Independent insurance broker Lockton has partnered with Artificial Labs, the algorithmic underwriting insurtech, to implement Artificial’s new digital Contract Builder in an effort to streamline the creation and processing of new MRCv3 insurance contracts.
The partnership is in line with London Market’s Blueprint Two programme, further enhancing Lockton’s commitment to digital transformation in the insurance sector.
Carl Smith, Head of Europe Operations and Transformation, Lockton, said, “We are excited by this new partnership and have enjoyed working with Artificial over several months to help develop Contract Builder to meet the MRCv3 and CDR standards.
“We are proud to be one of the first brokers to bind a genuinely ‘data-first’ MRCv3 in the market. Contract Builder forms a key element of the digital infrastructure Lockton in the UK is building to support its clients and deliver a digital service platform for the future.”
David King, Co-CEO of Artificial, commented on the partnership, “We are delighted to announce this strategic partnership with Lockton. Through the creation of endlessly configurable digital contracts, Lockton brokers can offer even more exciting propositions to their clients in the new London Market era. This collaboration marks another milestone in Artificial’s commitment to building market-leading technology solutions for the Lloyd’s and London Market.”
According to Artifical, Contact Builder employs a ‘data first’ approach to generating an MRCv3, capturing CDR standard data and rendering a digital MRCv3 contract in real-time with ‘Word-like’ formatting and drafting capabilities.
Lockton has worked closely with Artificial to tailor Contract Builder, including providing expertise in configuring and testing, to ensure it reflects the company’s requirements and furthers the digital infrastructure it is building.
Contract Builder will enable Lockton to create and manage MRCv3-compliant contracts while benefiting from greater broking capabilities.
Lockton has already rolled out Contract Builder for several lines of business, and it has proven successful with several MRCv3 placements bound in the market and live on the platform.
