Lockton has entered a strategic partnership with Artificial Labs that focuses on implementing Artificial’s innovative digital Contract Builder in the UK, aligning with the London Market’s Blueprint Two programme.
Contract Builder utilises a “data first” approach in generating MRCv3 contracts. It captures CDR standard data and creates a digital MRCv3 contract in real-time, featuring “Word like” formatting and drafting capabilities.
Lockton has been instrumental in customising Contract Builder to meet its specific requirements, contributing its expertise to configure and test the tool, ensuring it aligns with the digital infrastructure Lockton is developing for its client base.
The introduction of Contract Builder is set to streamline Lockton’s process of creating and managing MRCv3 compliant contracts, enhancing its broking capabilities. Lockton has already implemented Contract Builder across various lines of business, and the platform has demonstrated success with several MRCv3 placements already bound in the market and operational on the platform.
This partnership is also particularly timely, considering the ongoing digital transformation in the sector driven by Lloyd’s Blueprint Two initiative.
“We are excited by this new partnership and have enjoyed working with Artificial over several months to help develop Contract Builder to meet the MRCv3 and CDR standards. We are proud to be one of the first brokers to bind a genuinely ‘data-first’ MRCv3 in the market. Contract Builder forms a key element of the digital infrastructure Lockton in the UK is building to support its clients and deliver a digital service platform for the future,” Lockton head of Europe operations and transformation Carl Smith said.
Elsewhere for the independent broker, Lockton recently announced the immediate appointment of three professionals to enhance its insurance expertise and expand its capabilities.
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