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hyperexponential (London) and Supercede (Telford, Shropshire) announced that they have partnered to combine their SaaS platforms together to reimagine and reinvigorate reinsurance dealmaking. Supercede’s technology will be linked to hyperexponential’s Renew platform, which is designed automates non-core but essential activities, brings actuaries and underwriters closer together and making it simple for anyone to build and adapt models quickly.
Amrit Santhirasenan, Co-Founder & CEO, hyperexponential.
“We’re putting the power back in the hands of practitioners,” comments Amrit Santhirasenan, Co-Founder & CEO, hyperexponential. “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.”
Reinsurers have been hampered by poor data practices by insurers but InsurTechs have generally neglected the segment, due to the need for complex structures and models using disparate and specific datasets. The partnership between hyperexponential and Supercede aims to give reinsurers “21st century tools to price today’s emerging risks,” according to the companies.
Using standardized 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, according to a joint announcement from Supercede and hyperexponential. 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, the statement says.
The same deal and risk information entered into the Supercede reinsurance platform is then extracted to be instantly ingested into the Renew platform. Renew uses 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.
Proving What Is Possible
Jerad Leigh, Co-Founder and CEO, Supercede.
“We’re excited to successfully prove what the market has been telling us is possible for years,” Jerad Leigh, Co-Founder and CEO, Supercede. “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 two companies characterize their collaboration as addressing the kinds of issues that have slowed down data-driven processes across the insurance industry. As with insurers, they say, reinsurers must modernize their processes, replacing spreadsheets from 1997 with modern technology capable of analysing vast datasets that can give them a competitive edge. hyperexponential and Supercede assert that they 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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