London, United Kingdom,11 January 2024 – Supercede, a key player in the reinsurance technology sector, has released new data shedding light on emerging trends in the reinsurance industry, particularly the adoption rate of digital solutions. The findings coincide with the January 2024 reinsurance renewal period, a critical phase for the industry.
Industry-Wide Digital Transformation: Slower Pace, Steady Progress
Despite a broadly acknowledged need for digital transformation within the reinsurance industry, the pace of adoption has been measured. Supercede’s recent data indicates that while the transition to digital platforms is progressing, it remains slower than the ambitious digital strategies outlined by many insurance companies.
Key Statistics from Supercede:
- Between October 2023 and January 1, 2024, Supercede processed $60.935 billion in underlying premium, a 154% increase from the $24.016 billion during the same period in 2022-2023.
- This figure represents about 1% of the global reinsurance market, suggesting a growing acceptance of digital platforms.
- The total number of users on Supercede’s platform has grown by 43%, and the number of distinct reinsurance markets represented has increased from 145 last year to 194.
- The most significant growth was observed in the use of Supercede’s digital submission packs (Packs), with a 214% increase from the previous year.
The Industry’s Response to Digital Tools:
Supercede’s CEO and Co-founder, Jerad Leigh, notes, “The insurance industry, especially in the reinsurance segment, is traditionally cautious in adopting new technologies. However, our latest figures suggest a gradual but definite shift towards digital solutions, albeit at a pace that reflects the industry’s need for reliability and trust in new systems.”
Echoing Leigh’s sentiments, Ben Rose, President and Co-founder at Supercede and co-host of The Reinsurance Podcast, added:
“While the journey towards a fully digitised reinsurance landscape is complex, the strides we’ve observed are not just promising; they’re indicative of a deeper evolution. Our technology isn’t just changing how we operate; it’s redefining the very fabric of risk management and collaboration in our industry.”
The data also highlights a growing recognition within the industry of the benefits of digital platforms, such as improved efficiency, enhanced data accuracy, and better collaboration across different stakeholders.
Balancing Tradition and Innovation:
While the insurance sector values its time-tested methods and approaches, there is a clear acknowledgement of the need for innovation to stay relevant and competitive. Supercede’s statistics are indicative of this balance, showing that traditional industry players are increasingly integrating technology into their operations.
Looking to the Future:
As the industry continues to navigate the complexities of digital transformation, platforms like Supercede are poised to play a crucial role in this transition. With their ability to provide comprehensive, accurate, and easily accessible data, digital solutions are expected to become more deeply integrated into the fabric of reinsurance transactions.
About Supercede:
Supercede is a leading reinsurtech platform designed to facilitate trade across the global reinsurance value chain. It supports cedents seeking better submission quality, brokers aiming for a more efficient placement process, and reinsurers desiring better access to risks and data. Supercede’s ecosystem enables the global reinsurance industry to create, track, and manage activity more effectively, driving the future of reinsurance.
Contact
Cordy BarlettSupercede Technology Ltd.
