Lockton and Artificial Labs: Innovating Insurance with New Digital Contracts
In a strategic move that underscores their commitment to innovation, Lockton, the world’s largest independent insurance broker, has partnered with Artificial Labs, a pioneering algorithmic underwriting insurtech based in London. This dynamic collaboration is set to transform the insurance sector in the United Kingdom by introducing Artificial’s groundbreaking digital Contract Builder.
Streamlining Insurance Contracts with Cutting-Edge Technology
The Contract Builder, designed by Artificial Labs, takes a ‘data first’ approach to crafting MRCv3 insurance contracts. This innovative tool streamlines the contract creation process and ensures compliance with the CDR standard. It renders a digital MRCv3 contract in real-time, complete with ‘Word-like’ formatting and drafting capabilities.
A Perfect Match: Lockton and Artificial Labs
We are delighted to announce our strategic partnership with @Lockton in the UK to implement our innovative new Contract Builder.
Lockton’s partnership with Artificial Labs is a significant step forward in its commitment to digital transformation within the insurance industry. The collaboration aims to simplify and expedite the creation and processing of new MRCv3 insurance contracts. This move aligns seamlessly with the objectives of the London Market’s Blueprint Two programme, which seeks to usher in a new era of digital innovation and transformation in the sector.
Carl Smith, Head of Europe Operations and Transformation at Lockton expressed his enthusiasm for this venture, “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, underscored the significance of this collaboration, stating, “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.”
Embracing Digital Transformation for a Bright Future
This partnership between Lockton and Artificial Labs is pivotal for the insurance market, coinciding with the Lloyd’s Blueprint Two initiative. The initiative’s focus on digital innovation and transformation underscores the urgency of embracing advanced technology to meet the sector’s evolving needs.
The Contract Builder tool is set to empower Lockton to create and manage MRCv3-compliant contracts efficiently while benefiting from augmented broking capabilities. Already, Lockton has successfully implemented Contract Builder across various lines of business, with several MRCv3 placements already bound in the market and live on the platform.
About Lockton
Lockton, the world’s largest independent insurance brokerage firm, is dedicated to delivering client results through creative solutions in risk management, insurance, and employee benefits consulting. With over 10,700 Associates across 140 locations serving 65,000 clients worldwide, Lockton is known for its unconventional approach, insatiable curiosity, and uncommon independence.
About Artificial Labs
Artificial Labs is a renowned algorithmic technology provider for the Lloyd’s and London markets. Headquartered in London, this insurtech collaborates with global insurers and brokers, facilitating algorithmic commercial and speciality risk placement. Backed by a powerful contract builder and algorithmic underwriting platform, Artificial Labs is committed to revolutionising the Lloyds and London markets through cutting-edge technology solutions.
As the insurance industry evolves, Lockton’s partnership with Artificial Labs marks a significant stride towards a more efficient, digitally-driven future. With Contract Builder at the helm, these two industry leaders are poised to reshape the landscape of insurance contract creation and management, offering clients unparalleled service in the ever-evolving London Market.
