Lloyd’s has launched its fifth Lloyd’s Lab cohort, featuring RYSKEX, a Berlin-based start-up, offering a blockchain-based ecosystem for alternative risk transfer and innovative insurance solutions.
In July, the Lloyd’s Lab Fusion programme named Ryksex startup Ten C’s as this year’s event winner.
The event will be centred around three key themes: data and models; new insurance products and markets; and the insurance response to COVID-19, where Ten C’s project will be the development focus.
Ten C’s is a start-up formed to develop a parametric disaster response solution designed to fill the coverage gap of traditional, indemnity-based insurance for global, systemic risks, such as
COVID-19, and to ensure that the insurance industry is ready for the next pandemic. The new start-up was founded by Patrick Kelahan of H2M and Marcus Schmalbach, CEO of Ryskex GmbH.
The solution will support businesses during systemic risk events quickly and will distribute pay-outs immediately once an agreed parameter is triggered.
The project seeks to harness existing industry expertise, relationships, insurance principles all underpinned by the strong foundation of its distribution networks.
Commenting on the selection, Schmalbach said: “We are looking forward to partnering and working closely with Lloyd’s deep experience and global network. In particular, we believe Lloyd’s underwriting and actuarial support and it’s carrier and distribution partnerships can play a key role in helping our firm, and other German insurtechs, make the leap from start-up to blue-chip.”
Trevor Maynard, head of innovation at Lloyd’s, said: “We are excited to welcome RYSKEX back to the Lloyd’s Lab, and believe that it, together with other participating start-ups, can play an important role in our response to the COVID-19 pandemic and help us develop the new models and insurance products that the future demands.”
