Generali UK Branch has chosen to prepare and manage its reinsurance data with leading reinsurance software provider Supercede, including data cleansing, preparation, and validation. This will significantly speed up the process and reduce manual processing time.
Generali UK Branch undertook a trial of the Supercede platform in autumn 2022, testing the software’s performance in preparing their January 2023 renewal data. The internal reinsurance team were able to significantly reduce manual processing when preparing their submission data, using cutting-edge automation tools designed to standardise data into one consistent format.
Andy Parmenter, Chief Reinsurance Officer, commented: “There’s huge value in reducing manual processes when it comes to data cleansing, preparation, and validation. 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 analyse their portfolios at a much more granular level.”
Jerad Leigh, CEO of Supercede, added: “The most recent renewal season highlighted the importance of good data. 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.
“We’ve built the Supercede platform to solve these problems and speed up the entire reinsurance process. Clear and accurate data is critical for any renewal, but even more so when working within a condensed time frame.”
Supercede has experienced 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 their platform, following the addition of the Generali Group UK.
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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