FILE PHOTO: A man enters the Lloyd’s of London building in the City of London financial district in London, Britain, April 16, 2019. REUTERS/Hannah McKay
LONDON (Reuters) – Insurance company Brit and Google Cloud are together launching the first digital Lloyd’s of London [SOLYD.UL] syndicate, accessible from anywhere and at any time.
As commercial insurance market Lloyd’s pushes its 99 syndicate members towards more digital trading in a move accelerated by the coronavirus pandemic, Brit plans to launch its Ki digital syndicate next year.
“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,” Brit Chief Executive Matthew Wilson said on Wednesday.
Insurers are also in a race to team up with tech giants such as Google to make their products easier to buy.
Brit said that brokers would be able to place insurance business more quickly using Ki, which will provide automatic price quotes through a proprietary algorithm developed with University College London.
Google Cloud will provide “enterprise grade” cloud technology to the syndicate, Brit’s statement said.
John Neal, Chief Executive of Lloyd’s, said the digital syndicate launch was a “first for Lloyd’s and paves the way for others to follow”.
Reporting by Carolyn Cohn; Editing by David Goodman