MS&AD invests in algorithmic underwriting insurtech Artificial Labs
Insurtech Artificial Labs, which offers algorithmic, data extraction and machine learning solutions to commercial insurers, has raised £9.5 million Series A funding from investors including the corporate venture capital fund of Japan-based MS&AD Insurance.
The company provides solutions to partners across the London and global markets, including Convex, Chaucer, Aon, AXIS and Ed Broking, among others. Its platform is used across a wide range of specialty product lines.
Artificial’s Series A funding round was led by Force Over Mass Capital with participation from existing and new investors, including Mundi Ventures, No.9 and MS&AD Ventures.
The company plans to use the investment for continued expansion and to further develop the platform across both Smart Lead and Smart Follow underwriting.
David King, Artificial co-founder, said: "The Artificial platform was created to enable insurers to write better risks, faster. The past two years have demonstrated how rapidly the insurance landscape is changing, with unprecedented global challenges driving high demand for digital-first solutions. Our technology allows insurers to capture their data once at the point of entry and harness it throughout the rest of their business, saving time, money and effort."
"Our platform has been built for the new age of commercial insurance, but it also functions today in the market as it exists today. Closing our Series A round is a further endorsement of the capabilities of the Artificial platform and a sign that the market is ready for algorithmically-driven, digital solutions. We're excited to be part of the next era of insurance."
Wouter Volckaert, chief investment officer at Force Over Mass, commented: "We're thrilled to partner with Artificial. Force Over Mass is committed to supporting companies with the initiative to drive innovation, and Artificial has proven they can deliver new and exciting technology for the insurance market. We are looking forward to the next chapter in this journey."
Jon Soberg, managing partner at MS&AD Ventures, added: "We are very excited about the team and the technology at Artificial. We think they can enable the next generation of digitally-enabled automated underwriting in the Lloyd's syndicate market, and we are happy to be working with them."
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