8 June 2004 – The volume of business being placed in the London insurance market using Kinnect, the Lloyd�s-backed messaging system to support electronic placing of risks, has increased significantly during May.
From 1 May, international broker Marsh has been using the Kinnect Platform to send out risk data to underwriters relating to its North American property portfolio.
In addition, Willis, the broker that placed the very first two risks using Kinnect, has also increased the volume of North American property business it passes across the platform.
Both Marsh and Willis have committed to using Kinnect to distribute part of their North American property portfolios in London by the end of 2004.
Kinnect�s CEO Toby Davies said:
�This is another major step forward for Kinnect. We all know that the key to the platform�s success is building the volume of risk data being placed across it and gaining traction from our customers. With both Marsh and Willis now submitting North American property risks, that volume is increasing rapidly and bringing many businesses into contact with Kinnect.�
Grahame Millwater, Chief Executive, Global Markets, at Willis said:
�As one of the market�s key innovators of new technology solutions, Willis is committed to using Kinnect and wants to see the project adopted broadly. Placing this business through Kinnect is part practical use of the platform, and part vote of confidence. We�re sending a signal to other market businesses to encourage their involvement.�
Bruce Carnegie-Brown, CEO Marsh Ltd, said:
�As a member of Kinnect�s initial launch group, Marsh is working with Kinnect and investigating its potential role in the wider context of market reform. We intend to grow the proportion of our North American property distributed across Kinnect over the coming months.�
�We see Kinnect as an enabler of market reform by delivering a tool to help create contract certainty at inception and enable efficient post placement processing in the London market.�
In addition to Marsh and Willis, the other members of Kinnect�s initial launch group are underwriters ACE Europe, Amlin, Beazley and Wellington.
1. Kinnect is a Lloyd�s sponsored business that facilitates the electronic transfer of risk data between brokers and underwriters to lock down contractual terms including risk disclosures. Recording transactions properly aids regulatory compliance, improves the speed and efficiency of settlement and claims, and reduces legal disputes.
2. Backed by Lloyd�s, Kinnect is transitioning to user governance with the intention of becoming user-owned in the longer term.