Capita Specialty Insurance Services and Artificial’s technology-driven partnership helps insurers cut costs and drive growth
4 mins read
Capita and Artificial, a technology provider of digital solutions to clients across the insurance sector, are enhancing their partnership which provides clients in the Lloyd’s of London market with an end-to-end solution combining expertise and consultancy across the full insurance lifecycle.
The partnership between Artificial and Capita Specialty Insurance Services (CSIS), which encompasses both Capita Commercial Insurance Services (CCIS) a provider of back and middle office services to the London and Lloyd’s insurance market and Capita Managing Agency (CMA), was established in 2018 and comprises more than 300 staff.
Following early success, Capita formalised this relationship by acquiring a minority shareholding in Artificial in February 2019. The businesses are strengthening their combined capability by co-developing new digital propositions, the first one of these is the automation of the extraction of location data from asset schedules for exposure mapping. These propositions will solve operational challenges experienced by their clients and the wider market.
The partnership brings together Artificial’s AI and machine learning technology, designed specifically for the insurance industry, with CSIS’s extensive insurance industry knowledge, compliance expertise and resource. As a turnkey agency, CMA also enables the partnership to support new entrants in joining the Lloyd’s market through delivering governance and regulatory compliance, as well as business planning, proposition development, operational support and actuarial services.
The partnership enables insurers and syndicates operating in, or seeking to enter, the London market to reduce operating costs and offer speciality insurance more quickly and transparently, while managing risk and ensuring regulatory compliance. It also offers syndicates the services which cover the end to end, or constituent parts of the value chain, supporting full syndicates, those in run off or the more streamlined Syndicate in a Box.
The partnership delivers these outcomes by significantly reducing the time spent by clients on repetitive administrative tasks and enabling their experts to focus on what they do best. The use of Artificial’s technology helps insurers effectively source, collect, and automate their data management processes to create a single, clear, and easy-to-interrogate source of information. This ensures they can extract the full value from their data, and reduce costs and complexity created by duplication and disparate data sources.
As a turn-key agency, CSIS also enables the partnership to deliver governance and regulatory compliance to clients, as well as business planning, proposition development, operational support, and actuarial services to insurers within syndicates operating in the Market.
Simon Sykes, CEO, Capita Specialty Insurance Services (CSIS), said: “Our partnership with Artificial combines their best-in-class technology with our established expertise in the Lloyd’s of London market to deliver better outcomes for clients. Our services help clients to accelerate innovation, empower them to focus on their expertise, reduce their costs and drive growth. In the future we anticipate expanding the partnership’s services to other insurance markets around the world.”
Damian Arnold, CEO of Artificial, said: "Our partnership provides an excellent opportunity for clients to benefit from insurance technology together with the proven expertise of Capita Specialty Insurance Services. We believe that no other partnership in the market offers the same level or combination of expertise of market-leading technology alongside unparalleled industry knowledge."