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.