Ki unveils first broker API as it drives down response times
Ki, the first fully digital and algorithmically driven Lloyd’s syndicate, has unveiled its first broker API.
The new API allows quotes to be requested directly by a digital broking platform. It means partner brokers can integrate digitally with Ki and create a totally seamless connection to Ki’s algorithm to obtain quotes within their own broking platform, Ki said.
This will 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, it explained.
Ki began trading in January 2021 and bound over 1,000 risks in the first quarter of 2021. It claims to be on track to deliver its targeted full year premium. Since launch it has transacted with each of its broking partners and in all of its classes of business.
In that time it has also driven down response times, to around 10 seconds on average, from 60 seconds at launch.
Ki has also 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, it said.
Mark Allan, chief executive officer of Ki, said: “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.”
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