Brit to launch digital syndicate next year

Insurer Brit has confirmed plans to launch a standalone fully-digital commercial Lloyd’s syndicate in 2021 following collaboration with Google Cloud and University College London.

Ki, which will be a follow-only syndicate was incubated in Brit’s innovation lab run by head of innovation James Birch.

Ki’s algorithm, developed with UCL, will be able to evaluate Lloyd’s policies and automatically quote for business through a digital platform which brokers can access directly. Ki will follow several nominated lead syndicates across the Lloyd’s market, including Brit.

Ki will be run by a dedicated team reporting to Mark Allan, Brit’s group chief financial officer, who will act as executive chair. The business will be backed by Brit, Fairfax and other private capital investors.

Brit CEO, Matthew Wilson commented: “Recent events have demonstrated the importance of electronic trading and I expect Ki to be at the forefront of the accelerated transition in how the Lloyd’s market transacts business. Through building a truly quantitative-based approach to insurance, Ki aims to do what quantitative hedge funds did to capital markets in the 1990s.”

John Neal, Lloyd’s CEO added: “Ki truly embraces all that is represented in The Future at Lloyd’s by bringing data, technology, innovation and artificial intelligence to the fore in the complex world of corporate and specialty underwriting. It is an exciting first for Lloyd’s and paves the way for others to follow.”

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