Tremor unveils 'game changing' new feature for reinsurance buyers
The online reinsurance pricing and placing platform Tremor has unveiled a new feature that its chief executive Sean Bourgeois described as a "game changer for reinsurance buyers".
Tremor has completed two major reinsurance placements totaling more than $500 million using the new Panorama Surveyor feature, which allows insurers to explore in real-time the most competitive prices for a variety of structures and perils.
The venture-backed insurance technology firm and risk transfer marketplace has designed the feature to enable insurers to complete market pricing for multiple structures or perils simultaneously without having to make a choice in advance.
Panorama Surveyor represents the latest advance for the Tremor platform as the reinsurance marketplace continues to modernise. Tremor believes that an efficient reinsurance market that perfectly matches risk to capital can only be achieved completely with the new market structure that Tremor has introduced powered by the optimisation tools it has developed - and Panorama is proving this out as more and more cedents adopt the technology for their reinsurance purchases.
Tremor stated that all major reinsurance brokers have signed up to the platform, having placed significant transactions in the last few quarters.
Sean Bourgeois, Tremor’s founder and CEO, believes that Surveyor is a "game changer for reinsurance buyers".
He said: "With Surveyor, buyers do not need to have a final structure decided in advance or a firm position on critical perils before seeing the entire market of real prices - not rough estimations, the entire market. And it goes further - why make a binary decision when optimization tech like Tremor’s allows the buyer to blend?. Why should insurers need to decide to include or exclude Cyber coverage from a reinsurance layer or an entire tower when they can buy 30% Cyber if the price is suitable?Panorama Surveyor delivers this power to buyers while allowing capacity providers to bid exactly as they want for what they want.”
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