We are delighted to announce that Artificial has been accepted onto the fourth cohort of the Lloyd's Lab, the ten-week accelerator programme for insurtech companies with potential to innovate in the Lloyd's market.
Lloyd's is the world’s specialist insurance and reinsurance market and their innovation Lab shows their commitment to becoming the most technologically advanced insurance marketplace in the world.
This is a fantastic opportunity to refine our product offering with unique, tailored support. The programme, which is split into different themes, offers unparalleled access to mentors and experts and brings us the opportunity to grow our network within global insurance.
Our proposition, as part of the Data and Models theme, is centred around using ML-enabled data extraction and augmentation to improve decision making and save time for the underwriting community.
The Artificial platform allows insurers to extract data from both structured and unstructured sources, validate and augment it where relevant and then utilise it for rapid decision making.
When we started out, we built a toolkit that allowed for rapid and efficient distribution of insurance products. Our data-first approach to the creation, negotiation and issuance of these policies got us exposure to and helped us to understand some of the additional challenges faced by underwriters.
Often the data these companies need to make decisions and transact business is shared over email, invariably in an inconsistent format such as PDFs, attachments and spreadsheets.
We found that underwriters were spending a huge amount of time reviewing and re-keying this information into their core underwriting applications and some stakeholders we spoke to estimated they spent 80% of their time just getting to the position of saying 'No'.
By extracting data and creating a digital record automatically, Artificial enables underwriters to make decisions faster than ever before and reduce the time spent on low-value claims. Further application of scoring and pricing algorithms means incoming submissions can be prioritised for review, with some of the more straightforward decision making becoming automated.
Artificial co-founder and CCO David King reacted to the announcement:
This is fantastic news for the team. Our acceptance onto the Lloyd's Lab demonstrates a validation of our approach and an appetite in the insurance market for significant improvements in data augmentation and collection. We have a talented data science team who work tirelessly to create digital solutions for the insurance market and we look forward to developing our product even further with the mentors and team at Lloyd's.
For more information visit www.lloydslab.com/. To find out how we can help your business, get in touch with us.
