LLOYD’S LAB INSURTECH RAISES FUNDS TO DEVELOP PROPERTY RISK PLATFORM

Lloyd’s Lab insurtech Intelligent AI has raised almost £1m following its successful graduation from the Lloyd’s technology incubator. The funds will be used to develop and launch an online Intelligent Risk platform that uses real-time data sources, including satellite image analysis and real-time weather and flood data. The company said it could save commercial property insurers £500m a year. Lloyd's property insurance lost on average £800m a year, or £4bn in total, between 2016 and 2020, driven by increases in man-made and natural hazard losses and the challenges of accurately assessing risk across huge property portfolios. Anthony Peake, chief executive of Intelligent AI, said: “There is a huge global opportunity across the commercial property insurance sector. Having real-time, accurate data on risks and risk mitigation could ultimately help to prevent catastrophic incidents like Grenfell Tower."