The Lloyd’s Lab Fusion programme has named Ryksex startup Ten C’s as this year’s event winner.
The aim of the startup was to develop an idea for a parametric risk transfer solution for events, however, changed direction during the programme to focus on developing cover for widespread, long-lasting power outages in the US power grid.
It proposed to bring together insurers, customers, and capital markets to develop parametric coverage for this systemic risk.
href="http://www.captiveinsurancetimes.com/captiveinsurancenews/article.php?article_id=6932">Ten C’s was founded by Patrick Kelahan of H2M and Marcus Schmalbach, CEO of Ryskex GmbH.
Additionally, Joerg Proeve, an insurance veteran and consultant, joined Ten C’s to further build out the solution and establish a global team of data scientists, artificial intelligence, insurance, blockchain, and risk transfer experts.
Lloyd's Lab ran a new three-day programme from 21 to 23 of July and was designed to test early-stage start-up ideas aimed at dealing with COVID-19 and other systemic risks.
Ryskex had the highest overall score from the market judges and was recognised for its plan which supports Lloyd’s commitment to progressing solutions for global industry and government partnerships to fast-track society’s recovery from COVID-19 and provide greater resilience to future systemic risks.
As the winners, Lloyd's and its syndicates have invited Ryskex to join the fifth cohort of the lab, where Schmalbach noted that they “will grind, market and launch the product”.
Commenting on the win, Schmalbach highlighted: “It is a great honour. I wrote my bachelor thesis about the business model of Lloyd's and since then, I have been a big fan. Therefore, this is a great thing and for Ryskex and the team a wonderful reward for a lot of hard work.”
