The tech speeds up submissions and improves accuracy of risk pricing, helping reduce reinsurers’ loss ratios
Insurtech firms hyperexponential and Supercede have brought their SaaS platforms together to reimagine and reinvigorate reinsurance dealmaking and to help price today’s emerging risks.
Treaty reinsurance submissions can be created, validated, brokered and quoted with more efficiency and accuracy if the right tools are in place.
In addition to improving productivity from a time perspective, the tech also improves accuracy of risk pricing thereby reducing loss ratios.
Amrit Santhirasenan, co-founder & CEO of hyperexponential said “Renew has always linked to underwriters and actuaries’ internal systems and databases, but by linking in with industry-wide platforms like Supercede, we can supercharge our productivity gains and push them right up and down the value-chain.”
From months to hours
Using standardised underlying risk information, Supercede’s reinsurance platform rapidly creates a digital cedent submission pack and instantly attaches this to deal data for onward transmission to markets.
This accelerates the process used by cedents and brokers in today’s market, cutting a three-month submission preparation period down to just a few hours.
This same deal and risk information is then extracted from Supercede’s reinsurance platform to be instantly ingested into the Renew platform.
Renew is able to use custom pricing models built on the platform by real pricing actuaries to take this risk and deal information and provide a rapid quotation back to the broker in less than 30 minutes.
Jerad Leigh, Co-Founder & CEO of Supercede said “With reinsurers using automated actuarial pricing systems like Renew, and cedents and brokers using Supercede to build, collaborate and share their deals, we can turn a clunky, multi-month process into something expertly executed in under a few hours.
“This leaves precious time to add real value to the relationships and entrepreneurism that makes this market so great.”