Our sixteenth cohort

Defenza

Defenza’s platform makes the most sophisticated cybersecurity protection available beyond the office, safeguarding the homes, personal devices, and digital identities of high-net-worth individuals and executives in their everyday digital lives.
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Elysian

Elysian is an AI-native third-party administrator (TPA) that has developed a unified platform for complex commercial claims management. Their core technology, Conductor, enables real-time QA audits of 100% of a claims portfolio, a vast improvement over the 1-5% industry standard. This ensures total transparency and accuracy in claims handling. By solving internal operational challenges first, Elysian offers the market a proven, highcomplexity claims solution that reduces leakage and enhances portfolio performance through data-driven evaluation.
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Exona Lab

Exona Lab delivers a specialised risk engine designed to quantify advanced AI risks for the Lloyd’s market. Its mission is to make emerging systemic threats, such as those posed by complex, correlated AI systems, visible and insurable. By translating advanced quantitative techniques into actionable risk intelligence, the platform helps insurers assess and underwrite exposures that traditional models miss. This enables the insurance market to lead in the coverage of next-generation technology while maintaining rigorous risk control.
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Elysia - Battery Intelligence from Fortescue

Fortescue provides Elysia, a battery intelligence platform that applies AI-driven, physics-based models to optimise battery lifetime, performance, and safety. Serving the electric vehicle, stationary storage, and mining sectors, the technology ingests vast amounts of operational data to provide deep health insights. For the insurance market, this translates into reduced technical uncertainty and improved risk assessment for battery assets. Its cloud and embedded products help manage battery assets, making battery related risks more predictable and manageable.
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ITUS Protect

ITUS Secure Technologies provides a cyber risk intelligence platform, ITUS Protect, designed to strengthen SME resilience and improve underwriting decisions. The cloud-based dashboard aggregates security control data and CVE intelligence to generate clear, shareable risk scores. This enables policyholders to evidence active risk management while providing insurers with continuous visibility into a portfolio’s cyber hygiene. By identifying weaknesses and issuing plain-English alerts, it supports more accurate pricing, smoother renewals, and more informed claims discussions.
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Nolana

Nolana is an AI-native operating system designed to automate complex insurance operations while maintaining human oversight. Its agentic AI modules offer dynamic First Notice of Loss (FNOL) intake, automated claims decisioning, and customisable AI procedures, delivering measurable improvements in accuracy and efficiency. The SOC-2 certified platform easily integrates with existing policy, claims, and CRM systems, providing a secure and unified cross-channel experience for customers, loss adjusters, and frontline support teams. Nolana allows insurers to scale their operations without compromising governance or service quality, while improving the experience for both customers and employees.
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Phyll

Phyll is building the real-time memory layer for physical infrastructure, without new hardware. Think “GitHub for physical infrastructure”: a continuously updating record of what changed, where, and when across roads, drainage, utilities, and other critical assets. They turn existing video (dashcams, CCTV, smartphones, drones) into asset-level condition data, assigning persistent unique IDs to conduct change detection. Public operators, insurers, and governments use Phyll to surface degradation earlier, cut post-event claims triage time by 25 – 40%, reduce claims uncertainty, and help lower loss frequency and severity through earlier intervention at <$0.01 per asset, dramatically faster and cheaper than field surveys.
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Plain Site

Plain Site is developing a resilience-focused property insurance product that builds nature-based flood interventions directly into the policy. Using a proprietary machine learning engine, it finds opportunities for interventions within the boundaries of high-risk properties and issues binding quotes with integrated adaptation plans. These plans fund and deliver green infrastructure, including sustainable drainage and permeable surfaces, with performance monitored through IoT sensor data.
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Plastic-i

Plastic-i provides environmental intelligence to enable the underwriting of volatile water-related hazards, such as harmful algal blooms and sargassum wash-in events. By using satellite data and AI models, we translate environmental changes into actionable signals for pricing and risk structuring. This is particularly valuable for freshwater and coastal risks where historical loss data is limited. Our technology supports the design of policy terms and parametric triggers, enabling insurers to deploy capacity with confidence in markets exposed to seasonal and climate-driven water hazards.
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PolicyCheck

PolicyCheck transforms delegated authority oversight for Lloyd’s syndicates. Their AI platform converts coverholder binding authorities and complex endorsements into queryable digital twins, delivering pre-bind clarity on every risk written. By automatically detecting wording misalignment and unintended exposure against syndicate appetite, PolicyCheck replaces post-bind disputes with proactive control, safeguarding the integrity of the Lloyd’s ecosystem.
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Resilico

Resilico is a risk management digital platform designed to collect property and behavioural data to assess, quantify, and reduce flood risk. Developed to support industry-approved flood rating schemes, the platform enables insurers to partner on data-driven subsidy models. By providing a robust framework for flood compliance, it allows stakeholders to standardise data and engage effectively in flood risk management. This proposition ensures that flood-related insurance remains viable through accurate, property-level risk assessment and verified mitigation.
Visit Resilico

Re-watch our Open House webinar for Cohort 16

The webinar provided more information about the programme and offered guidance on the application process.

View the webinar recording

Themes

1. Operational efficiency in the Lloyd's market

Why this matters

The Lloyd's market success requires modernising core processes to reduce expense ratios and stay competitive. The market faces critical bottlenecks in claims processing, delegated authority, and financial operations due to fragmented data and manual workflows.

The key areas demanding transformation are:

  • Claims Friction: Lack of a prioritised, unified view of claims workload, leading to duplication and over-reliance on email and shared IT infrastructure.
  • Document Data: Manual data extraction from unstructured documents like the Market Reform Contract (MRC), Statements of Value (SOV), and Borderaux (BDX) used across the market.
  • Payment Bottlenecks: Market-wide aged debt issues caused by decentralised payment chasing and a lack of shared intelligence for Credit Control.

We are seeking solutions that transform market operations, this can include (but is not limited to):

  • AI/Copilot technology for claims workload prioritisation and process management.
  • Advanced document intelligence for extraction, summarising, and comparing unstructured data.
  • Cross-market coordination tools providing transparency and payment intelligence to resolve aged debt and streamline transactions.

Examples of current market gaps that your solution could address:

  • Intelligent summarisation of loss adjuster reports identifying changes between versions.
  • Automated extraction and standardisation of data from documentation.
  • A centralised data framework for Credit Control/Aged Debt management.
  • Automation of complex, manual processes.


2. New products for the Lloyd's market

Why this matters

The insurance market must respond to rapidly evolving risks, especially those driven by advanced technology and global instability. The latest Own Risk and Solvency Assessment (ORSA) analysis identifies Artificial Intelligence (88%) and Geopolitical Risk (95%) as top concerns, requiring innovation beyond traditional coverage.

We need new products to address:

  • Technological Liability: Complex risks from Artificial Intelligence (e.g., algorithmic bias, "Affirmative AI" exposures) and the spread of misinformation.
  • Modernising Traditional Lines: Ensuring legacy products (Marine, Casualty, Specialty) remain relevant against evolving customer demands and new risk realities (e.g., social inflation, autonomous vessels, digital asset coverage).
  • Energy Transition & New Assets: New exposures driven by the decarbonisation and energy transition pathway, including utility-scale Battery Energy Storage Systems (BESS) fire risk, carbon credit integrity, and carbon removal technology failures.
  • Modern Property Risk: The need for enhanced predictive modelling for evolving natural catastrophe threats, incorporating climate change impacts and better data sources for traditional property exposures.
  • Systemic Exposure: The growing risks associated with Litigation, autonomous technologies (Industry 4.0), and long-tail perils like Hazardous Chemicals.
  • Wildcards: Bold, innovative ideas that push the boundaries of what insurance can do - if you're exploring new market opportunities that don’t fit neatly into existing categories but could transform the Lloyd’s market, we want to hear from you.

We are seeking solutions that deliver novel products and advanced risk insights, this can include (but is not limited to):

  • Next-generation liability structures for "Affirmative AI" and other emerging tech risks.
  • Enhanced coverage structures for established insurance classes (e.g., Marine, Casualty, Specialty).
  • Data and technology-driven solutions for property risk mitigation, particularly for new energy assets, BESS, and renewable infrastructure.
  • Insurance and parametric products covering the integrity, performance, or failure of carbon credits and carbon removal technologies.
  • Advanced risk assessment models for autonomous mobility and robotics (Industry 4.0).
  • Products designed to cover or quantify long-tail exposures such as Hazardous Chemicals and Trade Conflict vulnerability.

Examples of current market gaps that your solution could address:

  • Underwriting and risk mitigation solutions for Lithium-ion Battery Energy Storage Systems (BESS).
  • Products protecting against the invalidation or underperformance of verified carbon removal projects.
  • Advanced catastrophe modelling incorporating localised climate change impacts.
  • Insurance structures to address the liability and risk scoring of autonomous systems.
  • New risk models for emerging geopolitical and supply chain risks.


3. Ireland theme: Resilience and capital to support growth

Why this matters

Ireland is a key European market for Lloyd’s. In 2024 it was Lloyd’s largest in the EU. It is an open, export focussed economy, providing an EMEA base for tech and pharma multinationals, a strategic hub for global reinsurance, and underling economy with industry leaders in food, aviation, e-commerce and tech.

Its geographic location ensures that it is exposed to its fair share of Atlantic storms and severe weather events. Access to flood insurance is a key priority for the Irish government in their “Action Plan for Insurance Reform 2025-2029”.

This theme, in partnership with Department of Finance, Ireland, is designed to align with key national priorities and support the development of this open economy.

Key strategic focuses include:

  • Flood Resilience & Coverage: Developing ways to link investment in flood defences and climate adaptation directly to improved insurance availability and certainty for policyholders.
  • Cyber & AI: Supporting Irish business’ resilience in the face of growing cyber threats and a growing protection gap. Developing products and risk management solutions that allow Irish based companies to grow with confidence. Building on Ireland’s position as a hub for digital and tech solutions.
  • Export Growth in a Complex World: From covid, to subsequent supply chain interruptions, to recent geopolitical uncertainty, it has been a complex risk landscape for exporters. Ireland’s exporters from SMEs to large corporations are a key part of the economy. Developing risk transfer products and ancillary services to allow Irish based exporters to navigate geopolitical and associated risks.

We are seeking solutions that enhance Ireland's insurance ecosystem, this can include (but is not limited to):

  • Parametric or index-based insurance products that reference climate adaptation and flood defence investments.
  • Aggregating existing data sets and climate adaptation actions in new ways to reveal hidden trends and support more accurate underwriting.
  • Cyber solutions with embedded tracking and early warning solutions for ransomware risk assessment and mitigation, test intrusion detection systems, etc.
  • Technologies which can help our insurers quantify the exposure to new types of risk, such as emerging cyber and AI risks
  • Specialty products that deal with emerging risks in cyber and AI.
  • Innovative models for efficient deployment of global reinsurance capital, driving export-oriented insurance solutions.
  • Specialty products and risk models to support export focused (cyber, AI, geopolitical, cargo).

Examples of current market gaps that your solution could address:

  • Parametric structures that link the official completion of flood defence projects to coverage availability.
  • New financial models for deploying global reinsurance capital that mitigate geopolitical risk.
  • Underwriting tools and data sources specific to the Irish cyber risk landscape.

Contact us

If you have any questions about Cohort 16 or want to be a mentor, please email us:

lloydslab@lloyds.com

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