Willog Joins Lloyd’s Lab Cohort 17
Willog joins Lloyd’s Lab Cohort 17 as the first Korean company selected for the insurance innovation program.
Willog, an AIoT-based supply chain intelligence company, has been selected for Cohort 17 of Lloyd’s Lab, becoming the first Korean company to enter the program. The company was one of 10 selected from 280 applicants worldwide and the only Asia-based participant in the cohort. The program gives Willog an opportunity to prepare an insurance product tailored to logistics using its AIoT data. Willog is co-led by CEOs Bae Seong-hun and Yoon Ji-hyun.
A Place In Lloyd’s Lab
Lloyd’s of London established Lloyd’s Lab in 2018 as an insurtech accelerator program. Participating companies receive direct support and collaboration from Lloyd’s underwriters and brokers to prepare insurance products for market, without the program taking equity.
The Financial Times has named Lloyd’s Lab one of Europe’s top startup hubs. Its alumni companies have raised more than $1.4 billion in combined funding and generated $426 million in gross written premium.
Logistics Data For Underwriting
Willog’s model connects proprietary data collected in the field through its AIoT devices directly to insurance risk assessment and pricing. The company positions the source of that cargo-condition data as a basis for trust, addressing a lack of logistics cargo-specific data infrastructure in the Lloyd’s market.
Its Willog Vision integrated supply chain solution records information across the logistics process in real time, detects anomalies and supports claims compensation when losses occur. During the program, Willog plans to secure insurance partners and prepare a dedicated logistics insurance product optimized for AIoT data.
Expanding The Revenue Model
The Lloyd’s Lab selection gives Willog a route to validate a diversified global revenue model spanning solution sales, data sales, insurance-linked commissions and technology licensing fees. It also creates a formal setting for the company to test how real-time cargo-condition data can be applied to underwriting.
Yoon Ji-hyun, Co-CEO at Willog, said:
“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.”
