ZeroEyes and Lloyds Lab Accelerator Program Collaborate to Develop Parametric Insurance Policy Against Gun-Related Violence
Gun-related violence has been a major concern for schools and commercial organizations in the United States. Despite the prevalence of mass shootings, there is no widely available parametric insurance against gun-related violence. However, these incidents often have significant financial consequences, including facility closures, building repairs, legal costs, loss of personnel, and maintenance costs.
To address this issue, ZeroEyes, the developer of the only AI-based gun detection video analytics platform to earn the U.S. Department of Homeland Security Safety Act designation, has collaborated with Lloyds Lab Accelerator Program to develop parametric insurance against gun-related violence. This insurance policy will be offered for the first time to schools and commercial organizations.
During the 10-week Lloyd’s Lab programme, ZeroEyes will work with Lloyd’s and its extensive insurance network to support the development of this innovative insurance policy. The company was selected after a thorough selection process that evaluated 270 applicants from over 33 countries.
ZeroEyes' AI gun detection and intelligent situational awareness software is layered onto existing digital security cameras. If a gun is identified, the image is immediately shared with the ZeroEyes Operations Center (ZOC). The ZOC is staffed 24/7 by specially trained US military and law enforcement veterans. If these experts determine that a threat is valid, within just 3 to 5 seconds of detection, they will provide warnings and actionable information to your local community, including a visual description, gun type, and last known location to law enforcement agencies.
“ZeroEyes is dedicated to helping our customers proactively prepare for gun-related threats,” said Mike Lahiff, CEO and co-founder of ZeroEyes. “The Lloyds Labs Accelerator Program provides us with the opportunity to innovate insurance contracts in the same way that we have revolutionized gun detection. We are thrilled to have been selected for this program. We are honored and look forward to future partnership opportunities with leading insurance companies.”
With the collaboration of ZeroEyes and Lloyds Lab Accelerator Program, schools and commercial organizations can now have access to parametric insurance against gun-related violence. This innovative insurance policy will help them prepare for gun-related threats and mitigate the financial consequences of such incidents.
At Riskwolf, we enable insurers to build and operate parametric insurance at scale. With unique real-time data and dynamic risk modelling, we turn real-time data into insurance. If you are an insurance executive interested in developing parametric insurance for gun-related violence, get in touch with us today.
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