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Chaucer, the international specialty (re)insurance group, is pleased to announce a new partnership with London-based Insurtech Artificial Labs to deliver their next generation underwriting platform for high-volume specialty products.
The partnership will provide a smarter and more efficient underwriting service to brokers and clients by enabling Chaucer to provide a fully digitised quote, bind and issue process for policies that combines Chaucer’s strong underwriting expertise with Artificial’s advanced machine learning capabilities.
‘We are committed to delivering the best service to brokers and clients, and using the Artificial platform will enhance our underwriting responsiveness and speed to market for new specialty products,’ said John Fowle, CEO at Chaucer.
‘Our partnership with Artificial will help us deliver our next generation underwriting platform with smarter data-driven risk selection and pricing, leaner and more scalable processes, allowing our underwriters to focus on spending more time with brokers and clients.’
Damian Arnold, CEO at Artificial, commented, ‘We are thrilled to be Chaucer’s next generation tech partner as we work together to drive insights, opportunities and efficiencies across the business. As a top quartile (re)insurer, Chaucer demands the latest technology to deliver a better underwriting experience and, ultimately, a better service to their customers.’
‘Our mission at Artificial is to make insurance frictionless for both brokers and underwriters. By empowering Chaucer’s underwriters to quote, bind and issue policies digitally, we are adding real value to their business and allowing underwriters more time to focus on complex risks, where their judgement is more important, and activities that generate additional income and profits,’ he concluded.
Artificial already has strong traction in the marketplace and has developed their market leading platform by working closely with brokers and underwriters to address their specific challenges.
Through Capita’s start up development arm, Capita Scaling Partner, Artificial has a dedicated business development team to enable it to scale rapidly and secure long-term, sustainable growth and profitability. Chaucer has worked closely with the Artificial team to ensure that the platform meets the needs of their underwriters and can accommodate the complexities of the specialist business lines that they write.
We are a leading specialty (re)insurance group providing clients with proven smart risk solutions for underwriting and claims.
Our enterprising and trusted experts offer market leading cross class capabilities, empowered decision-making and a tailored approach. With our headquarters in London, and our international hubs for Europe, MENA, Latin America and Asia, we protect clients in over 200 countries and territories worldwide. We offer clients the flexibility of both Lloyd’s and the company markets. Chaucer Insurance Company is rated A (AM Best) through China Re.
Our dedicated claims team completes our underwriting proposition, epitomising the capabilities required to handle even the most complex incident. We provide a first class claims service and most importantly, pay valid claims promptly. Gracechurch, the sector leading insurance research company and independent authority on London market performance, recognises our claims service as ‘outstanding’.
Our clients also benefit from the support of our parent company, China Re, a leading reinsurer in China, and one of the top 10 reinsurance companies in the world, which maintains excellent security ratings from A.M. Best and Standard & Poor’s. China Re is listed on the Hong Kong stock exchange (1508.HK).
For more information, please visit www.chaucerplc.com
Artificial is a London-based Insurtech with a highly capable team consisting of expert data scientists, developers and insurance industry experts. Our modular platform, artificialOS, allows insurers and brokers to capture valuable data and digitally quote, bind and issue policies, speeding up the underwriting process and reducing the administrative burden on brokers and underwriters.
Our platform is used by clients in both retail and commercial insurance, including Aon, Axis, Capita and other London Market players. Material benefits delivered to date include a reduction in policy creation time of 75% for a commercial broker, an increase in online conversion of 400% for a retail insurer and an increase in premium of 43% in just six months for an affinity broker.
For more information, please visit artificial.io
Capita is a consulting, digital services and software business. Every day our 63,000 colleagues help millions of people by delivering innovative solutions to transform and simplify the connections between businesses and customers, governments and citizens.
We partner with clients and provide the insight and cutting-edge technologies that give time back, allowing them to focus on what they do best and making people’s lives easier and simpler. We operate in the UK, Europe, India and South Africa across six divisions: Customer Management; Government Services; People Solutions; Software; Specialist Services; and Technology Solutions.
For more information, visit www.capita.com