Apollo partners with Artificial Labs
Specialist insurer Apollo Underwriting and underwriting platform Artificial Labs announced the launch of a new smart follow (algorithmic underwriting) collaboration to “unlock fast, consistent and reliable capacity for London market brokers.”
The launch follows a successful proof of concept in early 2023, which applied Artificial’s technology to “one of the most established, technical classes” within Lloyd’s, marine hull. The collaboration will develop several other lines of business that will enable brokers to benefit from more choice and opportunity in the smart follow market.
Last year, Artificial Labs raised $11.6 million. One solution it offers is automated underwriting – the company says that it uses machine learning to analyze data from submissions to eventually make automated underwriting decisions based on the underwriter’s appetite.
“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.” – James Slaughter, Apollo Group CUO.
“We’re thrilled to be working with Apollo on a new vision for smart follow in the London market. 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.” – David King, co-CEO of Artificial Labs.