Tremor Technologies, Inc., the online reinsurance pricing and placing platform, has launched Tremor Wordings™ which will serve as a powerful solution to digitize the reinsurance contract negotiation and approval process completely.
This launch is a follow-up by the company building on its in-marketplace communications platform.
Sean Bourgeois, the CEO of Tremor commented, “A well-known industry pain point, negotiating and finalizing contract wordings for traditional reinsurance placements involves dozens of versions of documents with out-of-synch track changes, roughly managed with spreadsheets exchanged between insurers, brokers and reinsurers.
“Finalizing contracts while trying to solve for price and lines is not only time and cost inefficient but leads to significant compliance risk.”
Tremor Wordings™ aims to streamline contract wording negotiations with dedicated data rooms.
When cedents and their brokers use Tremor’s on-platform contract discussion tools as part of a Tremor placement, it will automatically create individual data rooms that bring everything together in one place from final contracts, wording clarifications, contract discussion, and revisions.
After this, it will seamlessly tie into the authorization phase of the online placement process in Tremor’s reinsurance and risk transfer marketplace.
Bourgeois added, “With Wordings™, Tremor has completely digitized the process end-to-end so that base contract wordings can be negotiated and finalized before price discovery and allocation happens in our marketplace.
“This order of operations drives much more efficient trade with a perpetual audit trail so nothing is forgotten in a fraction of the time of a traditional placement.”
To use Wordings, cedents and their nominated brokers start each conversation by posting their draft contracts on Tremor, after which, each reinsurer gets a private data room where they can discuss the contract and request any individualized wording changes if needed.
As the discussion evolves, the data room tracks the latest version of the contract.
When cedent and reinsurer agree to terms, they both click to approve the contract wording, immediately making the reinsurer eligible to authorize bindable capacity for the placement on Tremor.
The final files as well as the conversation are memorialized alongside the transaction.
As a reinsurer, Tremor’s contract tools bring everything together from contract files, and negotiation, to clarifications in one convenient place. This allows for easy access during or after the transaction.
As a cedent or broker, Tremor’s contract tools help drive concurrency on base terms while managing contracts across reinsurers, keeping all contract discussions in one place.
Tremor Wordings™ is immediately available for reinsurance placements for all registered users utilizing the Tremor platform. Insurers, reinsurers and brokers interested in learning more about Tremor’s technology are invited to contact the company directly for a demonstration.
