Artesian Solutions, a PwC Scale | InsurTech Programme alumni has today announced revenue growth of 59% in the insurance sector. Artesian also credits the InsurTech scale-up programme, which provided a valuable coaching framework to help it expand and grow, as playing a part in this success.
Following an extensive selection process, 2019’s programme included Artesian Solutions due its unique propositionand mission to solve the insurance market’s most high value commercial challenges. Artesian was selected for the Scale | InsurTech Programme for the vast practical potential PwC believes it has in enabling commercial teams and underwriters to make decisions faster, improve risk segmenting, and driving personalisation and customer-centricity.
Through the programme’s three core components, and coached by PwC’s Insurance Senior Manager, Khayala Eylazova, Artesian was provided with the tools to effectively and efficiently scale its solution and prove its fit for the insurance sector. A series of curated events during the programme provided the opportunity to collaborate and share ideas with PwC’s extended network of industry decision-makers, helping to create new commercial opportunities.
Since completing the programme, Artesian has announced major deals with commercial insurers including QBE European Operations, to deliver a bespoke digital automation platform that aims to set a new standard for modern data and insight-driven commercial underwriting. Artesian’s growing footprint in the UK insurance market also includes relationships with Marsh group, Aviva, Willis Towers Watson, Legal & General, Towergate and Partners&. After posting positive end of year results, Artesian has also witnessed rapid new business growth in the first half of 2021 thanks to its new risk-based underwriting proposition delivered through its Artesian Connect platform which was formally launched in January.
Glynn Austen-Brown, PwC’s UK InsurTech lead commented: “When Artesian joined the InsurTech Scale-Up Programme we believed that they offered a real opportunity for commercial insurers to generate efficiencies and enhance existing processes and business models – that opportunity is now coming to fruition. Engaging with established scale-ups, such as Artesian, offers insurers the opportunity to invest in a tangible product, service or cutting-edge technology and benefit from first-mover advantage. PwC is delighted to have played a part in bridging the gap between insurer and InsurTech, facilitating an environment of innovation and investment. We cannot wait to see Artesian continue to grow – we’re confident that it will continue to bring much needed innovation in terms of advanced risk decisioning and customer-centricity to the insurance sector.”
Andrew Yates, CEO at Artesian, echoed these sentiments saying: “Artesian has truly proven its value to Insurers through 2020 and into 2021. Under challenging economic conditions, insurance businesses are realising the need to accelerate investment in technologies that bring real efficiencies, consistency and accuracy. Commercial lines underwriting is both an art and a science. Artesian automates the science with a combination of data and sophisticated rules, enabling underwriters and relationship managers to deliver exceptional customer experiences.”
“Artesian’s place in the insurance market is now clear. QBE regards Artesian as the technology partner that will help it set a new standard for modern underwriting. Thanks to their endorsement, as well as that of PwC and other insurance market leaders, I believe we’re in a unique position to assist commercial insurance businesses accelerate their digital transformation journey.”