Specialist insurance and reinsurance broker BMS has forged an alliance with Artificial Labs to bolster its digital capabilities.  

The collaboration will see the deployment of Artificial Labs’ Contract Builder, a digital contract-building platform, across BMS’s brokerage services.  

For multiple business lines, the deployment will commence this month, with further integration planned throughout the year. 

The Contract Builder will be incorporated into BMS’s existing Broker Workbench, enabling teams to combine risk models and legal documents with accurate and compliant data.  

It is expected to streamline the slip assembly process and align with BMS brokers’ procedures.  

The platform’s editing and formatting features are anticipated to enhance the analytical reporting capabilities of BMS and its clients. 

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By GlobalData

Artificial Labs has highlighted that the integration of internal and external platforms will reduce manual data entry, thus minimising administrative tasks.  

BMS Group COO Adam Stafford said: “It is uncommon to see broking teams express such enthusiasm for a new product as they have been with Artificial Labs’ Contract Builder.  

“The transition has been seamless, and I look forward to its implementation across our remaining teams as we continue to enhance our digital ecosystem with the Artificial Labs team.” 

Artificial Labs co-founder and co-CEO David King said: “We are delighted to partner with BMS and recognise their invaluable contribution to its development. It is crucial for us to partner with organisations that want to be part of the next generation of insurance, and in BMS we know we have found that.” 

The announcement of this partnership comes shortly after Artificial Labs’ £8m Series A+ funding round.  

This round was led by Augmentum Fintech, with MS&AD Ventures and FOMCAP IV also participating.