Insurance Giant Lloyd’s Announces Support For Innovative Technology

By Cami Ezenwa

Insurance giant Lloyd’s has announced an investment package aimed at supporting innovate technology.

A release from the company confirms first two investments from its Central Fund private markets allocation to support two Lloyd’s Lab alumni, Axio and REOR20 .

The labs’ main mission is developing its insurance solutions within the London insurance market.

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Target beneficiaries are Lloyd’s alumni who buy into the idea of providing innovative technologies and solutions to the expansive insurance market.

According to the announcement, the collaborating  companies bring to the table,  unique solutions on cyber physical damage and automated risk modelling, that would impact on insurance processes globally.

The scheme follows the insurance giant Lloyd’s financing schemes and the  United Nation’s Sustainable Development Goals,

The Accelerator is a 10 week fast-track programme where InsurTechs can test new concepts, ideas and products with the support of experts from the world’s largest insurance and reinsurance market.

Lloyd’s Commercial DirectorDawn Miller, describes it as Lloyd’s ongoing commitment to innovation, adding:

“Today’s announcement is an excellent example of the power of Lloyd’s Lab’s accelerator programme, which forms an integral part of our innovation hub located in the heart of The City. We look forward to driving the increased prominence of the Lab in its mission to innovate the market, through our support and backing of companies with exceptional solutions.”

“The Lloyd’s Lab is a centre of innovation for the insurance industry giving us as investors the opportunity to back great companies ourselves where we have a strong shared interest for our industry”, said Eleanor Bucks, Lloyd’s Chief Investment Officer

For Axio CEO, Scott Kannry, , “One of our founding goals was to help the insurance industry better tackle cybersecurity risk, and the investment support from Lloyd’s is evidence of our unique ability to deliver on that goal. We’re now excited to work even more closely with the Lloyd’s Market to help it deliver better coverage solutions, especially for the most challenging areas of cybersecurity risk.”

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“Lloyd’s investment in our innovative tech startup is not just a financial backing; it’s an endorsement from the heart of the global insurance ecosystem. Lloyd’s commitment to excellence propels aspirations into achievements, and provides limitless opportunities for the future”, added

Danny Chatziprodromou, REOR20 CEO and Founder