Supercede has put the proverbial wheels on reinsurance data and administration; removing friction, delivering accuracy and saving time for all parties involved in transacting reinsurance.
Innovation, evolution, revolution - call it what you will. If speed, integrity and auditability of data is important to you, get in touch with us at Supercede.
Common sense technology that will allow you to glide through the reinsurance quagmire.
A few years ago, the London (re)insurance market was being compared to the Amish, a community happy to maintain traditional custom despite pressure to change from the modern world. Critics pointed to the inertia of our market to embrace modern technology. There was some element of truth. The London market, with Lloyd’s at its centre, fostered a centuries old custom of enjoying face-to-face communication and negotiation. There was also a growing cautiousness by senior management following some costly failures of well-intended IT initiatives. While accepting their unfamiliarity with the language of IT, this boomer generation recognised such innovation absorbed time, money and carried reputational risk.
In the meantime, the complexities and magnitude of data associated with modern day reinsurance still remains an area of manual processes and workarounds. For stakeholders in the reinsurance chain, this data gathering process is clunky and time-consuming because much of it involves tedious, repetitive work, exporting data files from different formats and legacy systems and often involves employees from different disciplines across the organisation. Such manual processes are costly and prone to data being entered incorrectly or misinterpreted.
The good news is the millennial generation is both tech-savvy and industry-savvy and we are seeing innovative solutions being developed, bringing much needed efficiencies to our business. With the advancement of technology, and tools offered through platforms like Supercede, cedents and their brokers now have the opportunity to manage data simply and effectively, while saving up to 85% of the time they previously spent on these labour intensive tasks.
Supercede is a reinsurance focused technology company created by a younger cohort of working practitioners. They experienced the nuances and pain points of managing data themselves and knew there was a better way of doing it! Leveraging the power of modern technology they set out to radically improve all aspects of data preparation and create a digital reinsurance software platform to transform outdated working practices.
When I first came into the business a new technology was being deployed in the broking offices of Lime Street. It was called the “word processor”. It successfully achieved its aim of streamlining work to typists and allowed for the display and editing of documents on CRT screens. It was a precursor to computers. What previously required a day to produce a 20-page insurance wording on a typewriter could now be done in a few minutes.
Supercede’s reinsurance focused software of 2023 has the potential to be as transforming.
“Packs” automates the creation and validation of submission pack analytics and “Deals” allow cedents and brokers to build better placements.
Trust is a requirement within our industry, and not only trust between individuals and companies but also trust in the integrity of information and data. Accessing meaningful and true insights into the business can only be achieved if the data at the front end is 100% accurate.
Just as wheels have brought common sense practicality to the suitcase, so Supercede is delivering common sense practicality to reinsurance administration.
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