The joint endeavour radically advances the date when every firm, large or small, in the London market can trade digitally in a data-first format.
The partnership will see the two firms collaborate on end-to-end solutions for the market, announcing two initial phases.
In the first phase, starting in early 2024, the partnership introduces Artificial Labs’ Contract Builder to PPL customers. Brokers can, if they wish, create MRC contracts on the platform by easily entering data into simple-to-use MS-Word-like templates, or by seamlessly sending data by API. The platform will generate the MRC on the broker’s behalf and then automatically update the MRC to reflect the agreed terms as the negotiation proceeds.
In the second phase, enhanced tools will allow the broker to easily and digitally view responses from the market, merge/compare proposals, accept/reject proposals and generate and issue a final Firm Order for acceptance.
In parallel, the APIs will be expanded and enriched, allowing firms to access PPL functionality without leaving their own in-house systems. The platform ensures 100% compliance with Core Data Record (CDR) standards. At the brokers’ discretion, the CDR will be automatically generated for all bound business for submission to Blueprint 2.
The enhanced functionality, powered by Artificial's technology, will be covered under PPL’s existing Master User Agreement. PPL customers can benefit without the need for new contracts and at no incremental cost.
Joe Gordon, CEO of Placing Platform Limited said:
“Our partnership with Artificial Labs has been in planning for many months, supporting our strategic intent to empower the London market through end-to-end digital trading. We are confident that before the end of 2024 PPL will be ready to support brokers and insurers who are ready to trade on a 100% digital basis.
“Artificial Labs’ algorithmic underwriting platform is one of the most advanced in the market and this collaboration is just the beginning. We see huge potential in leveraging cloud-based tools and machine learning and we will continue to collaborate with brokers and underwriters to co-create end-to end solutions. We are already in discussions for a pilot that starts from the broker digitally placing the risks on PPL, to an insurer’s auto follow platform generating quotes in response.
“I’m thrilled to announce this at the very start of the new year, as it signals our intent to enable clients to reap the full benefits of the 2023 transition to the Next Gen platform. We recognise that transition was difficult, and we will continue to fully support our clients. Rapid-fire fixes are now part of our new DNA and there will be a rolling programme of releases throughout 2024 in parallel to the launching of new capabilities.”
David King, Co-Founder and Co-CEO of Artificial Labs, said:
"The integration of Artificial's Contract Builder component with PPL's Next Gen platform is a crucial step in enabling brokers to effortlessly generate Blueprint 2-compliant digital contracts. This supports Artificial's vision of a data-driven, digital London Market, offering an enhanced experience for insurers, brokers and their clients across the insurance lifecycle.
“Together, this joint effort accelerates our progress towards realising a digital London Market where firms of all sizes can efficiently trade in a data-centric format. We are excited about the opportunities this partnership presents and the positive impact it will have on the wider market."