London-based Artificial provides insurers and customers with a frictionless insurance experience, as well as helping brokers, underwriters and MGAs with the distribution, negotiation and selection of risk through its suite of modular applications.
Artificial’s Build has two functions: to automatically capture data for the quote-and-buy journey and to create insurance contracts and enable digital negotiation of complex risks. Using machine learning technology, information can be extracted from text and even images.
Price is a modular machine learning pricing engine that modernises the quoting process in three key areas: pricing, analytics and risk selection. The engine works with both internal and third party data and takes in all factors needed to generate an informed technical premium, saving underwriters work and effort.
Artificial Manage takes the hard work out of decision making by facilitating the management and automation of the post-bind workflow, including policy administration, endorsements, complaints, reporting and claims.
Distribute makes front-end websites, portals and mobile apps available to customers on a white-label basis. These customisable tools can also be used to capture data or for quote-and-buy journeys and create a better overall user experience for the customer.
“Many in the insurance industry are used to manually rekeying data into systems, even though it wastes valuable time. At Artificial, we feel that we can increase productivity and reduce unnecessary work by digitising the insurance lifecycle,” said the company.
As an example, Artificial digitised AXIS’s accident and health teams distribution and negotiation of risk, resulting in a 75 percent reduction in contract creation time.
Headquarters: London, UK