Supercede announces new reinsurance platform

Supercede, the London-based reinsurance technology firm, has announced the creation of their latest analytics platform which it claims, will streamline outward reinsurance submissions. 

The company, which only launched in 2019, is the provider of a global reinsurance placement platform, Supercede Analytics, built for dealmakers, which manages the complete placement lifecycle for an independent global network of reinsurance  professionals.

Currently, the company represents more than 90 reinsurance broking and underwriting firms, worldwide. Supercede captures actuarial-grade data with Supercede Analytics, and enables users to trade without cost on  one intuitive placement platform. 

Global reinsurance technology 

The platform, which Supercede says will help change the way the global reinsurance  industry manages and processes increasingly complex submission data, will involve insurance  carriers’ global outwards reinsurance division preparing all the data relating to its largest reinsurance  placements through the Supercede Analytics solution. 

Currently, carriers have to manage this process manually, which can take several months due to  the scale of the business and task. 

Supercede says it’s new platform will  enable carriers to improve efficiency by leveraging technology solutions that are long overdue in the industry. 

Jamie Morris, senior director, reinsurance placement, for Markel, a US based Fortune 500 holding company for global insurance, reinsurance, and investment, participated in the pilot program with Supercede. Morris described the new technology as transformative, saying, “Supercede is going  to allow us to transform the way we prepare our reinsurance submissions, resulting in less time spent  on administrative tasks and reconciliation, and more time on analytics and collaborating with our  brokers on strategy.

“The Analytics  platform will allow us to prepare our larger submissions in weeks and not months, while also laying  the foundation for a more digital placement process with our brokers and reinsurers.” 

The announcement follows on from Supercede’s recent invitation to bring their analytics solution to outwards buyers across the London Market, through the  Lloyd’s Lab. 

Chief Actuarial Officer, Dr. Paul Bassan, who designed the solution in response to his own  experiences of pricing large London Market treaties, added, “Reinsurance practitioners have been demanding standardised data for a long time, and now it's  becoming a reality. With data this clean, brokers can get straight to deal structuring and execution." 

How data analytics technology can help reinsurers

• For cedents: previously, data preparation was a hugely complex and time-consuming process. Now  Supercede’s Analytics solution automates the creation of outwards reinsurance submission exhibits,  including the preparation and validation of data, premium estimates, rate changes, bordereau, loss runs, and triangles, which they can then share selectively with brokers.  
• For brokers: currently, many brokers spend time on compiling data rather than doing the deal. With  Supercede they get clean and consistent outwards data from cedents to build data-rich, multi-layer  risk profiles with customisable, reinsurance-specific features that they can then share with selected  markets for quoting and binding, or distribute to a wider global marketplace of underwriters. 
• For reinsurers: historically, reinsurers had to wait for ‘friendly brokers’ to bring them the best  business and navigate multiple broker systems or an overflowing inbox to find submissions. Now  they get access to a world of new risks across multiple brokers in a single platform, with risks  represented consistently with the data needed to price at their fingertips.