Tremor embeds communications within its reinsurance marketplace

Tremor Technologies, the insurtech operator of a programmatic risk transfer marketplace, has added a new feature called TremorTalk, which is a communication tool that sits within the deal-flow itself and is specifically designed for reinsurance placement and related risk transfer activities.

With the launch of TremorTalk, Tremor is highlighting the importance of communication over the lifecyle of a transaction, or reinsurance placement, ensuring parties can engage and keep each other updated, further adding efficiency to the process and reducing the need for using other communication tools.

Importantly, TremorTalk is an end-to-end audited communications function that sits within the deal stream of the Tremor marketplace platform.

“Disconnected emails, spreadsheets and third party data administration applications end up becoming a really frustrating game of telephone tag during the traditional reinsurance placement process. What reinsurance buyers and sellers want is a simple, intuitive communication single source of truth coupled with modern price discovery and optimal allocation. TremorTalk marries modern communication with our market-leading pricing and placing technology,” explained Sean Bourgeois, Tremor CEO.

TremorTalk provides every reinsurance capital provided using the Tremor platform with a dedicated channel to discuss a placement with the cedent and broker.

It means deal participants are connected to the people they need to know to get the transaction done, so reinsurers can ask questions and cedents can answer them, as well as provide supplemental data.

Importantly, the conversation is tied to the transaction itself, so the buyer and their team can easily access it in the future.

With each communication channel being placement-specific, reinsurance buyers message specific counterparties and also broadcast messages to all participants in the placement simultaneously.

The conversation thread is maintained within the platform, complete with a full audit trail of key communications across the lifecycle of the placement and threads can be accessed for viewing or downloaded in future.

“The goal is to keep the process simple and valuable while maintaining a clean audit trail of each transaction,’ Tremor explained.

“TremorTalk is much more than messaging. It is a fundamental building block for our platform. We see a natural evolution to better enabling treaty contract wording and facultative certificate negotiation and finalization which is often a frustrating process requiring the management of dozens of Word documents over email. Furthermore, we see a natural expansion into claims notification and servicing.

“Lastly, and perhaps most exciting of all, we see integration possibilities between TremorTalk and the rapidly evolving ecosystem of AI tools that could supercharge both the buying and underwriting process of the future, so much more to come,” Bourgeois commented.

The new communication functionality is available immediately for placements involving the 140 registered reinsurers and cedents using the platform, Tremor said.