Insurer Launches Digital Lloyd's Syndicate With Google Cloud

Law360, London (May 13, 2020, 4:39 PM BST) -- Insurer Brit PLC said Wednesday it will launch an "algorithmically driven" Lloyd's of London syndicate in collaboration with Google Cloud, a move that comes amid increasing digital transformation in the 330-year-old insurance market.

Brit said the syndicate, named Ki, will aim to do "what quantitative hedge funds did to capital markets in the 1990s" when it starts operating next year.

The conservative insurance market, which has typically relied on face-to-face business and paper slips for much of its history, is moving to the use of new technology to help it become more efficient.

"The creation of Ki marks a step change...

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