Ki, the fully digital and algorithmically-driven Lloyd’s of London syndicate, has reportedly entered into a long-term partnership with the UK-based Insurance broking group Howden.
Under this tie-up, Ki will provide substantial follow capacity for Howden’s clients and business partners over three years.
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Additionally, Ki, and Howden will work together with insurtech platform HX to form a completely digital end-to-end Lloyd’s placement.
The move will offer a ‘seamless and instantaneous commitment of follow capacity in the market,” the firms said.
Ki was launched in May this year to enable brokers to place their follow capacity quickly. It consists of an algorithm that assesses Lloyd’s policies and automatically quotes business via a digital platform.
Howden Broking Group chair and Hyperion X executive chair Barnaby Rugge-Price said: “Ki shares our vision for the market with all the benefits it brings for clients, brokers and capital providers.
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By GlobalData“Hyperion X’s data, technology and automation is key to the delivery of transaction efficiency and has been a real catalyst for progress.
“This partnership is just the start of a significant long-term relationship between Howden and Ki, we look forward to collaborating, growing together and driving innovation across the market.”
Ki CEO Mark Allan noted that the creation of the first fully digital end-to-end Lloyd’s placement is another significant milestone.
He added: “We are proud that Ki is a central part of this. We believe digital models have major advantages for Lloyd’s and unlock substantial opportunities for the market in the future.”
Meanwhile, in September this year, Howden reached an agreement to acquire UK-based personal and commercial lines insurance brokers A-Plan Group for an undisclosed sum.
In April this year, Howden snapped up Greek Matrix Insurance & Reinsurance Brokers.
