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Lockton Re first as it partners with Supercede to refine reinsurance data quality to boost efficiency and enhance client service
In response to the increasing demand for accuracy and efficiency in the reinsurance sector, global reinsurance broker Lockton Re has signed long-term agreement with Supercede, a frontrunner in reinsurance technology, to refine its reinsurance data.
Lockton Re becomes the first major reinsurance broker to adopt wholesale usage of the Supercede’s treaty data preparation platform having seen an increase in adoption amongst their mutual clients.
Like all reinsurance brokers, Lockton Re receives data from cedents in a myriad of formats, making it a lengthy process to understand, format, and cleanse before drawing meaningful conclusions.
Lockton Re’s pilot with Supercede during the summer led to confidence that many of the errors typically found in submission data could be automatically detected.
Supercede’s platform ingests data in its native raw format, regardless of its structure, and swiftly transforms it into structured and cleansed data. The platform’s advanced error detection and anomaly identification capabilities further streamline the process.
“Our independence allows us to focus entirely on meeting our clients’ needs,” said Claude Yoder, Global Head of Analytics at Lockton Re. “By integrating Supercede’s automation technology, we can work more efficiently and provide unmatched service quality to our clients.”
Reflecting on the collaboration, Supercede CEO, Jerad Leigh, remarked: “Empowering industry trailblazers like Lockton Re epitomises our mission. Watching them leverage our technology to bolster their service quality and efficiency is deeply rewarding and reaffirms our goal to revolutionise reinsurance.
“Watching the speed of adoption amongst cedent reinsurance buying teams really inspired us to push on with the platform’s maturity,” Leigh added. “Now, having well-respected brokers onboard gives us a further vote of confidence as the go-to platform for reinsurance data processing.”
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