Willog Becomes First Korean Firm to Join Lloyd’s Lab Cohort 17

The accelerator, founded in 2018 and recognized by the Financial Times as a leading European startup hub, provides participants with direct access to Lloyd’s underwriters and brokers. While the program does not take equity, its alumni have collectively generated $426 million in gross written premiums and raised over $1.4 billion in funding. For Willog, the selection serves as a formal validation of its strategy to bridge the gap between real-time supply chain monitoring and insurance risk assessment.

Willog’s technology uses proprietary AIoT devices to capture granular cargo condition data, addressing a long-standing industry struggle with inadequate logistics infrastructure. By feeding this field-collected data directly into pricing models, the company aims to lower loss ratios and streamline the claims process. Co-CEO Yoon Ji-hyun noted that the partnership marks a shift in how logistics data is translated into the language of insurance. During the program, Willog plans to secure new insurance partners and deploy a dedicated product optimized for logistics-linked coverage, diversifying its revenue streams through data sales, licensing fees, and commissions.