REOR20 wins inaugural Lloyd’s Europe Insurance Innovation Competition to combat European protection gaps

06 July 2023

Lloyd’s, the world’s leading marketplace for commercial, corporate and speciality risk solutions, has today announced the winner of its first Lloyd’s Europe Innovation Competition. REOR20 took the prize for its entry on addressing European protection gaps with a breakthrough Artificial Intelligence system for flood risk understanding and mitigation.

On 6 and 7 July 2023, Lloyd’s Europe, established to bring the scale, expertise and capacity of Lloyd’s closer to its customers in Europe and the largest P&C insurance company in Belgium, held the first ever Lloyd’s Europe Insurance Innovation Competition, with the pitch day hosted by BeCentral and an investor day hosted by KPMG.

The event took place on 6 and 7 July 2023, and was hosted by BeCentral, the digital campus located in Brussels cofounded and backed by more than 60 entrepreneurs to  recognise the vital  work European InsurTechs are undertaking to address emerging risks on the continent and provide innovative solutions, and also included a focus on investors, hosted by KPMG.

The InsurTechs that submitted entries  took part in a   competitive pitch process  to a panel of expert judges from FERMA, BeCentral, KPMG, FinTech Belgium, Assuralia and Qover, as well as presenting to a live audience. The award was presented to the winners with a greeting from Thomas Dermine, State Secretary for Economic Recovery and Strategic Investments, in charge of Science Policy, Belgium.

The judges noted how impressed they were by the AI technology system from REOR20, the potential scalability of their concept and the overall quality of the pitch presentation.

In addition to the award, the winner received a ticket to the global Web Summit tech conference, taking place in November this year in Lisbon. The winner will join the KPMG start-up Island and receive mentoring and advice from KPMG’s expert panel of InsurTech advisors and project leads.

The judges also presented Kita with a “special mention” award in recognition of their insurance for the voluntary carbon markets “solving a real-world problem for society with true sense of purpose.”

“Lloyd’s Europe is firmly committed to supporting new solutions intended to contribute to addressing protection gaps in Europe, whether they are climate-related risks, like floods and natural catastrophes, or digital risks like AI and autonomous vehicles. We strongly believe in the power of sharing expertise across both public and private spheres to build resilience for the future in order to protect communities, businesses and the environment that we rely on, and these awards demonstrate the power of combining expertise and innovation across the tech and insurance sectors to meet these goals.”
Amélie Breitburd, CEO, Lloyd’s Europe
“As one of Europe’s leading tech campuses we are honoured to host Lloyd’s Europe Innovation Competition. Our participation in the inaugural Lloyd’s Europe Innovation Competition signifies our collective goal of tackling digital gaps and driving technological advancements. Together, from the heart of Brussels and across Europe, we shape the future, empowering entrepreneurs from all walks of life and creating new opportunities.”
Laurent Hublet, CEO BeCentral
“Lloyd’s Europe is a masterclass example of how insurance corporates increasingly take a more partnership-focused approach, working collaboratively with insurtechs to help them develop and grow – a trend we see across regions. We are proud of supporting this initiative, working end-to-end, side by side with insurtechs, incumbents, and the larger Lloyd’s ecosystem.”
Dave Remue, Head of Fintech, KPMG in Belgium
“FERMA is delighted to be a jury member for the first Lloyd’s Europe Innovation Competition and to represent the views of risk managers. We recognise the critical role insurtechs play in helping drive insurance market innovation and close the protection gaps that exist for key exposures including digital and climate-related risks. Collaboration between the risk managers and the insurance and insurtech sectors is vital to enabling the development of effective solutions that address the complexity and volatility inherent in these largescale risks, help bolster resilience at all levels, and in the case of climate change facilitate the transition to a carbon-neutral economy.”
Typhaine Beaupérin, CEO, FERMA
“Assuralia has embarked on a new journey to follow the path of innovation with determination, because we understand that it is in this direction that lies one of the keys to our collective vision to improve customer experience, optimize operations, better manage risk, develop new services and adapt to market trends & demands. Keeping up with innovation has become an inescapable imperative; it is by exploring new approaches, encouraging creativity, stimulating sharing that we will be able to accompany the sector in its new challenges. By working on innovation, we are developing our ability to anticipate changes in the world, the new needs of policyholders and to actively support the future of our industry. Together, by joining forces, we want to participate to shape and build an agile and resilient community, ready to successfully navigate the waters of modern insurance.”
Hein Lannoy, Managing Director of Assuralia
“We are thrilled to be part of this innovation competition as a member of the jury. Qover’s longstanding collaboration with Lloyd’s has proven the crucial role traditional institutions play in driving insurtech advancements. By joining forces with promising startups, we aim to foster innovation and shape the future of the European insurtech ecosystem.”
Quentin Colmant, CEO and Co-Founder of Qover
“We congratulate the winning insurtech company for their outstanding achievement in addressing European protection gaps. The choice was really not an easy one to make in the face of the vast number and variety of challenges and risks our society and industry are facing. Their innovative solution demonstrates the transformative power of technology in the insurance industry. This competition showcases the important collaboration between insurers and fintechs, driving meaningful advancements for enhanced protection. A big thumbs up to all participants for their contributions to shaping the future of insurance in Europe.”
Alessandra Guion, General Manager of FinTech Belgium

Notes to editors

Enquires to: Lloyd's Europe Media Contact

About Lloyd's Europe and Lloyd's

Lloyd’s Europe is Lloyd’s Europe-wide operation, established to bring the scale, expertise and capacity of the world’s specialist insurance market closer to its customers in Europe through a locally staffed and regulated insurer. We believe that through collaboration and the exchange of ideas, we can collectively create a more innovative, resilient, and competitive Europe.

Lloyd’s is the world’s leading marketplace for commercial, corporate and specialty risk solutions. Through the collective intelligence and expertise of the market’s underwriters and brokers, we’re sharing risk to create a braver world.

The Lloyd’s market offers the resources, capability, and insight to develop new and innovative products for customers in any industry, on any scale, in more than 200 territories.

We’re made up of more than 50 leading insurance companies, over 200 registered Lloyd’s brokers and a global network of over 4,000 local coverholders. Behind the Lloyd’s market is the Corporation: an independent organisation and regulator working to maintain the market’s successful reputation and operation.

We’re working to build solutions for the most current and prevalent threats. As Chair of the Insurance Task Force for HM King Charles III’s Sustainable Markets Initiative, Lloyd’s is bringing the industry together to insure the transition to net zero. Our research community is pooling expertise from across the industry to provide cutting edge insight on systemic risks from climate change to cyber security.

And through our digital-led strategy, The Future at Lloyd’s, we’re making it easier and cheaper to place, price and process cover in the Lloyd’s market.

This event celebrated the first regional-specific theme within the Lloyd’s Lab – the InsurTech accelerator at the heart of Lloyd’s drive to bring innovation to the market – with this year’s programme (Cohort 10) dedicated specifically to closing European protection gaps around digital and climate related risks.