Lloyd’s Lab’s recent ‘Demo Day’ showcased the talents of up-and-coming insurtechs, including OneAdvent’s partners ARMD and OTT Risk.
During the 10-week insurtech accelerator programme, a group of insurance start-ups have been refining their propositions and validating their products with the guidance of Lloyd’s market experts. Whittled down from 120 applicants, just 9 teams made the cut, with two of those part of OneAdvent’s leading MGA platform. The demo day, on 7th December, was an opportunity to share their learnings and present their updated propositions.
After an opening speech by Dawn Miller, Commercial Director of Lloyds, who stated “[we] can’t keep doing things the same”, ARMD and OTT Risk, OneAdvent’s partners took to the stage.
ARMD demonstrated their technology ecosystem for tool insurance products for tradespeople, which enables the replacement of tools within 5 days, a claim promise agreed by their insurance partner RSA. This is facilitated by their online tool inventory, which provides digital proof of ownership, therefore reducing the chance of fraud. Furthermore, they have tackled the challenge of high loss ratios in this market through the development of the ARMD smart sensor, a silent alarm that automatically calls the van owner when someone tries to break in.
Devin Chawda, Co-Founder and CEO of ARMD, commented;
“On the whole, the Lloyd’s Lab has been a great experience. It gave us a platform to show what we have built and how our technology challenges traditional insurance, whilst at the same time opening new opportunities for future products. We leave the lab after 10 weeks with capacity and investment in principle that will further improve our tech and give both customers and insurers what they need”.
OTT Risk has developed a parametric solution around revenue protection for the sharing economy. Their non-damage business interruption insurance fills the current protection gap to provide cover for businesses affected by non-physical losses caused by pandemics, strike action or terror attacks. Using technology to create bespoke, algorithmically driven coverage referencing indices of business activity that matter most to the insureds, they can offer customers an affordable and relevant insurance product that pays claims quickly and accurately, focusing on the economic outcome of an event, rather than its cause.
Quentin Saleur, COO at OTT Risk, said;
“The Lloyd’s Lab has been a fabulous experience for OTT: it allowed us to meet with several market insiders from brokers to syndicate underwriters and bring more focus to our products, making sure those are relevant for the industry. To that end, we’re delighted to come out of the Lab with a fresh partnership with Apollo ibott syndicate 1971 to offer a new kind of revenue protection, ‘Revenue Safety Net’, to the sharing economy. This is a key milestone in our mission to reduce the business interruption protection gap and we’re thrilled to be building this product with the help of one of Lloyd’s’ most successful syndicates.”
Tim Quayle, MD of OneAdvent, added;
“We are thrilled to be supporting these two inspiring and innovative insurtechs on our platform and seeing the progress that they have made these past 10 weeks. I look forward to working with them closely as they further develop their offerings”.
The teams will now use their learnings to continue product iterations and drive their businesses forward in 2023.
For all media enquiries, please contact Sophie Farrow on [email protected].
About OneAdvent
Focused on getting innovative insurance businesses to market – and fast – OneAdvent provides a springboard for growth across the industry. Operating as an MGA platform, Lloyds broker and niche product distribution business, OneAdvent brings its sector expertise and technical know-how to bear for established industry players and entrepreneurial start-ups around the world.
About ARMD
Founded in 2020, ARMD is an insurtech that combines technology with insurance to mitigate risk and minimise downtime for tradespeople. ARMD’s vision is to make it easier and more affordable for tradespeople to protect their livelihoods. Ultimately becoming the provider of choice for the business essentials tradespeople need to work, including their tools, van and security. This complete package will be offered within one simple monthly payment and includes insurance seamlessly embedded for maximum protection.
About OTT Risk
OTT Risk is an MGA providing parametric revenue protection insurance. They’re using business activity data relevant to the insured to pay claims; focusing on the financial outcome rather than the cause of interruptions. They are filling the protection gap for business interruption losses for industries most vulnerable to non-physical events, including the sharing economy, tourism, travel, physical retail and hospitality. Technology is the foundation of their business, using AI and machine learning to enable the risk transfer of those interruptions.
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