Washington, D.C.-based BreachBits has received an investment of an undisclosed amount from Lloyd’s in what is the London-based global insurance marketplace’s third strategic innovation investment from among over 150 alumni of the Lloyd’s Lab.
This investment follows BreachBits’ successful co-development project in Lloyd’s Lab cohort 13, which ran from September to December 2024. BreachBits’ technology aims to address the need for faster policy issuance and more effective active risk management and intervention capabilities.
BreachBits, founded by former US military cyber warfare veterans, has co-developed two products tailored for the Lloyd’s market: The Cyber Questionnaire Validator and Cyber Pre-Claim Intervention. These automated products aim to improve the efficiency and accuracy of cyber risk underwriting while enhancing profitability for carriers and brokers.
BreachBits is headquartered in greater Washington, D.C. with offices in Annapolis, Minneapolis, and Little Rock.
The investment comes as the cyber insurance market is growing rapidly, with premiums expected to increase from $15 billion to potentially more than $55 billion in the near future.
Lloyd’s is made up of more than 50 leading insurance companies, over 380 registered Lloyd’s brokers and a global network of over 4,000 local coverholders.
ZoJacks Prevents Water Damage With Leak Detection Technology
ZoJacks offers a system to prevent water damage claims, which are among the most common and expensive property risks, accounting for 29% of all insurance claims in residential properties.
ZoJacks’ leak detection and automatic shut off valve technology is a full-service platform that ensures real-time monitoring, early detection, and immediate response to potential leaks.
ZoJacks’ system continuously monitors for freezing temperatures, humidity, and water leaks within plumbing and mechanical systems. When abnormal activity is detected, property owners and managers receive instant alerts, allowing them to take action. The platform also promotes water conservation by reducing waste and inefficiencies.
ZoJacks says it is actively expanding its partnerships across many industries including property management, insurance, multi-unit housing, and university sectors. Additionally, ZoJacks collaborates with insurance providers to offer policyholders exclusive discounts.
“By integrating our technology, property managers, condo owners, and insurance providers can reduce risk, lower costs, and enhance property value,” said Nate Baldry, president at ZoJacks.
In one case, ZoJacks recently helped The University of Utah avert a potential catastrophe, saving an estimated $250,000 in equipment replacement costs and operational downtime.
Eagleview Expands Drone Options for Property Risks
EagleView, which offers drone and asset intelligence, is now providing insurance carriers with more complete options for obtaining property inspections, property analysis reports, and repair estimates.
The company’s current offering, EagleView Assess, uses American-made drones to capture imagery and then harnesses machine learning and artificial intelligence to detect roof abnormalities. The firm says this helps validate and resolve claims, while also helping reduce human errors and subjectivity.
EagleView Assess, in addition to its drone-based roof inspection and damage analysis capabilities, now offers property repair estimates to help further streamline claims processing and reduce operational costs, while also delivering more accurate and comprehensive evaluations.
According to the company, the process is simple: a drone inspection is conducted, damage analysis is completed, and a repair estimate is created and returned through email or an estimatics platform, providing an efficient end-to-end inspection and repair estimate solution.
“While there are many standard claims adjusting practices throughout the industry, it is the variations that individualize each carrier and define how they respond to claims,” said Courtney Cooke, EagleView’s vice president for its insurance drone solutions. “Our job is to meet each carrier where they need us, and these enhancements offer more choices and flexibility for our insurance clients.”
Topics
InsurTech
Claims
Excess Surplus
Tech
Lloyd’s
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