A partnership has been struck between Ki and Howden, in what is being described as a first for the Lloyd’s market.
Ki is set to commit substantial capacity over three years, with Ki, Howden and the insurtech platform HX – formerly known as Hyperion X – collaborating on a fully digital end-to-end Lloyd’s placement journey during 2021. According to the firms, it will enable a “seamless and instantaneous commitment of follow capacity in the market.”
“Howden’s commitment to transaction efficiency allows our people to focus their expertise and time on the areas that add the greatest value for clients,” said Barnaby Rugge-Price, executive chair of Hyperion X and chair of Howden Broking Group. “Ki shares our vision for the market with all the benefits it brings for clients, brokers and capital providers. Hyperion X’s data, technology and automation is key to the delivery of transaction efficiency and has been a real catalyst for progress. This partnership is just the start of a significant long-term relationship between Howden and Ki, we look forward to collaborating, growing together and driving innovation across the market.”
The move comes after Ki was created back in May this year with the aim of reducing the amount of time it takes for brokers to place their follow capacity. It includes an algorithm developed with the support of University College London, that evaluates Lloyd’s policies and automatically quotes business through a digital platform that is always available. It is set to write a broad range of business in the market.
“We are delighted to be partnering with Howden and Hyperion X,” said Ki CEO Mark Allan. “The creation of the first fully digital end-to-end Lloyd’s placement is another significant milestone, and we are proud that Ki is a central part of this. We believe digital models have major advantages for Lloyd’s and unlock substantial opportunities for the market in the future.”