Lockton, the world's largest independent insurance broker, has announced a strategic partnership in the UK with Artificial Labs, the leading algorithmic underwriting insurtech, to implement Artificial’s innovative new digital Contract Builder.
This collaboration aims to streamline the creation and processing of new MRCv3 insurance contracts in line with the London Market’s Blueprint Two programme, further enhancing Lockton's commitment to digital transformation in the insurance sector.
Contact Builder employs a ‘data first’ approach to generating an MRCv3, capturing CDR standard data and rendering a digital MRCv3 contract in real time with ‘Word like’ formatting and drafting capabilities.
Lockton has worked closely with Artificial to tailor Contract Builder, including providing expertise in configuring and testing, to ensure it reflects Lockton’s requirements and furthers the digital infrastructure it is building to support its clients.
Contract Builder will enable Lockton to efficiently create and manage MRCv3 compliant contracts, while benefiting from augmented broking capabilities. Lockton has already rolled out Contract Builder for several lines of business, and it has proven successful with a number of MRCv3 placements bound in the market and live on the platform.
This partnership comes at a crucial time for the market as the Lloyd's Blueprint Two initiative drives the need for digital innovation and transformation in the sector.
Carl Smith, Head of Europe Operations and Transformation at Lockton, said,“We are excited by this new partnership and have enjoyed working with Artificial over several months to help develop Contract Builder to meet the MRCv3 and CDR standards. We are proud to be one of the first brokers to bind a genuinely ‘data-first’ MRCv3 in the market. Contract Builder forms a key element of the digital infrastructure Lockton in the UK is building to support its clients and deliver a digital service platform for the future.”
David King, Co-CEO of Artificial, highlighted the value of the collaboration, saying, "We are delighted to announce this strategic partnership with Lockton. Through the creation of endlessly configurable digital contracts, Lockton brokers can offer even more exciting propositions to their clients in the new London Market era. This collaboration marks another milestone in Artificial's commitment to building market-leading technology solutions for the Lloyd’s and London Market."
NOTES TO EDITORS
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As the world’s largest independent insurance brokerage firm, Lockton is committed to service and empowered with a single-minded focus on delivering results for clients. More than 10,700 Associates across 140 locations provide 65,000 clients globally with creative solutions in risk management, insurance and employee benefits consulting. We’re purposely unconventional, insatiably curious and uncommonly independent.
Artificial is an established algorithmic technology provider for the Lloyd’s and London market. The London-based insurtech partners with global insurers and brokers to facilitate algorithmic placement of commercial and specialty risk, backed by a powerful Contract Builder and algorithmic underwriting platform.
For more information, please see: https://artificial.io/ (opens a new window)