Special broker enters into partnership to digitize contracts | Insurance business America
The contract platform will streamline operations
Insurance News
By Jonalyn Cueto
Independent specialist insurance and reinsurance broker BMS has announced a partnership with Artificial Lab to implement its Contract Builder into its operations. This move is part of BMS’s overarching initiative to integrate digital placement initiatives within the brokerage framework. Deployment of the digital contracting platform is expected to begin in February across various business units across BMS, with a phased integration plan extending throughout the year.
According to a press release, the Contract Builder seamlessly integrates with BMS’s existing Broker Workbench and enables teams to bring together risk models and legal documents with accurate, compliant and auto-populated data to initiate the document creation process. Additionally, the platform’s robust editing and formatting features closely align with BMS’ brokerage practices, ensuring consistent template standards across teams.
By integrating internal and external platforms, BMS aims to streamline operations, reduce reliance on manual data entry, and reduce administrative burdens. The press release states that this strategic direction allows the company to focus on customer-facing activities while strengthening analytical reporting capabilities.
BMS Group Chief Operating Officer Adam Stafford expressed his satisfaction with the addition of Artificial Labs’ Contract Builder to the brokerage teams.
“It is unusual for brokerage teams to express such enthusiasm for a new product as they did with Artificial Labs Contract Builder,” Stafford said. “The transition was seamless and I look forward to implementing it across our remaining teams as we continue to improve our digital ecosystem together with the Artificial Labs team.”
“We are pleased to partner with BMS and recognize their invaluable contribution to its development,” said David King, co-founder and co-CEO of Artificial Labs. “It is critically important for us to work with organizations that want to be part of the next generation of insurance and we know that at BMS we have found exactly that.” The partnership is a symbol of the value of our products and the advances that are being made we do to develop advanced technological solutions for the insurance market.”
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2024-02-13 17:45:21
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