A digital ecosystem is essential to the future of reinsurance


By FintechNews staff

Supercede, the global all-in-one reinsurance placement platform, has published its new, deeply collaborative white paper: ‘Supercharging the reinsurance ecosystem’.  The white paper combines the company’s own research with insights from interviews from eleven leading global reinsurance experts to explore how digital platforms are set to transform the industry. 
“The reinsurance industry is an excellent example of a thriving ecosystem comprising multiple entities with a high degree of interdependence, collaborating closely to create value. And yet, our ecosystem is ripe for change, as vast amounts of manual work are required to get data in and out of systems,”  writes Jerad Leigh, Supercede’s co-founder and CEO. 
-The reinsurance industry is on the cusp of huge technological change, with common data  standards and open data platforms set to deliver faster, more efficient collaboration between  reinsurers, cedents, and brokers, worldwide.
Paul Mang, Chief Innovation Officer of Guidewire: “You’ve got expensive talented resources doing  repetitive low-value things. That’s been mostly stamped out in other industries – dentists don’t clean  your teeth anymore.”
Although the experts interviewed in the white paper identify the major potential benefits of open data platforms for the industry, they also sound a note of caution. They point out that the industry needs to change its culture and processes alongside their technology to fully reap the benefits of a  modern ecosystem.
Several of the paper’s other expert contributors agree that digital transformation is likely to fail unless staff buy into the idea, understand the benefits, and join the journey. If firms are able to do this, the potential benefits are enormous, from improved transparency and market liquidity, to faster decision-making based on real-time analytics, and automated workflows with straight-through processing.
The paper calls upon cedents, brokers, and reinsurers to join the conversation and start to work  together to explore the benefits of open data platforms and data sharing for the entire industry.

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