Markel participates in Supercede pilot to overhaul outward reinsurance
Markel has participated in a pilot programme using a platform that allows insurance carriers to manage their largest outward reinsurance placements.
Supercede Analytics, created by reinsurance tech firm Supercede, could mean a step change in the way the global reinsurance industry manages and processes increasingly complex submission data, will involve insurance carriers’ global outwards reinsurance division preparing all the data relating to its largest reinsurance placements through the Supercede Analytics solution.
The carriers now have to largely manage this manually, a process which took several months due to the scale of the business and task. It will now be handled with Supercede Analytics, and allow the carriers to gain efficiencies by leveraging technology solutions that are long overdue in the industry.
“Supercede is going to allow us to transform the way we prepare our reinsurance submissions, resulting in less time spent on administrative tasks and reconciliation, and more time on analytics and collaborating with our brokers on strategy,” said Jamie Morris, senior director, Reinsurance Placement.
“The Analytics platform will allow us to prepare our larger submissions in weeks and not months, while also laying the foundation for a more digital placement process with our brokers and reinsurers.”
Ben Rose, president and co-founder of Supercede, said: “Markel has been a tremendous advocate for Supercede. We're delighted to welcome Markel as an Analytics customer.”
Supercede was also recently selected to bring their Analytics solution to outwards buyers across the London Market, through the Lloyd’s Lab.
Chief Actuarial Officer, Dr. Paul Bassan, who designed the solution in response to his own experiences of pricing large London Market treaties, added: “Reinsurance practitioners have been demanding standardised data for a long time, and now it's becoming a reality. With data this clean, brokers can get straight to deal structuring and execution." By combining Supercede Analytics with the free-to-use reinsurance e-placement platform, Supercede Placements, brokers can kickstart their deals with clean data, further streamlining the process.”