London-based insurtech Artificial Labs has raised $10 mn in it’s Series A+ round, following a $5.9 mn investment from Augmentum, Europe’s foremost publicly listed fintech fund.
Augmentum, a prominent London-listed venture vehicle, spearheaded Artificial Labs’ Series A+ funding round, which totalled $10 mn. Other key investors in this round include MS&AD Ventures and FOMCAP IV.
The infusion of capital aims to bolster Artificial Labs’ capabilities in algorithmic underwriting, aligning with the industry’s growing shift towards digitalisation.
Artificial Labs offers a comprehensive platform that aims to streamline the complex underwriting process, making it more efficient with automated, powerful tools.
The platform includes features for algorithmic underwriting, data ingestion, instant risk triaging, contract building, and an underwriting workbench, among others.
These tools are designed to enable insurers to write business up to 8x faster, improve performance through better risk selection, and reduce the costs associated with processing complex submissions by 90%.
Additionally, Artificial Labs is exploring the integration of generative AI models, such as ChatGPT, into its platform to enhance underwriting decisions further.
A pilot program with several carriers and brokers aims to develop a tool that could significantly reduce the time taken from submission to underwriting decision, potentially by up to 50%.
This round of funding will enable us to accelerate our growth and continue to innovate in the algorithmic and augmented space
David King, Co-CEO and Co-Founder of Artificial
“In 2024 we will further the development of our underwriting platform, exciting AI solutions and our Contract Builder product, which is already seeing great traction in the market.”
The funding news follows the recent announcement that Placing Platform Limited (PPL) and Artificial Labs signed a multi-year partnership agreement, which will see both firms working together to accelerate delivery of a fully integrated digital trading experience.
The collaboration also looks set to advance the date when firms within the London market can trade digitally in a data-first format.
Artificial Labs, recognised as an underwriting tech provider in London’s insurance market, intends to leverage the new investment to expedite its expansion efforts and diversify its product offerings.
With a focus on algorithmic underwriting software, the company aims to solidify its position in an evolving insurance landscape increasingly inclined towards digital solutions, as highlighted in a recent market update.
The company specializes in providing algorithmic underwriting technology for the London Insurance Market. It partners with global insurers and brokers to enable the algorithmic placement of commercial and specialty risk, leveraging a powerful contract builder and underwriting platform to support this process.
We are delighted to lead Artificial’s latest round. The insurance market remains ripe for further digitisation and the introduction of algorithmic underwriting will improve efficiency for all participants.
Tim Levene, CEO of Augmentum Fintech
The recent funding will help Artificial Labs to accelerate its growth, expand its product range, and further establish its position as a leader in algorithmic underwriting software, as the insurance industry continues to move towards digital solutions.
This innovative approach and their recent funding indicate Artificial Labs’ commitment to transforming the insurance market through digital solutions and algorithmic underwriting, positioning them as a key player in the insurtech space.
