’Ki will significantly expand the follow capacity available through algorithmic underwriting,’ says chief executive
Ki is set to become the first algorithmic underwriter in the London market to offer additional capacity from multiple syndicates after striking a new deal with Travelers and Aspen.
A statement released today (17 October 2023) said Travelers and Aspen will offer additional follow capacity through KI’s digital platform from 1 January 2024.
The capacity will be available across Ki’s open market classes of business in the property, casualty and specialty divisions.
Mark Allan, chief executive of Ki, said: “We are delighted to be launching these ground-breaking partnerships to accelerate the adoption of digital follow in the Lloyd’s market.
”As a result, Ki will significantly expand the follow capacity available through algorithmic underwriting, marking a major step towards a fully digital follow market.
”We are pleased to partner with Travelers and Aspen, two leading companies in our sector, who share our vision of a more efficient follow market and we look forward to working closely with them as long-term partners.”
KI added that the deal will further enhance its proposition as a ”compelling way for brokers to seamlessly complete placements in Lloyd’s”.
As part of this, brokers and clients will continue to get immediate responses to quote requests using the Ki platform.
Matthew Wilson, chief executive of Travelers Europe, said: “Innovation and digitisation are significant drivers for the continued evolution of the insurance industry.
”We are pleased to partner with Ki on this opportunity as their platform creates efficiencies for an important segment of the London insurance market and provides a better experience for brokers, customers and carriers.”
Mark Cloutier, executive chairman and group chief executive of Aspen, added: “We have been clear in our aspiration to continue to grow our presence in Lloyd’s and our long-term partnership with Ki will form an important part of this.
”Mark and the team have built an outstanding platform that has already been enthusiastically adopted by the broking community, we look forward to working closely with them as partners.”
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