Willis Towers Watson has enabled live trading of complex commercial risks, after integrating its broking platform with Ki, a digital follow-only syndicate managed by Brit.
According to a statement from the global brokerage, it is the first in the industry to digitally trade specialty risks at Lloyd’s. The integration with Ki places WTW at the forefront of Lloyd’s strategy as well as boosting its digital insurance capabilities, the statement added.
With Ki’s direct connection with WTW’s global distribution network, the brokerage’s clients will be able to access a secure, sustainable and scalable source of capacity throughout the market cycle.
“This is a tremendous step forward for the future of digital broking and signifies the progress we have made in our data and technology strategy as we prepare for the market of the future,” said Adam Garrard, global head of corporate risk & broking at Willis Towers Watson. “We are delighted to be the first broker to integrate our platform with Ki, through our global P&C hub which allows our clients to efficiently unlock risk capital for complex risk while reaping the benefits from technological innovation.”
Ki, which launched in May 2020, utilises Google Cloud and its algorithm to evaluate Lloyd’s policies and automatically quote for business. Developed with support from University College London, Ki is backed by capital from Blackstone and Fairfax.
“We are delighted to have integrated with Willis Towers Watson to deliver fully automated quotes through its broking platform,” added Mark Allan, CEO of Ki. “We are passionate believers in the potential of technology to enhance the broker and client experience in our market through seamless, real-time underwriting. Our integration with WTW’s global broking platform is a significant milestone in our mission to make the process of placing risk simpler, faster and more efficient using our digital and data-first approach.”
