Tautona, a South African insurtech startup has joined Lloyds Innovation Accelerator Program, a mentorship-focused accelerator that gives startups the opportunity of working with insurance firm Lloyds.
Founded in 2016, Tautona is a cognitive automation” company that automates processes once reserved for human judgement. The insturtech startup’s cloud-based, managed service approach provides insurers with a frictionless approach to automating claims and ancillary processes.
Tautona, which will join 10 other teams from across the world for the third cohort of the Lloyd Innovation Accelerator Program, was selected from more than 130 applications. The 11 teams were selected as part of a competitive process involving 24 shortlisted applicants who presented their ideas to experts across the market.
“Times are changing, and we are building a new vision for the future at Lloyd’s. The third cohort of the Lloyd’s Lab will be fully aligned with this strategy,” said Lloyd’s Chairman Bruce Carnegie-Brown.
“We see a huge opportunity to partner with the brightest and best talent from the technology sector to develop new ideas, new ways of working and of serving our customers,” he said. “Nowhere is this more keenly felt than in the Lloyd’s Lab, where talent, technology and capital intersect so creatively. We want to harness this creative spirit to help us build a new Lloyd’s, which is nimbler, more customer-focused, faster and more efficient than ever.”
“We are extremely proud to be awarded this unparalleled access to the largest insurance and reinsurance market in the world. We aim to demonstrate how by using machine learning and robotics we can reduce turnaround times on low-value high volume claims to five minutes or less and cut the cost of claim processing by up to 75 per cent,” said Tautona chief executive officer (CEO) John Holdsworth.
Lloyds Innovation Accelerator Program is a 10-week program for innovative insurtech startups run by Lloyds, a leading insurance and reinsurance marketplace.
Participating startups are partnered with mentors from managing agents across the market, and work on developing and proving their solutions, and demonstrating how they can add value to the Lloyd’s Market.
