Hiscox signs up to Kinnect

Hiscox is the latest insurer to confirm that it will sign up to use Kinnect.

Though no date has been set for it to go live with the system, Hiscox chief executive Bronek Masojada said the insurer had decided to join the risk data platform.

"Hiscox is currently in the process of signing up to Kinnect - we're busy working on it," he said.

Existing Kinnect customers include brokers Marsh and Willis, and underwriters Ace European Group, Amlin, Ascot, Beazley, Markel and Wellington.

Meanwhile, St Paul at Lloyd's is understood to be working on a Kinnect feasibility study with a view to putting its North American property business through the platform.

The Kinnect system, which is funded by Lloyd's, is designed to provide technology and support services enabling brokers and underwriters to exchange information electronically.

Last month, doubts were raised by some of Kinnect's partners about the interconnectivity platform's viability and the amount of money spent on consultants.

Sources said Amlin told Kinnect that it may not be committed long-term to the project due to over-burdening costs.

Officially, the cost of Kinnect is put at £50m, but estimates put the actual cost closer to £70m.

Willis recently said the time and cost spent on the Kinnect project was "more than first thought", but denied speculation that it was examining the possibility of launching its own direct platform.

Kinnect handled its first open market risk in February this year when a US commercial risk was transferred from Willis to Amlin.

' Hiscox has launched an advertising campaign on London Black Cabs targeting affluent homeowners.