(Image source: Supercede.)
Supercede (London), a global reinsurance technology platform for cedents, brokers, and reinsurers, announced that it has become the first reInsurTech to successfully exchange contract data via API following its rapid integration with ACORD Solutions Group’s ADEPT (ACORD Data Exchange Programme & Translator) treaty contract data exchange service.
Ben Rose, Co-Founder and President, Supercede.
Supercede characterizes the news as a ground-breaking step for the industry that lets its users send and receive treaty contract data in a format consistent with any other ADEPT-enabled system, which will drive down costs and accelerate the renewal process. Crucially, the vendor notes, it enables integration access to ADEPT APIs by reinsurance underwriters, opening the reinsurance market up for omnichannel structured data sharing.
The new ADEPT treaty contract data exchange service was developed in close collaboration with several of the world’s largest reinsurers and brokers; major placing platforms are currently in the process of integrating with ADEPT as part of this initiative. The service enables the digital exchange of treaty contract placements, providing structured data exchange for Submission, Quote, Order and Signed Line processing, as well as document exchange between broker, cedent and reinsurer.
The reinsurance industry currently manages treaty contract transactions through email or individual broker portals, notes a statement from Supercede. In both cases, reinsurers lack the ability to seamlessly integrate that data into their core systems, requiring lots of manual re-keying of information. ADEPT’s REST API service layer integrates with existing systems to digitally exchange data for individual transactions, offering a flexible approach to best meet the needs of any organisation operating within reinsurance.
Standardized Format for Deals
Chris Newman, Managing Director—Global, ACORD.
“One criticism of the reinsurance ecosystem that we hear from our broking partners is the issue of having multiple platforms doing business in multiple data formats,” comments Ben Rose, President and Co-Founder, Supercede. “This work effectively means that the industry can now all send deals to quoting markets in exactly the same format, removing a huge frustration for reinsurance underwriters.”
“The reinsurance underwriting and broking community has been at the forefront of embracing the benefits of standardised insurance data exchange, leveraged through services such as ADEPT,” comments Chris Newman, Managing Director–Global, ACORD. “Integrating with the major placing platforms gives these ecosystem-building initiatives the sustainability needed to drive adoption of common standards across the board.”