A Digital Ecosystem is Essential to the Future of Reinsurance according to Eleven Industry Leaders

The reinsurance industry is on the cusp of huge technological change, with common data standards and open data platforms set to deliver faster, more efficient collaboration between reinsurers, cedents, and brokers, worldwide, according to new research published by Supercede.

Supercede, the global all-in-one reinsurance placement platform, has published its new, deeply collaborative white paper: ‘Supercharging the reinsurance ecosystem’. The white paper combines the company’s own research with insights from interviews from eleven leading global reinsurance experts to explore how digital platforms are set to transform the industry.

“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, as vast amounts of manual work are required to get data in and out of systems,” writes Jerad Leigh, Supercede’s co-founder and CEO.

“This leads to huge additional costs and inefficiencies. Automation will massively reduce the man- hours required to work with reinsurance data, saving huge costs in the process, freeing up valuable resources for more strategic tasks, and vastly improving the quality of analysis,” he adds.

Although the experts interviewed in the white paper identify the major potential benefits of open data platforms for the industry, they also sound a note of caution. They point out that the industry needs to change its culture and processes alongside their technology to fully reap the benefits of a modern ecosystem.