First Korean Company Selected for Lloyd's Lab Cohort 17
Willog (Co-CEOs Bae Sung-hoon and Yoon Ji-hyun), an AIoT-based supply chain intelligence company, has been selected for Lloyd's Lab Cohort 17 — the global insurtech innovation program run by Lloyd's of London — marking the first time a Korean company has achieved this distinction.
- Selected from 280 applicants worldwide — just 10 companies, 3.6% acceptance rate
- The only Asian company in this cohort
- Lloyd's Lab alumni have collectively raised over $1.4B and generated $426M in GWP
Lloyd's of London, established in 1688, is the world's leading insurance and reinsurance marketplace. Lloyd's Lab, founded in 2018, has been named one of Europe's top startup hubs by the Financial Times. Willog's selection validates its business model in the global insurance market and opens a pathway to commercializing logistics-specific insurance products backed by real AIoT sensor data.
Unlike existing logistics insurance that relies on third-party data, Willog's approach connects first-party AIoT field data directly to insurance underwriting — an approach that attracted attention from Lloyd's underwriters seeking more precise risk pricing for cargo.
Willog plans to develop a dedicated insurance product optimized for logistics AIoT data, while activating multiple global revenue streams including IoT solution fees, data revenue, insurance commission, and technology licensing during the program.