Drafting startup, Definely, has joined the incubator of Lloyd’s, the world’s leading insurance and risk market. They were picked out of 150 applications to join the 11 organisations in this year’s Lloyd’s Lab InsurTech cohort. The move marks a strategic push to widen Definely’s client base.
The eighth cohort of Lloyd’s Lab will be working ‘to create insurance products to address the issues and challenges facing the Lloyd’s market’, they said.
Rhys Hodkinson, Chief Commercial Officer at Definely, told Artificial Lawyer that the company, which very much started with a focus on law firms – especially around helping to quickly surface contract definitions – is now looking to expand into the insurance sector.
Hodkinson said: ‘[Part of the interest in this sector] is about simplifying insurance contracts so that they are more easy to understand.’
He added that two of its new offerings, which are arriving soon, will also help in the legal and insurance worlds. These are a PDF reader to quickly ‘unlock the meaning of definitions’, as well as an NLP-driven proofreading solution.
The move into insurance makes a lot of sense, as it is heavily reliant on policy documents, just as law firms are living in the medium of the contract. So, Definely’s capabilities should be transferable.
Hodkinson added: ‘We asked ourselves: how do we expand beyond law and legal tech? The challenge is that people tend to think in terms of either legal tech or fintech, but that misses a lot of complexity in the business world.’
He added that they have talked to several large insurance companies and that being part of the programme for 10 weeks within Lloyd’s – the world’s most famous insurance institution – would certainly help.
For the eighth cohort, the InsurTechs have been selected based on solutions geared towards four key themes: decarbonisation and climate change; supply chains; data and models; and claims. For the third time, the Lloyd’s Lab also accepted wildcard entrants who presented solutions outside of the core themes, such as space safety and contract review.
Ed Gaze, Senior Manager, Lloyd’s Lab, said: ‘It’s really exciting to be welcoming the eleven successful teams to the Lloyd’s Lab for our eighth cohort. We’ve invited InsurTechs to address some of the most pressing issues the Lloyd’s market faces, from supporting the transition to a low carbon economy to getting better at dealing with business interruption claims. We’re delighted to be working with some of the most innovative InsurTechs in the world and look forward to seeing how they help our market, customers and society progress.’
The teams selected for Lloyd’s Lab cohort eight are:
Kita– Provides insurance for the voluntary carbon markets to enable more high-quality carbon removal solutions and generate positive climate impact.
Persefoni – A global software company whose SaaS Platform enables companies and financial institutions to easily meet stakeholder and regulatory climate disclosure requirements and requests.
Kettle – A Bermuda-based Reinsurance MGA which aims to protect the world against climate change using deep learning and reinsurance.
Otonomi – A blockchain-enabled parametric insurance platform that transforms the way cargo policyholders get compensated by compressing resolution times from 45 days to 45 minutes, lowering administrative costs by more than 50% for both clients & carriers, and providing algorithmic underwriting solutions.
Privateer Space – Delivers a space applications technology focused on space safety, sustainability, and security in near-earth space.
Definely – Is a Microsoft-backed software company redefining how contracts are understood. Definely’s tools shorten the contract lifecycle and time to revenue by optimising how professionals understand and review complex contracts.
Marmalade – A simple deal pricing and data capture system, built for underwriters.
FRISS – Helps insurers gain a deeper understanding of the risk in their portfolio, stay compliant, detect fraud, and make better decisions across the end-to-end underwriting and claims lifecycle.
InsurX – Is the digital capacity exchange for the complex commercial insurance market. It enhances broker and carrier follow capacity trading using proprietary algorithmic matching technology.
ClearConnect – Through its proprietary technology, ClearTrac, gives stakeholders in the transportation and insurance industries a 360 Degree, real-time view into the risk associated with drivers and fleets out on the road.
BakerTilly – Quantum – is a business interruption claims processing platform that delivers seamless, data-driven claims. Paired with hands-on, personalised service from experienced Baker Tilly forensic accountants, Quantum delivers the benefits of automation with a more personal touch.
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