LONDON, June 29, 2021 - Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, today announced the live trading of complex commercial risks after integrating its Broking Platform with Ki.
As the first broker to digitally trade specialty risks in Lloyd’s, the Ki integration places Willis Towers Watson at the forefront of Lloyd’s strategy and the digital insurance revolution. Using market-recognised data standards and a scalable API, the integration of Ki’s algorithmic underwriting with Willis Towers Watson’s broking platform provides clients with faster and more efficient access to capital delivering a more competitive placement experience.
Ki offers capacity across a broad range of specialty business. Now connected directly to Willis Towers Watson’s global distribution, the partnership offers Willis Towers Watson clients with a secure, sustainable and scalable source of capacity throughout the market cycle.
Adam Garrard, Global Head of Corporate Risk & Broking said, “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. 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.”
Mark Allan, CEO of Ki, commented “We are delighted to have integrated with Willis Towers Watson to deliver fully automated quotes through its Broking Platform. 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 Willis Towers Watson’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.”
Ki was launched by Brit Insurance in May 2020 in collaboration with Google Cloud and its algorithm, which is able to evaluate Lloyd’s policies and automatically quote for business, It was developed with support from University College London. Ki is backed by capital from Blackstone and Fairfax and began writing business for 1 January 2021.
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.
Ki is the genesis of an exciting new venture by Brit, a leading global specialty insurer, working in collaboration with Google Cloud, which aims to redefine the commercial insurance market.
Ki is an algorithmically driven follow-only syndicate, managed by Brit Syndicates Limited. It will write follow-only business written by Brit or other 'nominated' syndicates. Ki was incubated by BritX, Brit’s innovation team, working in collaboration with Google Cloud.
Ki is the first fully digital follow-only syndicate to be approved by Lloyd’s of London due to its innovative business model and alignment to the Future at Lloyd’s.
