Chaucer, the London-based specialty re/insurance group, announced a new partnership with London-based insurtech Artificial Labs to deliver a next generation underwriting platform for high-volume specialty products.
The partnership will provide a smarter and more efficient underwriting service to brokers and clients by enabling Chaucer to provide a fully digitized quote, bind and issue process for policies that combines Chaucer’s underwriting expertise with Artificial’s advanced machine learning capabilities.
“We are committed to delivering the best service to brokers and clients, and using the Artificial platform will enhance our underwriting responsiveness and speed to market for new specialty products,” said John Fowle, CEO at Chaucer. “Our partnership with Artificial will help us deliver our next generation underwriting platform with smarter data-driven risk selection and pricing, leaner and more scalable processes, allowing our underwriters to focus on spending more time with brokers and clients.”
“We are thrilled to be Chaucer’s next generation tech partner as we work together to drive insights, opportunities and efficiencies across the business. As a top quartile re/insurer, Chaucer demands the latest technology to deliver a better underwriting experience and, ultimately, a better service to their customers,” commented Damian Arnold, CEO at Artificial.
“Our mission at Artificial is to make insurance frictionless for both brokers and underwriters. By empowering Chaucer’s underwriters to quote, bind and issue policies digitally, we are adding real value to their business and allowing underwriters more time to focus on complex risks, where their judgement is more important, and activities that generate additional income and profits,” he continued.
Artificial already has strong traction in the marketplace and has developed its market leading platform by working closely with brokers and underwriters to address their specific challenges, explained Chaucer in a statement.,
Through Capita’s start up development arm, Capita Scaling Partner, Artificial has a dedicated business development team to enable it to scale rapidly and secure long-term, sustainable growth and profitability, said Chaucer, noting it has worked closely with the Artificial team to ensure that the platform meets the needs of their underwriters and can accommodate the complexities of the specialist business lines that they write.
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