Hiscox picks reinsurtech Supercede for 2023 outward reinsurance
Specialist global insurer Hiscox has partnered with reinsurtech software specialist Supercede for all 2023 outwards reinsurance placements to drive operational efficiencies and simplify complex placements for broker partners.
The re/insurer will use Supercede’s reinsurance tools to capture data and confirm order terms to the broking partners and reinsurers globally, starting with January 2023 renewal placements.
Supercede’s platform will help in minimising processing times and operational costs by eliminating the need to enter the same data into multiple systems, allowing insurers to better serve stakeholders and customers.
Hiscox will also benefit from a single platform built by Supercede to cater for complicated reinsurances as well as accounting considerations.
Supercede claims over $24 billion in underlying premium was processed using its platform in the recent January 2023 renewals.
Jerad Leigh (pictured), co-founder and CEO of Supercede said: “Our technology is designed to help brokers by removing friction from onerous internal processes in their interaction with cedents and
reinsurance markets.
“Having cedents use the platform and tools to interact with their broking partners further eases the strain on broking professionals and improves relationships in this key part of the value chain. We’re delighted that Hiscox partnered with us on our mission to remove friction and make reinsurance easy”.
Matthew Tibbs, reinsurance manager at Hiscox said: “We have dedicated tools which provide comprehensive reporting capabilities, however, the integration of Supercede’s reinsurance platform into our internal systems will add multiple efficiencies to our processes, allowing us to capture data more quickly. Over time these efficiencies will not only benefit ourselves, but also our valuable broking partners.”
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