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ClearConnect Solutions’ ClearTrac Technology Chosen for Lloyd’s Lab Cohort

April 07, 2022 | By ClearConnect Solutions

PRESS RELEASE

Purcellville, VA (April 7, 2022) – ClearConnect Solutions, an InsurTech provider to the insurance and transportation markets, has been selected by Lloyd’s, the world’s leading marketplace for commercial, corporate, and specialty risk solutions, to join the eighth cohort of Lloyd’s Lab. The Lloyd’s Lab ten-week program brings together InsurTechs, insurers, and brokers to test out new, innovative solutions. The teams will be working to create insurance products to address the issues and challenges facing the Lloyd’s market. ClearConnect was selected among over 150 applicants for its ClearTrac technology which gives stakeholders in the transportation and insurance industries a 360-degree, real-time view of the risk associated with drivers and fleets out on the road.

ClearConnect will join a prestigious list of current and former Lloyd’s Lab participants. Since the formation of the Lloyd’s Lab, several successful InsurTechs have pioneered products now in use in the Lloyd’s market. These include Gaia, which launched a first-of-its-kind IVF insurance in February 2022; Tautona, which uses AI to automate claims processing; and Parametrix, a new business interruption policy for SME’s which launched in 2020.

From over 150 applications to the Lloyd’s global program, just eleven successful teams were selected to form the next cohort of the Lloyd’s Lab, beginning on April 25, 2022. Each of the selected teams impressed an expert panel of Lloyd’s and market stakeholders when presenting their innovative insurance product ideas in a competitive pitch process.

Scott Grandys, President and Founder of ClearConnect Solutions, remarks, “It is an honor to be selected to participate in the Lloyd’s Lab and what is considered the heart of innovation for insurance. We look forward to working with fellow members of the cohort to accelerate and foster innovations, including our ClearTrac solution, which will help address key issues and challenges in the market.”

Ed Gaze, Senior Manager at Lloyd’s Lab explained: “It’s really exciting to be welcoming the eleven successful teams to the Lloyd’s Lab for our eighth cohort. We’ve invited InsurTechs to address some of the most pressing issues the Lloyd’s market faces, from supporting the transition to a low carbon economy to getting better at dealing with business interruption claims. We’re delighted to be working with some of the most innovative InsurTechs in the world and look forward to seeing how they help our market, customers and society progress.”

To learn more about Lloyd’s Lab visit https://www.lloyds.com/news-and-insights/lloyds-lab.

To learn more about ClearConnect and its ClearTrac solution visit https://www.clearconnectsolutions.com/cleartrac-360/.

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