February 13, 2021 Dougie Willins
Supercede, formerly Riskbook, is a digital reinsurance placement platform that connects brokers, reinsurers, and cedents.
Supercede’s end-to-end SaaS platform, first launched in 2019, enables brokers to list risks and underwriters to browse programmes that meet their risk appetite based on factors such as geography, product type and size of premium base. Last year, the platform was approved by Lloyd’s as a recognised e-placement system. This marked the first time that brokers from any firm could use a single tool for global reinsurance placements.
Supercede was born out of the frustrations its co-founders experienced in their previous broking and underwriting roles. Their frustrations centred around the collection of consistent and reliable risk data and the continuous face-to-face networking required to successfully place risks.
Both saw an opportunity to make the process more efficient by developing a digital reinsurance network where risks could be searched and filtered by underwriters, underpinned by the consistent collection and preparation of submission data.
The recently rebranded Supercede platform mirrors the following three key elements of a typical outwards reinsurance placement:
Supercede also offers a means for discovering other reinsurance professionals around the globe through its online networking tools. Users can build profiles and use the platform’s built-in direct messaging capabilities to reach out to new connections.
The company has ambitious growth plans and over the next 12 months will roll out its platform globally to reach more cedents, brokers and underwriters seeking to digitise their reinsurance placement processes.
Reinsurance placement has lagged behind other areas of the market in adopting modern technology. However, the Covid-19 pandemic may prove to be the pivotal event in digitising many of the inefficient processes that have plagued this part of the industry.
When Lloyd’s of London closed its doors in March last year it was the first time that brokers and underwriters were forced to adopt new digital methods of placing business. The Future at Lloyd’s initiative subsequently sharpened its focus in April by prioritising the development of its next-generation placement platform PPL.
The pandemic is therefore likely to be good news for Supercede. Its new platform is an attractive proposition for market participants and not only for digital placement. Its ability to standardise the collection and validation of pre-placement data has the potential to reduce significantly reduce reporting risks and save costs. Compliance functions will also benefit from a digital system of record and reporting features.
It remains to be seen whether the recent digitisation is a sign of permanent change or if the market will revert to its traditional face to face approach when times allow. However, perennial industry cost pressures and demand for robust data solutions will play in favour of Supercede and its diverse range of solutions.
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About the author
Dougie Willins, Manager
Dougie is a Manager at Oxbow Partners and leads our London Market task force. He focuses on projects helping our Corporate & Specialty clients on a variety of topics including digital distribution, underwriting transformation and technology strategy. Prior to Oxbow Partners, Dougie started his career at BCG and holds a master’s degree in mechanical engineering from Durham University.
Contact Dougie