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Supercede Deals End to End Process Flow

  • Updated

Supercede Deals is the only independent global platform that allows all three parties of a reinsurance deal to digitally view, participate and track progress of a deal in real time. 

  • Cedent 
  • Broker 
  • Reinsurer(s) 

As long as one company (either the Cedent or the Broker) is licenced to use Supercede, then all other parties are granted free access to the deal - This ensures there are no barriers to getting your deal digitally placed and bound. 

What to remember about Supercede Deals 

  1. Deals is here to digitise the current workflow of a reinsurance deal - it's not here to replace it.
  2. Deals is here to acts as a great audit trail, all critical deal information is safely and securely stored for compliance and audit purposes. 
  3. Deals is here to allow one touch data capture, so that deal information is captured once at source and can be API'd into back office or Policy Admin Systems. 
  4. Deals is not a contract creator - Supercede does not digitise contracts, contracting should be done following your usual process and uploaded as a document to the Documents Tab. 

End to End Process 

There are 4 stages to a Supercede Deal: 

  • Draft 
  • Quote 
  • FOT 
  • Bound 

The roles of all parties on Supercede mirror the roles in the current reinsurance workflow. For clarity, here is some guidance on the typical roles of each party and how that journey mirrors in Supercede. 

1. Bound Deal Stage - Renewing Deal

Typical Manual Process

  • The broker(s) have been in touch with the cedent to begin the renewal process. 
  • Cedent has acknowledged the broker(s) request for submission data. 
  • Cedent has prepared and sent submission data to the broker(s) or is close to completing this.

Supercede Process 

  • Cedent to renew the Bound deal to the applicable broker(s). 
  • New draft deal (renewal) created. 
  • Broker(s) to get auto generated email from Supercede informing them that the deal has been renewed.

2. Draft Stage to Quote Stage 

Typical Manual Process

  • Cedent creates example deal structure and sends it to the broker(s).
  • Broker(s) receives deal structure and modifies based on market conditions and changes in appetite, budget and Cedent's needs. 
  • Broker(s) adds additional structure options for consideration and suggests Markets to go out to quote.
  • Cedent specifies to the broker(s) which markets can quote on which layers and options.
  • Cedent signals to broker(s) to start approaching Markets for renewal quotations. 

Supercede Process 

  • Cedent to update deal details section with any new information (new team members, changes in renewal dates) etc for the broker's information.
  • Broker(s) to update the Markets Tab.
  • Cedent to review and agree the Markets Tab. 
  • Broker(s) to update option(s) and layer(s) information.
  • Broker(s) to assign option(s) and layer(s) to relevant Markets.
  • Broker(s) to toggle all relevant quoting Markets. 
  • Broker(s) to move deal to the Quoting stage using “Start Quoting”.

3. Quote Stage to FOT Stage 

Typical Manual Process

  • Broker(s) issues requests to reinsurers to quote on the authorised layers and options.
  • Broker(s) receive quotes and create a recommendation on which options to move forward with.
  • Broker(s) provides the details to Cedent.
  • Cedent and Broker(s) meet to discuss various options and broker recommendations on how to move forward.
  • Cedent review the quote terms and go back and forth with the broker until terms are satisfactory.
  • Cedent choose one option along with its corresponding Markets.
  • Broker(s) issues formal written recommendation on which option and price to move forward with in order that the order will be filled. 

Supercede Process 

  • Underwriter to add their respective quotes or broker(s) to add all required underwriter quotes to the platform using the Offline Underwriter (Offline UW) functionality.
  • Broker(s) to update option(s) and layer(s) information.
  • Broker(s) to add relevant documentation (such as quote emails) to the Documents tab. 
  • Broker(s) to close quoting window using “Stop Quoting” functionality. 
  • Cedent to review platform quote(s), option(s) and layer(s) information. 
  • Cedent to notify broker of any change requests to the terms via email. 
  • Broker(s) to click “Request FOT approval” once all information has been correctly updated in the platform to reflect the agreed order. 
  • Cedent to review the order terms and approve using the “Approve” button. 
  • Broker to move deal into FOT stage by clicking “Start FOT”.

4. FOT Stage to Bound Stage 

Typical Manual Process

  • Cedent approves order terms and places order with broker(s) (usually requires managerial approval).
  • Broker(s) issues formal request to reinsurers to provide authorisation for written lines.
  • Reinsurers provide authorisation percentages for the layer(s) and provides details of any subjectivities.
  • Broker(s) considers subjectivities and prepares a recommendation for the Cedent. 
  • Broker(s) provides regular updates to the Cedent on what authorisations have come in and details of subjectivities and requests from Markets.
  • Cedent constantly reviews progress to 100%+ authorisation and reviews subjectivities (May wish to negotiate some, accept some or decline some).
  • Broker(s) passes changes, declinature or acceptance of subjectivities to Markets.
  • When order is over 100% authorised, Broker(s) prepare a recommendation on final subjectivities and signing percentages. 
  • Cedent and broker(s) meet to discuss signings along with final subjectivities and less formal requests. Outcome of the meeting will be final signing percentages.
  • Cedent issues signings to broker and finalises acceptance of subjectivities.
  • Broker(s) informs markets of final signing percentages.
  • Broker(s) prepares final contract wording including changes due to subjectivities accepted.
  • Broker(s) prepares contracts for onwards transmission to markets.
  • Reinsurers applies stamps to contract paperwork (Contract certainty achieved).

Supercede Process 

  • Underwriter(s) to all their subjectivities to the Subjectivities tab or Broker(s) to add all underwriter(s) subjectivities to the Subjectivities tab using the Offline Underwriter (Offline UW) functionality.
  • Underwriter(s) to add their written line authorisations to the Signings tab or Broker(s) to add all written line authorisations to the Signings tab on behalf of Markets using the Offline Underwriter (Offline UW) functionality.
  • Cedent to review all subjectivities with the ability to approve or decline each subjectivity. 
  • Cedent to review all authorisations as received from underwriters or entered on behalf of markets by the broker(s). 
  • Broker(s) to add all signed lines into the Signings Tab once they have been agreed and approved with the cedent. 
  • Broker(s) to assign Market and Lloyd’s leaders for each applicable layer. 
  • Broker(s) to add final contract (slip) documentation to the Documents tab. 
  • Broker(s) to bind the deal by clicking “Submit Signings and Bind Deal”.

5. FOT Stage to Bound Stage 

Typical Manual Process

  • Broker(s) issues EoC (Evidence of Cover) documentation. 
  • Cedent pass details of treaty purchase to accounting teams. 
  • Cedent pass details of treaty to exposure management teams who will adjust risk appetite of underlying book accordingly.

Supercede Process 

  • Broker(s) to upload EoCs (Evidence of Cover) to Documents Tab. 
  • Cedent to update Accounting Tab with relevant accounting and settlement information.

 

Refer to the articles in this Knowledge Base for detailed guidance for each of these stages. If you require further support contact support@supercede.com 

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