Lockton teams up with Artificial Labs to bolster processing of insurance contracts

Independent insurance broker Lockton has teamed up with Artificial Labs to implement the insurtech’s new digital contract builder.

A statement released today (20 December 2023) explained that the collaboration aimed to streamline the creation and processing of new MRCv3 insurance contracts.

According to Verisk, MRCv3 sets data standards that “enable accurate, standardised data”.

Artificial Lab’s contract builder uses a data first approach to generating an MRCv3, capturing core data record (CDR) standard data and rendering a digital MRCv3 contract in real time with “word like” formatting and drafting capabilities.

Lockton has worked closely with the insurtech to tailor contract builder, including providing expertise in configuring and testing.

In turn, contract builder will enable Lockton to create and manage MRCv3 compliant contracts, while having augmented broking capabilities.

Carl Smith, head of Europe operations and transformation at Lockton, said:“We are excited by this new partnership and have enjoyed working with Artificial over several months to help develop contract builder to meet the MRCv3 and CDR standards.

”We are proud to be one of the first brokers to bind a genuinely data-first MRCv3 in the market.

“Contract builder forms a key element of the digital infrastructure Lockton, in the UK, is building to support its clients and deliver a digital service platform for the future.”

Blueprint Two

Lockton said the creation and processing of new MRCv3 insurance contracts would be done in line with the London market’s Blueprint Two programme.

Blueprint Two is Lloyd’s initiative to deliver a digitalised marketplace for its members.

This includes creating clear data standards, processing capability and automatic claims recognition.

Lockton and Artificial Labs felt their partnership came at a “crucial time for the market” as the Blueprint Two initiative “drives the need for digital innovation and transformation in the sector”.

David King, cochief executive of Artificial Labs, said: “We are delighted to announce this strategic partnership with Lockton.

”Through the creation of endlessly configurable digital contracts, Lockton brokers can offer even more exciting propositions to their clients in the new London market era.

”This collaboration marks another milestone in Artificial’s commitment to building market-leading technology solutions for the Lloyd’s and London market.”