The ninth cohort of the Lloyd’s Lab accelerator programme for innovation, which includes battery insurtech Altelium amongst participants, reached the halfway point.
The 10-week programme offers start-up, scale-up and mature insurtech companies the opportunity to work alongside insurance market experts to drive forward their product innovation, alongside opportunities to test solutions with brokers and insurers.
As a prestigious, world-renowned programme, the companies invited to work in the Lab benefit from expert guidance which promotes growth, increases potential investment and revenue, and helps build a solid foundation for new solutions to be implemented.
Altelium MD and Co-founder Ed Grimston says:
“We’re delighted to have received such professional, intelligent, and sector relevant insights from the Lloyd’s Lab programme.
“Lloyd’s Lab has a global reputation for driving innovation across the insurance industry and we’ve received excellent feedback from our mentors who are now opening doors to potential clients and inviting stronger relationships within the Lloyd’s market with brokers, underwriters, and stakeholders.”
As part of the Lloyd’s Lab accelerator programme, participating companies exhibited at the Lloyd’s Lab Trade Show in October. Brokers and underwriters recognised the strategic significance of the variety of ground-breaking insurance solutions presented and were in praise of Lloyd’s Lab’s ESG driven approach.
Ed Grimston continues: “Lloyd’s Lab has helped further refine Altelium’s business and technology objectives and demonstrated the value of data analytics behind our core insurance product range.
“The programme also offers heightened visibility in the insurance market as we work together to continuously improve the quality of our products and develop and deliver these in shorter timeframes. It’s an honour for us to have taken part in the 2022 programme, and the input from the mentors has been world class.”
Altelium’s participation alongside the other firms engaged is an indicator of the growing significance of battery energy within the insurance market, but also of Lloyd’s Lab’s focus on sustainable insurance products and meeting ESG goals.
Altelium, a proprietary end-to-end battery insurtech platform driven by data analytics and expertise, has already benefited enormously from the input of Lloyd’s Lab experts on its core products. These include EV battery and stationary storage insured warranty programmes, Battery Energy Storage System (BESS) Construction All Risk (CAR) and Operational All Risk (OAR) insurance products, and Battery and Fire Risk Assessment. Through its secure SaaS platform, Altelium offers insurance services for every stage in the lithium-ion battery life cycle, from manufacture to end of life.
Altelium’s approach to managing clients’ risk with data analytics has been received as a significant market differentiator both within the Lloyd’s Lab programme and the associated trade show.
Ed Grimston concludes:
“Insurance is the cornerstone of business growth, giving confidence to both suppliers and investors. At a time when battery supply chain issues are presenting global challenges, and the demands of tackling climate change push us towards technological solutions, we meet less traditional markets without historical data to rely on. A science-based approach to battery heath and risk mitigation will help the market grow at a pivotal moment for the global energy industry.
“I’m delighted that Lloyd’s Lab is with us as we endeavour to insure against risk on the path to net zero – and I’ve no doubt we will achieve it more successfully in collaboration. We are indebted to the team who accepted our application and championed the development of our solutions over the course of the programme.”
