RYSKEX has been named as the winner of the Lloyd’s Lab Fusion event, designed to test early-stage start-up ideas aimed at dealing with COVID-19 and other systemic risks.
The Lloyd’s Lab Fusion event ran from July 21-23 and was supported by innovators from more than 10 Lloyd's managing agents, with ideas assessed by a panel of judges from the Lloyd’s Corporation and Market.
RYSKEX originally intended to use parametric risk transfer as a way to insure “uninsurable” systemic risks. However, it changed direction during the programme to focus on developing cover for widespread, long-lasting power outages in the US power grid. RYSKEX proposed to bring together insurers, customers, and capital markets to develop parametric coverage for this systemic risk.
RYSKEX achieved the highest overall score from the market judges. Lloyd’s said it was singled out for its “highly ambitious plan which supports Lloyd’s commitment to progressing solutions for global industry and government partnerships to fast-track society’s recovery from COVID-19 and provide greater resilience to future systemic risks.”
Lloyd’s also praised Geollect, Hivemind and Survenus for their contributions.
Geollect is a former Lloyd's Lab participant that created a solution to measure real-time exposures from cruise ships that are held up at ports due to COVID-19 travel restrictions in areas liable to tropical storms.
Hivemind’s product, Agora, is a platform which can be used to run prediction markets to gather information from experts or from crowds. It used its prediction market to evaluate the number of COVID cases in the US as a proxy for a pandemic severity indicator.
Survenus, an early-stage start-up based in Portugal, developed a platform combining high-quality, near real-time global data on the spread of infectious diseases which can be used to price and model pandemic exposure.
RYSKEX, Lloyd’s Lab Fusion, Parametric insurance