(Image credit: Sven Doldersum/Unsplash.)
Generali UK Branch (London) has selected reinsurance software specialist Supercede’s (Telford, Shropshire) platform to prepare and manage its reinsurance data, including data cleansing, preparation, and validation. Among the advantages of implementing its software will be greater speed and reduced manual processing, according to a Supercede statement.
Generali UK Branch undertook a trial of the Supercede platform in autumn 2022, testing the software’s performance in preparing its January 2023 renewal data. The internal reinsurance team was able to significantly reduce manual processing when preparing their submission data, using advanced automation tools designed to standardize data into one consistent format, according to the vendor.
“There’s huge value in reducing manual processes when it comes to data cleansing, preparation, and validation,” Andy Parmenter, Chief Reinsurance Officer, Generali UK. “It’s nice to have my team able to work on other significant tasks without so much of their time taken up by spreadsheets. Supercede has given us a massive advantage in this regard. It will also allow our line-of-business heads to analyze their portfolios at a much more granular level.”
“The most recent renewal season highlighted the importance of good data,” notes Jerad Leigh, CEO, Supercede. “Renewals went out later than usual, which meant time really was of the essence; every question a broker or an underwriter had about a cedent’s underlying data further delayed the process.”
Speeding Up the Entire Reinsurance Process
“We’ve built the Supercede platform to solve these problems and speed up the entire reinsurance process,” Leigh adds. “Clear and accurate data is critical for any renewal, but even more so when working within a condensed time frame.”
Supercede reports that it has enjoyed rapid growth over the last quarter to keep pace with market demand in the face of a challenging renewal period, with more than 140 companies now represented on the company’s platform, following the addition of the Generali Group UK.
Supercede describes its platform as supporting the entire reinsurance value chain for cedents who want better submission quality, brokers who want a better placement process, and reinsurers who want better access to risks and data. Supercede says that over $24 billion in underlying premium was processed on the platform during the January 2023 renewal season.