Lloyd's Of London Beefs Up Tech With AI Investment
Law360, London (May 9, 2019, 4:35 PM BST) -- Lloyd’s of London announced Thursday it has invested in an artificial intelligence startup to ease small-business owners’ access to liability insurance, as the specialty market ramps up plans to modernize its 330-year-old business.
The world’s biggest specialty insurance market invested an undisclosed amount in Atlanta-headquartered Layr, a cloud-based platform which describes itself as using machine learning to match business with the right insurance policies.
“Unlike comparison engines or aggregators, the U.S. startup uses artificial intelligence and machine learning to compare an applicant against clusters of similar small businesses,” Lloyds said in a statement. “Companies will find out not only the...
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