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.
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)