Specialist broker partners with tech provider to digitise contracts

Specialist broker partners with tech provider to digitise contracts | Insurance Business New Zealand

Insurance News

Specialist broker partners with tech provider to digitise contracts

Deal part of overarching digital initiative

Insurance News

By
Jonalyn Cueto

Independent specialist insurance and reinsurance broker BMS has announced a partnership with Artificial Lab to implement their Contract Builder into its operations. This move is part of BMS’s overarching initiative to embrace digital placing initiatives within the brokerage framework. The deployment of the digital contract-building platform is slated to commence across various business lines at BMS in February, with a phased integration plan extending throughout the year.

According to a news release, the Contract Builder seamlessly integrates into BMS’s existing Broker Workbench, allowing teams to merge risk models and legal documents with precise, compliant, and auto-populated data, thereby initiating the slip assembly process. Moreover, the platform’s robust editing and formatting features align closely with BMS’s broker procedures, ensuring uniformity in template standards across teams.

By integrating internal and external platforms, BMS aims to streamline operations, diminish reliance on manual data entry, and reduce administrative burdens. The news release said this strategic alignment enables the business to redirect focus towards client-centric activities while bolstering analytical reporting capabilities.

Adam Stafford, BMS Group’s chief operating officer, expressed his satisfaction with the reception of Artificial Labs’ Contract Builder among broking teams.

“It’s uncommon to see broking teams express such enthusiasm for a new product as they have been with Artificial Labs’ Contract Builder,” said Stafford. “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.”

“We are delighted to partner with BMS and recognise their invaluable contribution to its development,” said David King, co-founder and co-CEO of Artificial Labs. “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 partnership is emblematic of the value of our products and the strides we are making to build advanced technological solutions for the insurance market.”

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