28 New products/ MGA – Alumni profiles Lloyd’s Lab Impact Report 29 Aanika Biosciences Focus in insurance value chain/ Activity in the Accelerator Anansi Focus in insurance value chain/ Activity in the Accelerator COHORT ,  workflow: Point of underwriting COHORT ,  workflow: Point of underwriting Primary focus product area whilst in Primary focus product area whilst in Specific lines of business supported the Accelerator: Parametric, Specific lines of business supported the Accelerator: Supply chain/NDBI (if applicable): Speciality Supply chain/NDBI (if applicable): Corporate, SME Example of benefit of Accelerator to Example of benefit of Accelerator to During the Lloyd's Lab organisation: organisation: In the Lab, Aanika Accelerator, Anansi adapted its existing Aanika Biosciences has created biological created a new rating model that Anansi underwrites goods in transit goods in transit insurance oering for tags that allow food to be traced through streamlined its underwriting process insurance for retailers in the UK. It oers small and medium-sized enterprises supply chains and the risk of pathogenic and parametric policy form. Capacity policies covering loss, delay and damage (SMEs) to create a new goods in transit contamination to be mitigated. It has was provided during or soon after the with an automated claims experience. insurance product suitable for covering developed a parametric food recall and Cohort. Anansi’s insurance is embedded into last mile shipments by large contamination insurance policy for food logistics platforms, enabling retailers to e-commerce retailers. Anansi received producers, which uses biotechnology as insure shipments and manage claims capacity from insurers and partnered part of the parametric trigger. This automatically without manual processes with seed investors during the cohort. product will greatly accelerate the Founded: 2018 or integrations. Founded: 2018 process of pathogen identification from days to weeks down to a few hours, and Status: Operating, still in insurance “ Lloyds Lab was transformational for Anansi: we Status: Operating, still in insurance minimise cost for insureds. worked with our mentors to adapt our product Company type: Insurer from focussing on smaller third-party logistics Company type: MGA “ Participation in the Lloyd’s Lab proved partners serving SMEs to the large retail market. transformative for Aanika. The adept leadership Head oce: USA The ongoing support in becoming a coverholder Head oce: United Kingdom and mentorship provided strategic guidance. will be instrumental in our scaling journey.” Main global oces: USA Main global oces: United Kingdom Access to industry experts enriched our Megan Bingham-Walker, Co-Founder and understanding of the market landscape. Locations served: Global Chief Executive Ocer Locations served: United Kingdom Collectively, this led to achievements which amplified our reach and expanded our Employee count: 11-100 Employee count: 11-100 opportunity to further innovate.” Catherine Besselman, Senior Vice President, Underwriting Altelium Focus in insurance value chain/ Activity in the Accelerator ARMD Focus in insurance value chain/ Activity in the Accelerator COHORT ,  workflow: Point of underwriting COHORT ,  workflow: Point of underwriting, Primary focus product area whilst in Claims Primary focus product area whilst in Specific lines of business supported the Accelerator: Batteries the Accelerator: Increasing access to Corporate Specific lines of business supported (if applicable): insurance, Improving claims process Example of benefit of Accelerator to (if applicable): Gig, Freelance organisation: The Lab provided Example of benefit of Accelerator to Altelium with access to insurance organisation: As a result of joining the Altelium is an MGA focused on specialty capacity providers and brokers which in ARMD has created an ecosystem of Lloyd's Lab Accelerator, ARMD now battery insurance. It oers warranties, turn has led to opportunities for the insurance-related products and has an agreement in principle to launch insurance and data analytics on battery company in the stationary storage and services to protect tradespeople from an itemised, embedded tool insurance health, helping battery owners electric vehicle markets. During tool theft. The company’s app allows product with Greenlight Re. The throughout the lifetime of their electric Altelium’s time as part of Cohort 9, the customers to purchase tools and record company will also be launching a vehicles or battery energy storage company developed a Third Party ownership. Customers can use the app parametric tool hire voucher with MIC systems. Altelium oers its insurance, Liability product specifically for battery to mitigate their risk by purchasing an Global. Both products will support analytics on battery portfolios and energy stationary storage systems. As IoT smart alarm and tool insurance. ARMD in making tool insurance more predictive data via its platform. Founded: 2019 a result of this Altelium was able to Founded: 2020 available, by oering a variety of secure Third Party Liability capacity products and distribution methods to “It was honour for us to have taken part in Status: Operating, still in insurance with a global A rated insurer. Status: Operating, still in insurance suit customers' needs. ARMD is able to the 2022 programme, and the input from reduce the time taken for claims the mentors was world class.” Company type: MGA Company type: Data provider, MGA processing to 5 days, well below the Ed Grimston, Co-founder Head oce: United Kingdom Head oce: United Kingdom industry average of 5-6 weeks. Main global oces: United Kingdom Main global oces: United Kingdom Locations served: Global Locations served: United Kingdom Employee count: 1-10 Employee count: 1-10 © Lloyd’s © Lloyd’s