Specialist insurer Apollo has formed a new smart follow collaboration with algorithmic underwriting insurtech Artificial Labs to support London market brokers.
This collaboration will aid in delivering quick and consistent capacity for brokers operating in the UK market.
The new deal comes after a successful proof of concept carried out in early 2023, which integrated the technology of Artificial Labs into the marine hull, a technical class within Lloyd’s.
The alliance will give brokers access to a distinctive solution that merges the underwriting capabilities of Apollo and the market-centred technology of Artificial Labs.
This offering is intended to boost value through improved efficiency and output while guaranteeing enhanced client service, the partners claim.
The partners also plan to expand the alliance to various other business lines, facilitating brokers to benefit from an array of options in the smart follow market.
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The alliance will also aid brokers in opting for their transaction approaches such as at the Box via web portals or anywhere in between.
Apollo Group CUO James Slaughter said: “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.”
Artificial Labs co-CEO David King said: “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.”