Artificial named in Oxbow 25 as InsurTech startup to watch

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Artificial are proud to have been named in the Oxbow InsurTech Impact 25 for 2019, cementing the company’s place as one of the UK’s top insurance startups.

Oxbow Partners, a London-based insurance consultancy firm, have released their list of the 25 businesses that it believes are ‘well-positioned’ to have a major impact in the insurance industry. Published annually, the report highlights InsurTechs that are worthy of attention. Businesses are assessed for the report based on ‘impact and sustainability of their strategy, execution capabilities and existing traction.’

For Artificial, this is welcome recognition of the startup’s achievements.

Following a hugely successful start to the year in which Artificial raised £4.2 million in seed funding, strengthened its relationship with Ping An in China and launched a strategic partnership with Capita Scaling Partners, inclusion in the Oxbow 25 proves that the company is showing no signs of slowing down.

‘We’re delighted to be recognised on the Oxbow 25,’ says David King, co-founder and CCO of Artificial. ‘As a company we’ve taken huge strides in the past year and it feels great to be included in such a prestigious report alongside other exciting new firms. This is just the start of a new chapter.’

With plans for expansion into new geographical markets, organic growth in the UK market and further product development on the horizon, the London business are beginning to make a name for themselves in the insurance industry.

Geoff White, CEO at Tarian, explains why Artificial stands out amongst other InsurTech players: ‘We selected Artificial since we felt that the technology they use, coupled with their vision and proven track record of delivery, were a perfect match for us.’

Having proven their credentials with Aon, for whom Artificial produced an integrated policy management system that now operates in three countries, the company is starting to be seen as a serious firm to watch in the industry.

The startup provides businesses with unique digital solutions and expert Machine Learning technology in an accessible and effective way. As the Oxbow report explains, ‘Insurers, brokers and MGAs use the platform for the full insurance value chain, from distribution and pricing to risk negotiation and policy administration’.

These methods have proved fruitful for Artificial’s clients; adoption of the company’s systems by AXIS’s A&H team resulted in a ‘75% reduction in the time to create a policy and a 19% increase in revenue’. The report also details how provision of new distribution channels for Medical Travel Shield resulted in a ‘400% increase in the MGA’s conversion rate, a 4.8x increase in revenue and a 90% reduction in support calls.’

The next 12 months, as the Oxbow report explains, will be ‘critical’ for Artificial. It’s one thing to disrupt the market on a small scale, but with planned growth and development the company must remain focussed on providing clients with the unique service that has made them successful so far. Results are promising, however, and it seems the company are well on the way to making insurance more frictionless for businesses and customers alike.

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by Anna Burge