Reinsurance tech firm Supercede has created a new platform for insurance carriers to manage their largest outward reinsurance placements.
Supercede Analytics aims to simplify the way the industry manages and processes increasingly complex submission data by having insurers’ outwards reinsurance divisions prepare all the data relating to their placements.
Currently, carriers mostly have to manage this process manually, with larger placements often taking several months due to the scale of the business.
“Reinsurance practitioners have been demanding standardised data for a long time, and now it’s becoming a reality,” said Supercede Chief Actuarial Officer Paul Bassan. “With data this clean, brokers can get straight to deal structuring and execution.”
While Supercede’s new platform promises significant benefits in terms of efficiencies, it will be interesting to see how willing ceding companies and brokers will be to share all of their data on placements with a third-party platform.
This kind of reinsurance submission data is a huge competitive advantage for many brokers, who may not want to relinquish ownership of it.
The aggregated data could also be extremely powerful in terms of providing insights into the reinsurance market and this is something very closely held by reinsurance brokers right now.
But one insurer already backing the solution is Markel, which participated in the pilot program with Supercede.
“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,” commented Jamie Morris, Senior Director, Reinsurance Placement at Markel.
“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.”
Ben Rose, President and Co-founder of Supercede, said: “Markel has been a tremendous advocate for Supercede. We’re delighted to welcome Markel as an Analytics customer.”
