Unlocking MRCv3 with Contract Builder
In 2023, Artificial’s most powerful broker product yet went live in the London market: Contract Builder.
Contract Builder generates MRCv3s with a data-first approach, meaning brokers can capture Lloyd’s CDR-compliant data points, format and structure them in a configurable digital contract, and bind with carrier partners who can then underwrite algorithmically.
This week, we announced a strategic partnership with broker Lockton, who will be adopting Contract Builder to streamline the creation and processing of new MRCv3 insurance contracts in line with the London Market’s Blueprint Two programme.
Algorithmic underwriting platform reaches new heights
Amidst a backdrop of surging market interest in algorithmic and augmented underwriting, our platform has gone from strength to strength this year. The team - expanding from just 6 engineers to 11 - had 1658 commits since 1st Jan 2023 and matured all areas of the product:
Data ingestion
Domain-specific language
Web frontend
Portfolio manager
Ops/infrastructure
Ava: Artificial’s virtual underwriting assistant
This year Artificial’s Data Team developed a virtual underwriting assistant (nicknamed Ava) using Large Language Models to answer in-depth questions an underwriter may have about their incoming submissions.
Ava was featured in the Insurance Insider and Insurance Times and won Silver for ‘Excellence in AI’ at Insurance Times Awards! The team also showcased the tool at the Insurtech UK Autumn Forum in November.
Collaboration is key
One of the highlights of 2023 was our Smart Follow collaboration with Apollo. Implemented across several lines of business including Marine Hull, Aviation, Cargo, and Terrorism, the pilot unlocks fast, consistent and reliable capacity for London market brokers.
By combining Artificial’s proprietary augmented underwriting capabilities with Apollo’s underwriting expertise, we’re allowing brokers to unlock new opportunities no matter where they are on their technological journey.
Since the proof of concept, Artificial Co-CEO David King and Apollo CUO James Slaughter discussed the partnership in depth on the Instech podcast and appeared on stage together at ITC Barcelona. In November, the first Smart Follow risks went live following a successful proof of concept.
A rapidly growing team
We welcomed some incredible new talent to team this year across all departments:
Dominik Niewiadomski - Frontend Engineer
Jessica Altan - Finance Manager
Austin Platt - Product Engineer
Joseph Young - Product Engineer
Ben Simms - Junior Product Engineer
Josh Hockley - Product Intern
Yitang Chen - Product Intern
Rob Humphreys - Head of Strategic Programmes
Rosie Culberston - People Consultant
Jaak Randmets - Product Engineer
Leda Serani - Executive Assistant
Jen Tan - Head of Portfolio Strategy
Charlotte Grant - Head of People
Krzysztof Zimnicki - Product Designer
Georgie Simister - Senior Broker Distribution Manager
Dan Kent - Solutions Engineer
Agnieszka Skubiszewska - QA Engineer
In June we welcomed Deana Murfitt as our permanent Chief Operating Officer after a year as interim. Since joining, Deana has been at the helm of our rapid growth strategy and has helped bring clarity and vision to the Artificial strategy.
We’re looking to expand further in 2024, so if you think you’d be a good fit for the team, let us know!
Busy schedules
Starting in London, 2023 was a whirlwind of events and conferences. Insurtech Week in February kicked off with the impressive Insurtech Insights conference and a myriad of great side events. The Artificial team will be making several appearances at Insurtech Week 2024, so watch this space!
Matt Ferguson from Sønr Global and Tokio Marine Kiln’s Head of Innovation Rob Jarvis headed to the Artificial office in March for an insightful chat on the future of algorithmic underwriting: the hype, the reality and the future. Listen here to find out more.
We were also delighted to celebrate the success of the Lloyd’s Lab and its five-year anniversary in October. It was fantastic to be part of the Lab in 2020 and be part of its anniversary progress report.
In late October, David King set off to ITC Vegas to speak on two separate panels: Harmonising Sustainability and the Future of Commercial Insurance. The conference was incredibly well organised, full of excellent content and most importantly, shows no signs of slowing down for 2024.
For more information on where to catch us at conferences in 2024, you read our blog.
Company milestones
Alongside our Silver award at the Insurance Times Awards, Artificial’s algorithmic underwriting platform was nominated for Insurtech Product of the Year at the Insider Engage Awards and The Technology Award at The British Insurance Awards. Well done team!
Now, 10 year anniversaries mean different things to different people. To Artificial, it means gathering the entire team in London for a day of team bonding, mini golf and an incredible cake.
Our second annual Partyficial was held in November and it didn’t disappoint - with over 35 of us in our Bow Lane office, we celebrated the achievements of the company: from humble beginnings creating data-led applications, to an insurtech pivot in 2016, to today’s leading broker and underwriter platform, it was great to see how Artificial has evolved over the years (and start planning for the next ten).
What awaits next year?
Hopefully a chance to rest and recuperate! After that, some very exciting partnerships, new team members and even more new product features can be expected, and that's just in Q1.
In the meantime, the whole team at Artificial wishes you a Happy Festive Season!
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