Ascot Group (Ascot), the Bermuda-domiciled global specialist in insurance and reinsurance, has selected reinsurtech software specialist Supercede to prepare and manage all future reinsurance treaty placements following a successful pilot scheme. Supercede’s solution enables Ascot to cut data at a later point to provide more up-to-the minute information. Improvements in data management also enable easy reconciliation of data, so more time can be spent on deal structures and finding the best markets to support renewals.
Greg Waide, Head of Reinsurance at Ascot, said: “This is a well-designed product that can reliably help us with data challenges; importing, compiling, and organising reinsurance data in a meaningful way is difficult even at the best of times. Supercede helps to ensure our data is well structured and sent out in a very timely manner.”
Jerad Leigh, CEO of Supercede, added: “Ascot has a reputation for agility and underwriting discipline. We’re delighted to have the chance to help Ascot further highlight and enhance that reputation with the use of the Supercede platform. We’re looking forward to working with all of Ascot’s partners to make reinsurance easy for many years to come.”
Ascot undertook the scaled pilot of the product for the mid-year 2022 renewals and saw the opportunity to utilise Supercede’s data validation, cleansing, and profile creation capabilities to increase its future speed-to-market and improve quality of underlying submission data. This replaces a manual legacy process that relied upon inefficient and error-prone spreadsheets and email communication.
Supercede supports 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. It has experienced rapid expansion over the last quarter, with an increasing number of participants joining its platform. Over $24bn in underlying premium was processed during the January 2023 renewal season.
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