RYSKEX to participate in its second Lloyd’s Lab event

RYSKEX, the Berlin-based start-up offering a blockchain-based ecosystem for alternative risk transfer and other innovative insurance solutions, will participate in the fifth Lloyd’s Lab event, which focuses on identifying ways to manage “uninsurable” risks.

Lloyd’s has received 140 applications for the fifth Loyd’s Lab event from across the world and has selected RYSKEX to participate for the second time. Its entry will be centred around three themes: data and models; new insurance products and markets; and the insurance response to COVID-19.

RYSKEX’s participation will focus on its Ten C’s Project, which was founded in spring 2020 by Marcus Schmalbach, the chief executive of RYSKEX, and Patrick Kelahan, a consultant. It develops parametric solutions to fill the coverage gap of traditional, indemnity-based insurance for global, systemic risks, such as COVID-19.

In the first four Lloyd’s Lab events, start-ups, entrepreneurs and businesses presented ideas ranging from live-streaming drones to event-based parametric insurance solutions for catastrophic flooding and on-demand insurance for the gig economy.

Schmalbach said: “We believe Lloyd's underwriting and actuarial support and it’s carrier and distribution partnerships can play a key role in helping our firm – and other German insurtechs – make the leap from start-up to blue-chip”.

Trevor Maynard, head of innovation at Lloyd’s, highlighted the impressive growth of the German insurtech ecosystem. Startups like RYSKEX “can play an important role in our response to the COVID-19 pandemic and help us develop the new models and insurance products that the future demands,” he added.