South African cognitive automation company Tautona has been selected to participate in the London-based Lloyds Lab, a mentorship-focused accelerator that gives startups the opportunity of working with insurance firm Lloyds.
Formed in 2016, cognitive automation company Tautona automates judgment-based tasks once reserved for humans. using robotics and artificial intelligence (AI).
The London-based Lloyd’s Lab is a 10-week programme 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.
More than 130 applications were received from tech companies from across the world for the third cohort of the Lloyd’s Lab, which will initially focus on four key themes, including a next generation claims service that reduces the cost of processing claims, improves customer experience and increases trust in the market by speeding up claim’s payments
It is for this theme that Tautona has been selected, with the startup becoming the first from South Africa to be accepted into the programme.
“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.