Is this the future for Lloyds? Digital syndicate in successful start
Lloyd’s start-up Ki, the market’s first all-digital syndicate, is “on track” to deliver its target full year premium, following a strong first quarter.
In its first quarter, Ki bound over 1,000 risks, has been working with brokers to update the platform and make it a seamless user experience for brokers.
During this period, Ki successfully traded across all broker partners and lines of business.
It also expanded by taking on brokers’ reinsurance divisions, meaning it has now has more than 800 brokers using its platform.
Mark Allan, chief executive at Ki, said he was delighted by the market response to Ki so far, and that it proved the potential for technology in the insurance market.
He said: “We have built Ki in London, for London, and the brokers have embraced the idea that Ki makes Lloyd’s a stronger proposition globally. We plan to expand further with our partners, giving them and their clients access to valuable capacity in Lloyd’s.”
Ki which is managed by Brit Insurance began trading in January 2021, is Lloyd’s first fully digital and algorithmically driven syndicate.
The syndicate has also updated its platform by developing and releasing its first Broker API (application processing interface).
This allows broker partners to integrate digitally with it and create a seamless connection to the syndicate’s algorithm to obtain quotes within their own broking platform.
Ki hopes this will further accelerate access to Ki’s capacity and provide “straight through” processing of data and a fully integrated end-to-end quotation process between market participants at Lloyd’s.
Allan added: “We have also shown the potential of our talented tech and data teams with the enhancements we have already made to our platform.
“Our response time has improved from 60 seconds to around ten seconds on average, and we have now created a game-changing API capability that allows quotes to be requested directly by a digital broking platform. We look forward to establishing our first partner integrations shortly.”
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