Supercede Reports Significant Growth in Digital Adoption in Reinsurance Industry

Supercede, a reinsurance technology firm, recently unveiled data highlighting significant trends in the reinsurance industry, particularly the adoption of digital solutions. This information is especially relevant during the crucial January 2024 reinsurance renewal period. While the reinsurance industry has been relatively slow in embracing digital transformation compared to the broader insurance sector, recent data indicates a gradual but definite shift towards digital platforms.

From October 2023 to January 1, 2024, Supercede processed an impressive $60.935 billion in underlying premium, a substantial 154% increase from the previous year’s $24.016 billion. This volume accounts for about 1% of the global reinsurance market, reflecting a growing acceptance and reliance on digital platforms within the industry.

Supercede’s platform itself has seen a 43% growth in total users, and the number of distinct reinsurance markets using the platform has increased from 145 to 194. There has also been a striking 214% increase in the use of Supercede’s digital submission packs compared to last year. These figures highlight the industry’s growing recognition of the benefits offered by digital platforms, including enhanced efficiency, improved data accuracy, and better collaboration among stakeholders.

Despite the traditional reliance on conventional methods in the insurance sector, there’s a clear recognition of the need for innovation to stay competitive. Supercede’s statistics suggest that traditional players in the industry are increasingly integrating technology into their operations, although the pace reflects the industry’s emphasis on reliability and trust in new systems. Jerad Leigh, CEO and co-founder of Supercede, notes the cautious nature of the reinsurance sector in adopting new technologies but acknowledges the evident shift towards digital solutions.