Becoming a Coverholder at Lloyd’s of London: Robotics Edition
At Koop Insurance, our mission is to protect the world from a new generation of risks. To accomplish that, we use technology to develop the best insurance products for the world’s most ambitious enterprises. When it came to finding a carrier partner, we turned to Lloyd’s simply due to its reputation. It was an excellent decision — Lloyd’s offered a lot more than just the carrier partner.
Our journey at Lloyd’s started in late 2021 with admission to the Lloyd’s Lab Cohort 7. We were the first (and the only one even to date) startup tackling the autonomous vehicle insurance challenges at the Lab. The pinnacle of the Lab’s cohort was the Demo Day, where Koop presented its data-sharing API and underwriting technology to many prominent carriers. A few of those carriers took serious notes.
Fast-forward to summer 2022, Koop had its inaugural robotics insurance program, Singularity Package, ready to launch at Lloyd’s. In 6 months, we went from setting foot on Lloyd’s underwriting floor for the first time to assembling a top-rated syndicate and launching a suite of insurance products for the robotics ecosystem. Today, we insure more than a dozen robotics use cases in logistics, transportation, manufacturing, agriculture, security, and more.
Now, the Coverholder status bestows us with the authority to enter into insurance contracts on behalf of Lloyd’s syndicates. This endorses that Lloyd’s — world-renowned for centuries of underwriting integrity and excellence — has vested confidence in Koop Insurance’s ability to uphold these esteemed standards. It isn’t merely an achievement — it’s an endorsement of trust from the world’s leading insurance marketplace.
“Becoming a Lloyd’s Coverholder is a big step toward our goal to become the best insurance platform for the robotics sector. We already insure over a dozen robotics use cases with our innovative Lloyd’s partners, from robotic arms to self-driving vehicles. I’m excited to continue scaling our business with Lloyd’s!” — says Sergey Litvinenko, CEO of Koop Insurance.
What’s next for us? Horizontal and vertical expansion: more customers, larger coverage portfolio, more amazing platform features. Koop Insurance is committed to scaling its business at Lloyd’s and becoming a meaningful part of the marketplace’s history!