Independent specialist insurance and reinsurance broker, BMS, has partnered with an algorithmic underwriting specialist as part of a programme to use digital placing initiatives.

BMS, which has a Bermuda operation, is working with Artificial Labs to adopt its Contract Builder, a digital contract-building platform set to be initially rolled out to several business lines within BMS this month with additional lines throughout the remainder of the year.

Adam Stafford, chief operating officer at BMS Group, said: “It’s uncommon to see broking teams express such enthusiasm for a new product as they have been with Artificial Labs’ Contract Builder.

“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.”

David King, cofounder and co-CEO at Artificial Labs, added: “We are delighted to partner with BMS. 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.”

Contract Builder will integrate into BMS’s existing Broker Workbench, empowering its teams to merge risk models and legal documents with precise, compliant, and auto-populated data, starting the slip assembly process.