UK-based insurance company Brit Limited has collaborated with Google Cloud to launch the first fully-digital and algorithmically-driven Lloyd’s of London syndicate.
Dubbed Ki, the venture is expected to be launched as a follow-only syndicate in 2021. It will operate as a standalone business that will be accessible from anywhere and at any time.
Ki has been created to reduce the time and effort taken by brokers to place their underwriting capacity efficiently, the companies said.
It will leverage Google Cloud’s enterprise-grade cloud solutions, which is powered by technologies that allow rapid transformation.
Ki will use its proprietary algorithm to evaluate Lloyd’s policies and automatically quote for business via a digital platform common to the brokers.
The business will be backed by Brit, Fairfax and other private capital investors.
Brit CEO Matthew Wilson said: “Ki is a significant milestone for our market, combining Brit’s heritage of underwriting outperformance and Google Cloud’s technology expertise.
“Over time, Ki will look to play a central role in the transformation of the specialist insurance market in London, creating a whole new and fully digital segment which operates seamlessly alongside the traditional marketplace.”
Google Cloud financial services head Adrian Poole said: “As the first algorithmic syndicate, we see this as an exciting first step by Brit to support the Future at Lloyd’s vision and are delighted to bring our market-leading technologies to support this innovative venture.”
Lloyd’s of London CEO John Neal said: “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.”