We at Supercede are delighted to present this, the second in a series of white papers exploring the future of reinsurance. Building on the findings published in our April 2021 paper ‘Reinsurance reimagined’, this latest piece deep-dives into the topic of the reinsurance ecosystem.
The reinsurance industry is an excellent example of a thriving ecosystem comprising multiple entities with a high degree of interdependence, collaborating closely to create value. And yet, our ecosystem is ripe for change. Information flow between entities is bottlenecked. Vast amounts of manual work are required to get data in and out of systems. Monolithic systems are not designed for the modern modular applications that enable organisations to keep up with rapid technological advances.
We spoke with 11 leading global reinsurance practitioners to gather the insights presented in this paper. What would a fully modernised ecosystem look like, and how does it differ from the past? What are the pain points and inefficiencies that need addressing? Most importantly, how will a modern ecosystem accelerate growth and profitability?
The answers to these questions present a compelling case for the benefits of open data platforms. I hope you will find these insights useful or thought provoking and be motivated to join the conversation. By working together, we can find a better solution.