Rapid reinsurance dealmaking is here with hyperexponential and Supercede partnership
hyperexponential and Supercede have brought their SaaS platforms together to reimagine and reinvigorate reinsurance dealmaking. Hampered by poor data practices by insurers, reinsurers have been widely neglected by insurtechs due to the need for complex structures and models using disparate and specific datasets. Now, they finally have 21st century tools to price today’s emerging risks.
Amrit Santhirasenan, Co-Founder & CEO of hyperexponential, said: “We’re putting the power back in the hands of practitioners! Renew has always linked to underwriters’ and actuaries’ internal systems and databases, but by linking in with industry-wide platforms like Supercede, we can supercharge our productivity gains and push them right up and down the value chain.”
The proof is in the pudding: multi-month to multi-hour
Using standardised underlying risk information, Supercede’s reinsurance platform rapidly creates a digital cedent submission pack and instantly attaches this to deal data for onward transmission to markets. This accelerates the process used by cedents and brokers in today’s market, cutting a three-month submission preparation period down to just a few hours.
Unifying pricing actuaries and brokers: from prep to quote in minutes
This same deal and risk information is then extracted from Supercede’s reinsurance platform to be instantly ingested into the Renew platform. Renew is able to use custom pricing models built on the platform by real pricing actuaries to take this risk and deal information and provide a rapid quotation back to the broker in less than 30 minutes.
Jerad Leigh, Co-Founder and CEO of Supercede, said: “We’re excited to successfully prove what the market has been telling us is possible for years. With reinsurers using automated actuarial pricing systems like Renew, and cedents and brokers using Supercede to build, collaborate, and share their deals, we can turn a clunky, multi-month process into something expertly executed in under a few hours. This leaves precious time to add real value to the relationships and entrepreneurism that makes this market so great.”
The future of reinsurance deals is here
As with insurers, reinsurers must modernise their processes, replacing spreadsheets from 1997 with modern technology capable of analysing vast datasets that can give them a competitive edge. hyperexponential and Supercede have proven how quickly treaty reinsurance submissions can be created, validated, brokered, and quoted if the right tools are put in place. In addition to improving productivity from a time perspective, this tech also improves accuracy of risk pricing thereby reducing loss ratios.
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