Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Insurer Brit and Google Cloud to launch first digital Lloyd’s syndicate

Reprints
Lloyd's Google

(Reuters) – Insurance company Brit and Google Cloud are together launching the first digital Lloyd’s of London syndicate, accessible from anywhere and at any time.

As Lloyd’s pushes its 99 syndicate members towards more digital trading in a move accelerated by the coronavirus pandemic, Brit, a unit of Fairfax Financial Holdings Ltd., 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 CEO 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.”