Lloyd's First Complex Risk Placement Via Internet

Lloyd's First Complex Risk Placement Via Internet

NU Online News Service, Feb. 9, 3:34 p.m. EST?Lloyd's of London said Kinnect, its electronic data transfer system, last week handled its first complex open market risk over the Internet.[@@]

The risk, a U.S. commercial property risk transfer from London-headquartered insurance broker Willis to Amlin plc in London, a syndicate, demonstrated Lloyd's commitment to provide technology and support services between brokers and underwriters to exchange data electronically, Lloyd's said.

In December, the Kinnect system was used to process a simple existing facility agreement placed by Willis with Wellington Underwriting, a Lloyd's member syndicate.

"Handling extremely complex risks is a major strength of Lloyd's," said Iain Saville, Lloyd's head of business process reform and Kinnect's executive chairman. "We must move rapidly to write such business in a secure electronic environment, thereby creating a greater degree of contractual certainty and supporting fast and accurate business processing."