Specialist insurance and reinsurance broker BMS has partnered with Artificial Labs to adopt the algorithmic underwriting specialists Contract Builder.
According to BMS, Contract Builder will “seamlessly integrate” into its existing Broker Workbench, empowering the firm’s teams to merge risk models and legal documents with precise, compliant, and auto-populated data, starting the slip assembly process.
“Additionally, leveraging the effective functionality and powerful editing and formatting features aligns with BMS’s brokers’ procedures, unifying all templates across teams to a consistent standard,” the firm added.
The digital contract-building platform is reportedly set to be initially rolled out to several business lines within BMS in February 2024, with additional lines onboarding the platform throughout the remainder of the year.
BMS explained that the integration of internal and external platforms will reduce the need for manual data entry, and minimise administrative tasks, “enabling the business to focus on client activities and enhancing their analytical reporting capabilities”.
“The MRCv3 compliant software not only enhances support for brokers and clients but also aligns with BMS’s digital strategy,” BMS said.
The firm noted that this underscores their commitment to “staying at the forefront” of the London market’s initiatives in embracing a more digital, data-driven, and automated approach to insurance.
Adam Stafford, chief operating officer at BMS Group, commented, “It’s uncommon to see broking teams express such enthusiasm for a new product as they have been with Artificial Labs’ Contract Builder.
“The transition has been seamless, and I look forward to its implementation across our remaining teams as we continue to enhance our digital ecosystem with the Artificial Labs team.”
David King, Co-Founder and Co-CEO at Artificial Labs, said, “We are delighted to partner with BMS and recognise their invaluable contribution to its development. It is crucial for us to partner with organisations that want to be part of the next generation of insurance, and in BMS we know we have found that.
“The partnership is emblematic of the value of our products and the strides we are making to build advanced technological solutions for the insurance market.”
