*UKHotViewsExtra* Brit and Google Cloud accelerate London Market transformation

Leading commercial insurer, Brit, has announced plans to launch a new AI-based Lloyd’s syndicate in collaboration with Google Cloud. Scheduled for its London Market launch in 2021, the algorithmically driven incubator “Ki” is being backed by Brit, Fairfax and other private capital investors. The business will be a stand-alone venture, run by a dedicated team reporting to Brit’s Group CFO, Mark Allan, who will act as Executive Chair. 

Ki will use AI to evaluate Lloyd’s policies and provide automatic quotes via a digital platform that can be accessed remotely by brokers, anywhere and at any time. Cover will be selected via a process using a proprietary algorithm, developed in conjunction with the Computer Science department at University College London (UCL). 

Advanced analytics is shaking up the traditional insurance ecosystem and its approach to pricing. Coupled with machine learning (ML), the sophisticated use of data is starting to replace human expertise in the assessment and management of risk. Meanwhile, innovative technology providers, including the likes of Concirrus and Loadsure, are helping to transform long-established, manual processes within the London Market and the commercial insurance space.

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Posted by: Jon C Davies at 09:48

Tags: insurance   LondonMarket   lloyds  

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