In a recent report, Supercede, a reinsurtech software specialist, has unveiled insights into the industry’s movement towards digital platforms, showcasing a measured pace in the adoption of innovative solutions.
Amidst the critical January 2024 reinsurance renewal period, Supercede’s data indicates a growing acceptance of digital transformation, though progress remains slower than the ambitious strategies outlined by many insurance companies.
Between October 2023 and January 1, 2024, Supercede processed a substantial $60.935 billion in underlying premium, marking a notable 154% increase from the same period in 2022-2023.
This figure represents approximately 1% of the global reinsurance market, highlighting a steady but cautious shift towards digital platforms.
Key statistics from Supercede include a 43% increase in total platform users and a rise in the number of distinct reinsurance markets represented from 145 to 194.
Most notably, the utilisation of Supercede’s digital submission packs (Packs) saw a remarkable 214% increase compared to the previous year.
Supercede’s CEO and Co-founder, Jerad Leigh, acknowledged the industry’s traditional caution towards adopting new technologies but emphasised a definitive shift towards digital solutions.
Ben Rose, President and Co-founder at Supercede, echoed this sentiment, emphasising the profound evolution underway, not only changing operational processes but redefining the fundamental aspects of risk management and collaboration in the reinsurance sector.
The data also revealed a growing recognition within the industry of the advantages offered by digital platforms, including enhanced efficiency, improved data accuracy, and better collaboration across stakeholders.
While the insurance sector values its time-tested methods, there is clear acknowledgment of the need for innovation to stay relevant and competitive.
Supercede’s statistics underscore this delicate balance, demonstrating that traditional industry players are progressively integrating technology into their operations.
Looking ahead, as the reinsurance industry navigates the complexities of digital transformation, platforms like Supercede are expected to play a crucial role.
Their ability to provide comprehensive, accurate, and easily accessible data positions digital solutions to become more deeply integrated into the fabric of reinsurance transactions.
