Q1 sees platform enhancements as Ki unveils development of ‘Broker API’
London, 4 May 2021: Ki, the first fully digital and algorithmically driven Lloyd’s syndicate, is pleased to report a strong first quarter and the release of its Broker API.
Ki, which began trading in January 2021, bound over 1,000 risks in the first quarter of this year and is on track to deliver its targeted full year premium. Working closely with its partner brokers, Ki has continued to update and enhance the platform, incorporating feedback with multiple updates and enhancements to further streamline the placement of risk.
During the period, Ki transacted with each of its broking partners and in all of its classes of business. It significantly expanded its market presence by onboarding the reinsurance divisions of its partner brokers and increasing its active user base on the Ki platform to over 800 brokers.
Ki has also developed and released its first Broker API. This transformative step will allow partner brokers to integrate digitally with Ki and create a totally seamless connection to Ki’s algorithm to obtain quotes within their own broking platform. This will further accelerate access to Ki’s capacity, providing straight-through processing of data and a fully integrated end-to-end quotation process between market participants at Lloyd’s.
Mark Allan, CEO of Ki, commented: “We are delighted by the market response to Ki so far, proving the potential for technology in our market. We have built Ki in London, for London, and the brokers have embraced the idea that Ki makes Lloyd’s a stronger proposition globally. We plan to expand further with our partners, giving them and their clients access to valuable capacity in Lloyd’s.
We have also shown the potential of our talented tech and data teams with the enhancements we have already made to our platform. Our response time has improved from 60 seconds to around 10 seconds on average, and we have now created a game-changing API capability that allows quotes to be requested directly by a digital broking platform. We look forward to establishing our first partner integrations shortly.”