Gun violence is a growing epidemic in the US, and it’s time for the insurance industry to step up and provide financial protection against the financial repercussions of mass shootings. That’s why ZeroEyes, a company known for its pioneering AI gun detection technology, has been welcomed into the coveted Lloyd’s Lab Accelerator program.

In a competitive field of 270 candidates across 33 nations, ZeroEyes was chosen for its unique video analytics platform endorsed by the US Department of Homeland Security. The collaboration with Lloyd’s Lab spans a ten-week period, during which ZeroEyes will work closely with Lloyd’s extensive insurance network to develop and introduce parametric insurance policies specifically designed to address the financial repercussions of gun-related violence, targeting schools and commercial establishments for the first time.

This initiative is a response to the urgent need for financial protection against the surging epidemic of mass shootings in the US, which, until now, lacked specialized insurance coverage. ZeroEyes is at the forefront of using AI for proactive threat detection, transforming the landscape of gun violence prevention.

The company’s AI-driven technology enhances existing security camera systems by identifying guns and rapidly disseminating images and critical information to its operations center. This center, staffed around the clock by trained U.S. military and law enforcement veterans, ensures swift validation of threats and communicates essential details, including the type of gun and the suspect’s last known location, to local law enforcement agencies within seconds.

Founded by Navy SEALs and Special Operations veterans, ZeroEyes extends its technological prowess beyond detection. The company offers comprehensive services, including consulting, installation support, and active shooter drill coordination, aimed at bolstering security in various settings. With its DHS-recognized solution, ZeroEyes exemplifies innovation in tackling gun-related violence, providing a model for future advancements in safety technology and InsurTech.

The collaboration between ZeroEyes and Lloyd’s Lab is a significant stride in InsurTech innovation, and it highlights the insurance industry’s commitment to safety. With Riskwolf, insurance builders can turn real-time data into insurance. Using unique real-time data and dynamic risk modeling, Riskwolf enables insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast.

Read the full article on FinTech Global to learn more about ZeroEyes and Lloyd’s Lab’s collaboration to tackle gun violence with InsurTech. And if you’re an insurance executive looking to develop parametric insurance for a similar case, get in touch with Riskwolf today.