Willog Becomes First Korean Insurtech Selected for Lloyd’s Lab Cohort 17

Willog, an AIoT-based supply chain intelligence company co-led by CEOs Bae Seong-hun and Yoon Ji-hyun, announced that it has become the first Korean company selected for Cohort 17 of Lloyd's Lab, the global insurtech innovation program run by Lloyd's of London.

Willog is also the only Asia-based company in this cohort. The selection stands as a major milestone towards an entry into the global insurance market as well as a formal endorsement of Willog's business model by a leading marketplace.

Lloyd's Lab is an insurtech accelerator program that Lloyd's established in 2018, and the Financial Times has named it one of Europe's top startup hubs. The program supports participating companies by providing direct support and collaboration from Lloyd's underwriters and brokers to prepare insurance products ready for market, while not taking any equity. Program alumni have raised more than $1.4 billion in funding combined and generated $426 million in gross written premium (GWP).

Logistics data-driven insurance products already exist in the market, but most rely on data supplied by carriers or third parties. By connecting proprietary data collected in the field by its own AIoT devices directly to insurance risk assessment and pricing, Willog makes the source of the data itself the basis for trust.

Willog's approach of applying real-time cargo condition data to underwriting was recognized as a practical solution to a problem the Lloyd's market has long struggled with: the lack of data infrastructure specific to logistics cargo.

Willog Vision, the company's integrated supply chain solution spanning everything from data logging to claims compensation, records data across the entire logistics process in real time and detects anomalies instantly. Therefore, dramatically lowering loss ratios, while the collected data also allows for insurance claims to cover whatever losses still occur.

During the program, Willog intends to secure insurance partners and prepare to launch a dedicated insurance product optimized for logistics with AIoT data.

"The essence of this selection is that Lloyd's has recognized the possibility that data from the logistics field can be translated into the language of insurance underwriting. This will be the starting point of a journey in which Willog's logistics data becomes real infrastructure that transforms the global insurance market." said Yoon Ji-hyun, Co-CEO of Willog.