New insurtech Ki Insurance secures $500m investment
The company bills itself as “the first fully digital and algorithmically-driven syndicate”, featuring a broker-centric interface, optimal human/artificial intelligence configurations, trusted capacity (powered by Google) and a data-centric approach.
“Ki’s first-of-its-kind digital model will deliver a unique advantage to its’ business partners, which we believe will enable it to build to significant scale, while its algorithmically-driven approach represents an important evolution in the portfolio management of specialty risks,” said Qasim Abbas, Senior Managing Director at Blackstone.
“The Ki team have created a unique opportunity in Lloyd’s to revolutionise the market and we are excited to be a part of this.”
Exact details regarding the company itself have been sparse since plans for its launch were announced in . However, following the COVID-19 pandemic, it appears intent on equipping insurance with the ability to meet the challenges of future disruption with greater speed and control.
Matthew Wilson, CEO of Brit, called Ki “a significant milestone for our market” that drew on “Brit’s heritage of underwriting outperformance and Google Cloud’s technology expertise.”
In light of in the UK fintech sector, which is in the process of ‘reinventing’ itself to remain competitive in the post-Brexit market, equivalent progressions within insurtech, such as Ki, could indicate a broader revolution in London’s market.
As COVID-19 continues to illustrate the necessity and rising consumer preference for customisable digital solutions, tech-based entities like Ki could be highly important in shaping the industry in 2021 and beyond.
SLK Software: Optimising performance in the digital economy
Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.
As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:
- Relationship oriented
- Strategically focused on a desired outcome
- Reliant on automation tech
Believing in purposeful automation
SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies.
Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.
The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:
- Intelligent Business Transformation
- Agile IT Automation
Accelerating workflow processes
The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance.
Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:
“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.
Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.
Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.
Pictured: SLK Software team (source)