Placing Platform Limited (PPL) has integrated Artificial’s digital contract product, Contract Builder, into its placing platform.
The new functionality is designed to support the market’s shift from a document-first approach to a data-driven one. It aims to address inefficiencies in traditional market processes where brokers and carriers face complex workflows that increase costs and reduce time spent on client interactions.
The Digital Contract Capability allows brokers to create structured data templates with API connectivity to in-house systems, aligning with ACORD data models and maintaining synchronisation throughout the placing process. The system also supports the transition to MRCv3 standards in preparation for the Lloyd’s Core Data Record.
According to the company, brokers using Artificial’s Contract Builder have generated 15,000 contracts, with reported improvements in efficiency, including a 50% reduction in contract creation time and a 75% decrease in time required to transpose from MRCv2 to MRCv3.
PPL plans to implement the transition to digital contracts in two stages. Initially, clients will build templates using advanced logic to simplify template management. Once onboarded and tested, clients will generate contracts using live risk data.
Currently, clients can create a structured hierarchy of MRCv3-compliant templates and test templates with advanced logic variations across different lines of business. From August, however, users will be able to populate templates with live risk data to create submissions and contracts, streamline contract data flow within PPL using existing APIs and enable automatic contract updates as risks progress through placement.
Commenting on the integration, PPL chief product officer Tanya Duckworth said the move was a “key step” in advancing its London market transition to data-driven trading.
Meanwhile, David King, co-founder and co-CEO of Artificial, said that the launch can be considered a “milestone” in their partnership with PPL. “This is a significant step forward in making data-driven trading the standard for smarter placement in the London market.”
In recent months, PPL introduced new functionalities on its platform for the benefit of brokers and clients. Last month, the company launched the Express Renewal functionality to simplify the risk renewal process.
In November, the company unveiled its new underwriter dashboard, which functions as a worklist and can manage high volumes of business activity. It also launched its Express Contracts functionality to speed up binding risks for brokers.
Earlier this month, the company affirmed its commitment to optimising its platform’s stability while addressing user needs through various updates.
“We take our responsibility to serve the market very seriously and are proud to have delivered for our clients during this peak renewal season, and throughout 2024,” said Colin O’Malley, chief operations officer at PPL. “As we build out new capabilities in 2025, clients can rest assured our focus on reliability and service excellence will remain front and centre.”
