What’s happening with reinsurance tech?
What’s happening with reinsurance tech? | Insurance Business Australia
Reinsurance
What’s happening with reinsurance tech?
Supercede sheds light on some recent trends
Reinsurance
By
Kenneth Araullo
Reinsurance tech firm Supercede has unveiled data highlighting trends in the reinsurance industry, particularly regarding the adoption of digital solutions, all of which are particularly relevant during the January 2024 reinsurance renewal period, a crucial time for the industry.
The pace of digital transformation within the reinsurance industry has been steady, albeit slower than the ambitious digital strategies many insurance companies have outlined. According to the latest data, the transition to digital platforms is underway but progressing at a moderate pace.
From October 2023 to January 1, 2024, Supercede processed $60.935 billion in underlying premium, marking a 154% increase from the $24.016 billion processed in the same period in 2022-2023. This volume represents approximately 1% of the global reinsurance market, indicating an increasing acceptance of digital platforms.
The total number of users on Supercede’s platform has seen 43% growth, and the number of distinct reinsurance markets on the platform has risen from 145 last year to 194 this year. There was a notable 214% increase in the use of Supercede’s digital submission packs compared to the previous year.
The data underscores a growing recognition in the reinsurance industry of the benefits of digital platform for enhanced efficiency, improved data accuracy, and better collaboration among stakeholders.
Despite the insurance sector’s reliance on traditional methods, there is recognition of the necessity for innovation to remain competitive. Supercede’s statistics demonstrate that traditional players in the industry are increasingly integrating technology into their operations.
“The insurance industry, especially in the reinsurance segment, is traditionally cautious in adopting new technologies. However, our latest figures suggest a gradual but definite shift towards digital solutions, albeit at a pace that reflects the industry’s need for reliability and trust in new systems,” Supercede CEO and co-founder Jerad Leigh said.
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