The collaboration aims to streamline the creation and processing of cutting-edge MRCv3 insurance contracts through the implementation of Artificial’s innovative digital Contract Builder.
According to Artificial Labs reports, Contact Builder adopts a ‘data first’ strategy in the generation of MRCv3, capturing data in accordance with the CDR standards. The result is the instantaneous creation of a digital MRCv3 contract with formatting and drafting capabilities reminiscent of Microsoft Word.
Lockton’s collaboration with Artificial has been extensive, involving the fine-tuning of Contract Builder to align with Lockton’s specific needs. The process includes configuring and testing the tool to not only meet Lockton’s requirements but also contribute to the ongoing development of its digital infrastructure.
The implementation of Contract Builder marks a significant advancement for Lockton, empowering the company to efficiently create and manage MRCv3-compliant contracts. The integration ensures compliance and enhances Lockton’s broking capabilities, providing a comprehensive solution.
Already in action, Contract Builder has been rolled out for various lines of business by Lockton. The success of the tool is evident, with several MRCv3 placements already secured in the market and actively operating on the platform.
Speaking about the move, Carl Smith, Head of Europe Operations and Transformation, 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.”
David King, Co-CEO of Artificial, commented on the partnership, “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.”
He added: “This collaboration marks another milestone in Artificial’s commitment to building market-leading technology solutions for the Lloyd’s and London Market.”
