The Kinnect system has handled its first complex open market risk announced Lloyd's. A US commercial policy risk was transferred from Willis to Amlin using the Kinnect platform.
Kinnect, which is funded by Lloyd's, is designed to provide technology and supporting services to enable brokers and underwriters to exchange information electronically.
Lloyd's head of business process reform and Kinnect executive chairman Iain Saville, said: "This first open market risk demonstrates the strength and sophistication of the platform. Handling extremely complex risks is a major strength of Lloyd's.
"We must move rapidly to writing such business in a secure electronic environment, thereby creating a greater degree of contractual certainty and supporting fast and accurate business processing.
"This needs technology that's powerful and robust, but with a high degree of flexibility. We are now demonstrating that Kinnect fits the bill."
