Artificial

Artificial Labs is an established London-based technology provider for the Lloyd’s and London markets. The company works with commercial and specialty insurers and brokers to facilitate algorithmic placement of risk, backed by a powerful contract builder and augmented underwriting platform.

In April 2019 the company raised $5.4M in Seed funding, led by Alma Mundi Insurtech Fund and Force Over Mass.

In 2020, Artificial graduated from the Lloyd’s Lab cohort 4, having taken part in the accelerator to develop their data extraction technology. In the same year, Artificial participated in the Plug and Play Insurtech accelerator.

Artificial also partnered with Chaucer in March of that year to launch a next-generation underwriting platform that specialises in high-volume specialty products. The machine learning-powered platform will provide digitised quote, bind and issue capabilities.

The company noted it had seen 'unprecedented growth' in 2021, forming strategic partnerships with Convex, AXIS, Ambris, Ed Broking and more, helping them make instant decisions or reduce bind time by up to 85%.

In June 2022 Artificial raised $11.6m for continued expansion and platform development across its Smart Lead and Smart Follow underwriting offering, led by Force Over Mass Capital with participation from existing and new investors, including Mundi Ventures, No.9 and MS&AD Ventures.

In October 2022, the company appointed Ascot Underwriting founder Martin Reith as its Executive Chairman to help shape and execute the strategic direction of the company.

December 2023 saw Artificial celebrate its 10-year anniversary and it shared a number of important business updates.  It announced that its most powerful broker product went live in the London Market in 2023.  Contract Builder generates MRCv3s with a data-first approach, meaning brokers can capture Lloyd’s CDR-compliant data points, format and structure them in a configurable digital contract, and bind with carrier partners who can then underwrite algorithmically. It also partnered with broker Lockton who is adopting its Contract Builder product to streamline the creation and processing of new MRCv2 insurance contracts. 

It also announced that its data team created Ava, a virtual underwriting assistant using LLMs to answer underwriters' in-depth questions about their upcoming submissions. 

In April 2023  Artificial and Apollo entered into a Smart Follow collaboration which was implemented across several business lines including Marine Hull, Aviation, Cargo, and Terrorism. 

In January 2024 Artifical partnered with PPL to share technologies and thinking to deliver a change in the digital trading experience. Its first of two phases starts in early 2024.