Cohort: Cohort 10, 2023
Focus in insurance value chain/workflow: Point of underwriting
Specific lines of business supported: Speciality
Founded: 2018
Status: Operating, still in insurance
Company type: Insurer
Head office: USA
Main global offices: USA
Locations served: Global
Employee count: (11-100)
Aanika Biosciences has created biological tags that allow food to be traced through supply chains and the risk of pathogenic contamination to be mitigated. It has developed a parametric food recall and contamination insurance policy for food producers, which uses biotechnology as part of the parametric trigger. This product will greatly accelerate the process of pathogen identification from days to weeks down to a few hours and minimise cost for insureds.
Primary focus product area whilst in the Accelerator: Parametric I Supply chain/NDBI
In the Lab, Aanika created a new rating model that streamlined its underwriting process and parametric policy form. Capacity was provided during or soon after the Cohort.
‘Participation in the Lloyd’s Lab proved transformative for Aanika. The adept leadership and mentorship provided strategic guidance. Access to industry experts enriched our understanding of the market landscape. Collectively, this led to achievements which amplified our reach and expanded our opportunity to further innovate.’Catherine Besselman, Senior Vice President, Underwriting
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Aanika Biosciences website
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