Co-founder predicts 2023 will be an important year for ’reinsurtech’ as customers report 85% operational savings
Supercede, the dedicated reinsurance platform, has announced that $24 billion in underlying insurance premiums were registered on its platform between 1 October 2022 and 1 January 2023, as part of the plethora of reinsurance deals managed by its cedent and broker customers.
Cedants used the platform to collate, cleanse, and share underlying submission data with their broker partners, and both cedants and brokers subsequently tracked these deals through the quote and bind process with over 145 collaborating markets globally.
Submission packs were created in a few days, not many weeks as was previously the norm, with actuarial quality data shared by all parties.
“2023 is really gearing up to be the year of reinsurtech,” said Jerad Leigh, CEO and Co-Founder of Supercede. “A critical mass of users and deals on our platform compounds the value we can deliver to our cedent, broker, and underwriter partners, as well as the industry at large.
“Our mission is to make reinsurance easy, with some of our customers reporting an 85% reduction in operational burden by utilising the tools and technology available on Supercede. We believe this has had a significant impact on whether deals were done in time during one of the most challenging renewal periods in decades.”
An average 100 hours per treaty was saved by using Supercede’s technology. Assuming the average cedant has nine bespoke treaty renewals, this extrapolates to an 5.4m hours saved across the entire industry, or $300m in labour costs, according to research.
Not only was there a significant reduction in the internal time spent collating and validating risk information between ceded re teams and their underwriting, claims, accounting, and finance colleagues, there was also a 20% reduction in overall administration costs relating to their reinsurance programme purchase.