’We are aligned in the belief that algorithmic technology will be transformative to our industry,’ says co-chief executive

Insurtech Artificial Labs has teamed up with specialist (re)insurer Apollo to provide enhanced capacity to London market brokers.

A statement released today (30 August 2023) said the collaboration would offer brokers ”fast, consistent and reliable” capacity across different lines of business and support them over how they want to transact.

This could be at the box, through web portals or anything in between.

Artificial Labs said the two firms’ underwriting expertise and market-focused technology would provide a ”unique offering for brokers that adds value through increased productivity and efficiency”.

David King, co-chief executive of Artificial Labs, said: ”We are aligned in the belief that algorithmic technology will be transformative to our industry, giving brokers far more choice than they have currently and unlocking new opportunities.

”Our platform offers a foundation for brokers and underwriters to write smart follow business and we envisage this technology will bring about a step change in the industry.”

‘Exciting outcome’

This came after a proof of concept in early 2023 which applied Artificial Labs’ technology to the Marine Hull sector.

Then, in April 2023, Apollo entered into talks with Artificial Labs to establish a machine-learning-driven augmented underwriting partnership within the insurer’s Syndicate 1969 unit.

James Slaughter, Apollo chief underwriting officer, said: “There is not enough fast, reliable and responsive capacity in the follow market.

”We have been working on a number of projects that aim to deliver a framework for the underwriter of the future through technological developments, partnership and innovation.

”This collaboration, led by our head of smart follow Farris Salah, is one of the most visible and exciting outcomes of that work and we are delighted to be leading the way with Artificial on such a transformational initiative.”