Company: Ki Insurance
Founder(s): Mark Allan (CEO)
Website: https://www.ki-insurance.com/
Description: Ki Insurance is an operator of a digital and algorithmically-driven insurance syndicate platform.
Ki Insurance, based in London, is a newly established insurtech startup. It is the genesis of an exciting new venture by Brit, working in collaboration with Google, which aims to redefine the commercial insurance market.
Ki is a first-of-its-kind digital model, which claims to deliver a unique advantage to its business partners. It is the first fully-digital and automatically-driven Lloyd’s of London syndicate.
Ki’s new platform allows its broker trading partners to access follow capacity in a seamless fashion. It has agreed to provide capacity to each trading partner in 2021 to give their clients immediate security about placing business at Lloyd’s.
The creation of Ki marks a step change for an industry that is yet to face the disruption seen across the rest of financial services and other industries. Ki will aim to significantly reduce the amount of time and effort taken for brokers to place their follow capacity, creating greater efficiency, responsiveness and competitiveness.
Ki has raised $500M (nearly £375M) investment in a round led by Tactical Opportunities, which is the investment arm of Blackstone along with participation from Fairfax Financial Holdings.
Managing Director Dan Hearsum has commented the following on Ki: “We are very proud to launch our digital platform with our initial trading partners, and through collaboration with them, we have already allocated the majority of our 2021 capacity, bringing valuable capacity and certainty to those brokers’ clients and business partners across 31 lines of business. The response from our trading partners has been phenomenal, with real commitment shown to embrace this new chapter for Lloyd’s,”
