Placing Platform Limited (PPL) has inked a multi-year deal with London-based insurtech Artificial Labs.
A news release announcing the partnership said the two firms are moving to expedite
the delivery of a fully integrated digital trading experience, with the ultimate goal of enabling every entity in the London Market to engage in digital trading in a data-first format.
The first phase of the partnership is set to commence early in 2024. Artificial Labs’ Contract Builder will be integrated into the PPL platform, providing brokers with the capability to effortlessly generate MRC contracts.
This will allow brokers to input data into user-friendly templates or transmit data via API. The platform will then automatically generate the MRC on behalf of the broker, ensuring seamless updates to reflect agreed-upon terms throughout negotiations.
The subsequent phase will introduce advanced tools enabling brokers to digitally review market responses, compare proposals, make acceptance or rejection decisions, and generate and issue final Firm Orders for acceptance.
Simultaneously, the APIs will undergo expansion and enhancement, allowing firms to access PPL functionality within their existing in-house systems. The platform ensures complete adherence to Core Data Record (CDR) standards, with the option to have the CDR automatically generated for all bound business and facilitate submission to Blueprint 2.
According to PPL, these enhanced functionalities will be included within its existing Master User Agreement, allowing customers to benefit from Artificial’s technology without the need for new contracts.
PPL CEO Joe Gordon spoke of his confidence in the partnership’s strategic intent to facilitate end-to-end digital trading in the London Market.
“Artificial Labs’ algorithmic underwriting platform is one of the most advanced in the market and this collaboration is just the beginning,” he said. “We see huge potential in leveraging cloud-based tools and machine learning and we will continue to collaborate with brokers and underwriters to co-create end-to end solutions. We are already in discussions for a pilot that starts from the broker digitally placing the risks on PPL, to an insurer’s auto follow platform generating quotes in response.”
David King, co-founder and co-CEO of Artificial, also commented on the partnership.
“The integration of Artificial’s Contract Builder component with PPL’s platform is a crucial step in enabling brokers to effortlessly generate Blueprint 2-compliant digital contracts,” said King. “This supports Artificial’s vision of a data-driven, digital London Market, offering an enhanced experience for insurers, brokers and their clients across the insurance lifecycle.”
He added: “Together, this joint effort accelerates our progress towards realising a digital London Market where firms of all sizes can efficiently trade in a data-centric format. We are excited about the opportunities this partnership presents and the positive impact it will have on the wider market.”
In other PPL news, the company recently appointed Mark Griffith as chief information officer. He joined PPL from Ebix Europe, where he served as delivery director.
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