Lloyd’s announced that its Kinnect data transmission platform has just handled its first “open market” risk placement – a “complex open market risk” placed by Willis with Amlin last week.
“A US commercial property risk was transferred on Wednesday from Willis, across the Kinnect Platform, into insurer Amlin’s underwriting system, provided by ROOM Solutions,” said the announcement.
It noted that “Last December’s first live risk was also placed by Willis, under an existing facility agreement with Lloyd’s underwriter Wellington. Risks placed under a facility are typically more standardised. Kinnect has now demonstrated that it can handle both categories of business with ease.”
Kinnect is funded by Lloyd’s to provide technology and supporting services that enable brokers and underwriters to exchange data electronically. It is an important element in Lloyd’s reform of its business processes, aimed at increasing the use of technology to increase market efficiency.
Iain Saville, Lloyd’s Head of Business Process Reform and Kinnect’s Executive Chairman, stated: “This first open market risk demonstrates the strength and sophistication of the platform. Handling extremely complex risks is a major strength of Lloyd’s. We must move rapidly to writing such business in a secure electronic environment, thereby creating a greater degree of contractual certainty and supporting fast and accurate business processing. This needs technology that’s powerful and robust, but with a high degree of flexibility. We are now demonstrating that Kinnect fits the bill.”
Grahame Millwater, CEO Global Markets, Willis Group, noted: “In placing the first risk through Kinnect Open Market with Amlin, Willis is delighted to continue to drive reform in the London market.” Amlin’s CEO Charles Philipps seemed equally satisfied, noting that the company was “pleased to partner Willis in making the next stage of Kinnect happen.” He added that Amlin is “committed to driving forward new technologies which will ultimately benefit not only our clients and counterparties, but which will raise the stakes for the entire London market.”
Marcus Broome, Chairman of ROOM Solutions commented: “As a member of the original consortium, ROOM has supported Kinnect from the beginning and is delighted to have provided Amlin with the integration technology to enable this important milestone. We strongly support initiatives to improve operational efficiency in the market, and will continue to work with Kinnect and Amlin to realise their objectives.”
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