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Brit, Google Cloud to launch digital Lloyd's syndicate

Wednesday 13 May 2020 14:39 CET | News

UK-based insurance company Brit and Google Cloud have announced plans to launch a digital Lloyd’s of London syndicate.

As syndicate members of commercial insurance market Lloyd shift towards digital trading in a move accelerated by the coronavirus pandemic, Brit plans to launch its Ki digital syndicate in 2021. Brokers would be able to place insurance business using Ki, which will provide automatic price quotes through an algorithm developed with University College London. Google Cloud will provide cloud technology to the syndicate, according to reuters.com.

As the COVID-19 pandemic unfolded and lockdown and social distancing measures came into force across the UK, Lloyd’s market has gone remote. Lloyd’s had started its modernisation process prior to the outbreak, which included electronic placement to be used across the market, according to reinsurancene.ws.

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Keywords: Brit, Lloyd’s of London, Google Cloud, digital syndicate, coronavirus, pandemic, Ki, insurance business, automatic price quotes, algorithm, University College London, cloud technology
Categories: Banking & Fintech | Payments General
Countries: United Kingdom
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Banking & Fintech






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