InsurTech firm myUbuntu has been chosen as one of the ten startups, out of hundreds of applications, for Cohort 13 of Lloyd’s Lab.

Co-Founded by JP Fabri and Nicky Gouder, the company offers parametric insurance solutions to African farmers.

The business is designed to be affordable, act fast and aimed at the specific needs of African farmers. Its insurance system provides automatic payouts based on pre-agreed triggers such as rainfall levels, temperature thresholds, or other weather indicators.

Sharing the news, Mr Fabri noted that he is grateful and energised that the company has been chosen.  

“Cohort 13 is the first to focus on building resilience in the Middle East and Africa, with the selected InsurTechs beginning to develop solutions to enhance resilience against notable risks prevalent in these regions,” he shared.

Lloyd’s Lab is an innovation accelerator programme run by Lloyd’s of London. Set up in 2018, this initiative is an award-winning space dedicated to accelerating new products and solutions.

It aims to help innovative ideas gain traction and success in the market through a 10-week fast-track, fast fail programme where new concepts, ideas and products can be tested with the support of experts from “the world’s largest insurance and reinsurance market.”

Along with myUbuntu, the Cohort includes companies like Artio, Asterias, BreachBits, and Discovermarket, among others.