Introducing Supercede's Latest Automated Innovation
In a significant stride towards streamlining the reinsurance industry, Supercede, a global reinsurance technology platform, has launched a new feature to automate the creation of Lloyd's Syndicate Reinsurance Structure (SRS) returns. This innovative tool aims to simplify and speed up the mid-year and year-end reporting process for insurers.
The new feature, designed to reduce manual effort and errors, transforms validated reinsurance deal data into ready-to-upload CSV files. This automation not only increases accuracy but also speeds up the compilation and submission process of regulatory returns. Real-time validations and consistency checks ensure compliance with Lloyd's requirements, further reducing the time and resources insurers need to dedicate to the complex SRS reporting process.
By automating data aggregation, calculations, and compliance checks within the Lloyd's SRS framework, Supercede allows syndicates to focus less on administrative tasks and more on core underwriting and risk management activities. This enhancement significantly boosts operational efficiency during critical reporting periods.
Supercede's new product is an example of the innovation supported by the Lloyd's Lab. The platform is currently working with two development partners on a broader initiative focused on contract continuity and data sharing between cedents, brokers, and reinsurers after placement. The new feature was developed in response to a demand for improvements to the post-placement exchange of reinsurance data across stakeholders.
Interested companies can get in touch with Supercede via their website at www.supercede.com/contact. Four additional companies have been invited to join an exclusive collaboration group to help shape the roadmap of this new initiative.
Ben Rose, President and Co-Founder of Supercede, stated that the new feature is a small example of how digitising reinsurance can deliver practical value. Supercede Analytics is now a verified solution on the Hannover Re platform, connecting with insurance companies worldwide.
The new automated feature launched by Supercede follows participation in Cohort 14 of the Lloyd's Lab Accelerator program, which had a theme focused on reinsurance for the Lloyd's market. Rosie Deneé, Head of Innovation, Commercial Education and Events, Lloyd's, praised Supercede's new product as an example of the innovation supported by the Lloyd's Lab.
Notably, the new feature will ease the burden of mid-year and year-end reporting and is available free of charge to all existing Supercede clients. Supercede's platform has been redesigned with enhanced functionality and a more intuitive user experience to facilitate deal-making across the entire placement lifecycle.
With this latest innovation, Supercede continues to demonstrate its commitment to revolutionising the reinsurance industry and delivering practical solutions to real-world challenges.
The new automated feature launched by Supercede, a global reinsurance technology platform, in collaboration with Lloyd's Lab, revolutionizes the reinsurance industry by reducing manual effort and errors in the mid-year and year-end reporting process. This innovation transforms validated reinsurance deal data into ready-to-upload CSV files, increasing accuracy and efficiency in the compilation and submission of regulatory returns.
Moreover, the automation of data aggregation, calculations, and compliance checks within the Lloyd's SRS framework allows syndicates to dedicate less time to administrative tasks and more to core underwriting and risk management activities, significantly boosting operational efficiency during critical reporting periods.
