2022/2023 renewal season: over $24bn premium reinsurance with Supercede
Supercede, a specialist reinsurance platform, announced that between October 1, 2022 and January 1, 2023, $24.016 billion of unique underlying insurance premiums were registered on its platform across multiple reinsurance transactions managed by cedant clients and brokers.
Assignors used the platform to match, clean, and share basic shipment data with their broker partners, and both customers and brokers subsequently tracked these trades through a process of quoting and linking to over 145 collaborating markets around the world. Shipment packages were created in a matter of days instead of weeks, as was the case before, and actuarial quality data was shared with all parties.
“2023 is truly shaping up to be the year of reinsurance technology,” said Jerad Lee, CEO and co-founder of Supercede. “The critical mass of users and transactions on our platform is the value we can deliver to our ceding partners, brokers and underwriters, and the industry as a whole.
“Our mission is to simplify reinsurance, with some of our clients reporting an 85% reduction in operational load using the tools and technologies available on Supercede. We believe this had a significant impact on whether deals were completed on time during one of the toughest renewal periods in decades.”
This important news follows a study in which Supercede compared and analyzed the reinsurance activities of contracts with leading ceding insurers, showing that an average of 100 hours saved per contract was achieved using Supercede’s technology. Assuming the average customer has nine individual contract renewals, this extrapolates to an incredible savings of 5.4 million hours across the industry or $300 million in labor costs.
Not only was the internal time spent collating and verifying risk information between ceded re teams and their underwriting, claims, accounting and finance peers significantly reduced, there was also a 20% reduction in the overall administrative costs associated with their acquisition of the program. reinsurance. .
Renewal season beyond 2022/2023: Over $24 billion in premium reinsurance using Supercede first appeared on Fintech Finance.
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texasstandard.news contributed to this report.
