Artificial Labs, an insurance software company that provides an algorithmic underwriting platform, has raised £9.5m in Series A funding.
The round was led by Force Over Mass Capital with participation from existing and new investors, including Mundi Ventures, No.9 and MS&AD Ventures.
Artificial Labs said its technology enables an insurer to accept, refer or decline submissions based not only on the characteristics of a risk, but also its value in relation to a target portfolio.
The company’s platform can be integrated with brokers and insurers on any data set, system or application, normalising data and allowing underwriters to either approve or decline risks in seconds and therefore free them up to focus on high-value decision making.
Some of the company’s strategic partnerships include global insurers and brokers such as Convex, Chaucer, Aon, AXIS, and Ed Broking.
Artificial Labs said it will use this latest round of funding, which comes off the back of “unprecedented growth”, to continue its expansion and develop its platform.
David King, Artificial co-founder, said, “The Artificial platform was created to enable insurers to write better risks, faster. The past two years have demonstrated how rapidly the insurance landscape is changing, with unprecedented global challenges driving high demand for digital-first solutions. Our technology allows insurers to capture their data once at the point of entry and harness it throughout the rest of their business, saving time, money and effort.”
“Our platform has been built for the new age of commercial insurance, but it also functions today in the market as it exists today. Closing our Series A round is a further endorsement of the capabilities of the Artificial platform and a sign that the market is ready for algorithmically-driven, digital solutions. We’re excited to be part of the next era of insurance.”
FRISS an AI-power fraud, risk and compliance solution developer, recently launched its Accelerator for Underwriting Risk Assessment solution, on the Guidewire Martketplace. The aim behind this was to empower insurers to standardise decision-making, automate underwriting rules, and improve processes.
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