and comply with internal governance documentation more effectively.
UK-based CoVi Analytics looks to support leaders of regulated businesses to monitor, measure and achieve operational efficiencies with technology that simplifies and automates internal processes.
Another UK firm ImageFast plans to improve contract quality and enable firms to share this with brokers and the follow market. OPTIMIZ Claims is developing a platform to connect cargo underwriters to cargo carriers in a bid to foster AI enabled claims resolution and provide deeper insights into risk exposures.
RequirementONE is creating an automated compliance lifecycle management platform to provide actionable insights from thousands of sources of regulatory intelligence. It aims to cut regulatory compliance costs by 50 percent.
Another UK firm Retechnica, has created an advanced natural language processing solution, designed to create end-to-end solutions focusing on process automation and content intelligence.
US-based Tremor Technologies is a marketplace for the reinsurance industry that uses auction and optimisation technology to support trade at fair market prices.
RYSKEX, ClauseMatch, CoVi Analytics, Describe Data, Field Pro Direct, ImageFast, miBroker, OPTIMIZ Claims, RequirementONE, Retechnica, Sustema, Tremor, UK