Artificial Labs

Key Features

• Smart Underwriting Platform
  Artificial.io’s Smart Underwriting tools enable carriers to deploy underwriting capital effectively, adapting to various strategies such as leading, following, or portfolio-based approaches. The platform automates submission triaging, evaluates risks against underwriting criteria, and ensures consistency with target portfolios. Real-time scoring and advanced workflows streamline decision-making processes, allowing underwriters to focus on high-value activities

• Smart Placement Toolkit
  The Smart Placement toolkit simplifies the complexities of evolving placement strategies for brokers. It empowers brokers to leverage their scale and make informed decisions by automating data extraction and contract generation. The toolkit integrates with existing systems, reducing manual data entry and enhancing operational efficiency .

• Contract Builder with MRCv3 Support
  Artificial.io’s Contract Builder facilitates the creation of MRCv3 insurance contracts, capturing Lloyd’s CDR-compliant data points and formatting them into configurable digital contracts. This tool streamlines the creation and processing of new contracts, aligning with the London Market’s Blueprint Two programme and enhancing collaboration between brokers and carriers .

• ACORD Transcriber Integration
  By licensing ACORD Transcriber, Artificial.io enables clients to automate data extraction from structured and unstructured insurance documents, including ACORD Forms. This integration reduces manual data entry, improves data accuracy, and accelerates underwriting workflows, particularly for organizations operating within the London Market .

• Virtual Underwriting Assistant (Ava)
  Ava, Artificial.io’s virtual underwriting assistant, utilizes large language models to answer in-depth questions from underwriters regarding incoming submissions. Ava enhances decision-making by providing quick access to relevant information, reducing response times, and supporting underwriters in complex scenarios .

Key Benefits

• Enhanced Efficiency in Underwriting Processes
  Artificial.io’s automation tools streamline underwriting workflows, reducing manual tasks and allowing underwriters to focus on more strategic activities. This leads to faster decision-making and improved operational efficiency.

• Improved Accuracy and Consistency
  The platform’s AI-driven tools ensure that underwriting decisions are based on consistent criteria, reducing human error and bias. Automated data extraction and real-time scoring contribute to more accurate risk assessments.

• Scalability for Growing Insurance Operations
  Artificial.io’s solutions are designed to scale with the growth of insurance operations. The modular nature of the platform allows for easy integration with existing systems and adaptation to evolving business needs.

• Compliance with Industry Standards
  By supporting MRCv3 contracts and integrating with ACORD Transcriber, Artificial.io ensures that its solutions comply with industry standards and regulatory requirements, facilitating smoother interactions within the insurance ecosystem.

• Enhanced Collaboration Between Brokers and Carriers
  The platform fosters better collaboration by providing tools that streamline communication and data sharing between brokers and carriers. This leads to more efficient placement processes and stronger partnerships.

Pricing Plans

• Custom Enterprise Licensing
  Artificial.io offers bespoke pricing based on the specific needs and scale of the business. Potential users are encouraged to contact the company directly for a personalized quote .

• Modular Pricing Structure
  The platform’s modular design allows clients to select and pay for only the features they require, providing flexibility and cost-effectiveness. Pricing may vary depending on the number of users, volume of transactions, and specific tools implemented.

Pros and Cons

Pros:

• Comprehensive suite of AI-powered tools tailored for the insurance industry

• Automation of key underwriting and placement processes enhances efficiency

• Integration with industry standards like MRCv3 and ACORD Forms ensures compliance

• Scalable solutions that grow with the business

• Strong focus on improving collaboration between brokers and carriers

Cons:

• Pricing may be a barrier for smaller organizations

• Implementation may require time and resources to integrate with existing systems

• Some features may require training to fully utilize

Conclusion

Artificial.io offers a robust suite of AI-powered solutions designed to transform underwriting and placement processes in the insurance industry. With tools that automate key tasks, ensure compliance with industry standards, and enhance collaboration, the platform provides significant value to carriers and brokers seeking to improve efficiency and decision-making. While the pricing structure may be more suited to larger organizations, the scalability and flexibility of Artificial.io’s solutions make it a compelling choice for businesses aiming to modernize their operations and stay competitive in a rapidly evolving market.