Specialist global insurer Hiscox has partnered with reinsurtech software specialist Supercede for all 2023 outwards reinsurance placements.
According to the announcement, this partnership will drive operational efficiencies and simplify complex placements for broker partners.
Supercede’s reinsurance tools will allow Hiscox to capture data and confirm order terms to their broking partners and reinsurers around the world – it does this by sending out messaging, as it does not dynamically price the risk or allocate it.
Matthew Tibbs, Reinsurance Manager at Hiscox, said: “We have dedicated tools which provide comprehensive reporting capabilities, however, the integration of Supercede’s reinsurance platform into our internal systems will add multiple efficiencies to our processes, allowing us to capture data more quickly. Over time these efficiencies will not only benefit ourselves, but also our valuable broking partners.”
The easy-to-use platform makes capturing complicated reinsurance information seamless, Supercede explains. It also maximises operational efficiencies, harmonises system interconnectivity, and automates data capture into accounting and MI reporting systems.
Additionally, the Supercede platform will help to minimise processing times and operational costs by eliminating the need to enter the same data into multiple systems.
This will better serve Hiscox stakeholders and customers, Supercede claims. Hiscox will also benefit from a single platform built by the reinsurtech to cater for complicated reinsurances as well as accounting considerations.
Jerad Leigh, Co-Founder and CEO of Supercede said: “Our technology is designed to help brokers by removing friction from onerous internal processes in their interaction with cedents and reinsurance markets.
“Having cedents use the platform and tools to interact with their broking partners further eases the strain on broking professionals and improves relationships in this key part of the value chain. We’re delighted that Hiscox partnered with us on our mission to remove friction and make reinsurance easy”.
According to Supercede, over $24 billion in underlying premium was processed using its platform in the January 2023 renewal season.
