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“When it comes to data, our industry is ‘quagmired’ in a tragedy of the commons,” Ben Rose, Supercede president, wrote in the report. “So long as cedents continue to pour a lumpy, inconsistent mixture of information into the top of the funnel — unstructured spreadsheets, emails and PDFs — reinsurers face a world in which the digital tomorrow never comes.” Credit: Dmitry/Adobe StockReinsurance costs include a “data distrust tax” that is tacked on due to “ambiguous and inconsistent data” of cedents, according to a report from Supercede Technology Ltd., which noted this tax often results in a 10% increase in reinsurance rates.
“When it comes to data, our industry is ‘quagmired’ in a tragedy of the commons,” Ben Rose, Supercede president, wrote in the report. “So long as cedents continue to pour a lumpy, inconsistent mixture of information into the top of the funnel — unstructured spreadsheets, emails and PDFs — reinsurers face a world in which the digital tomorrow never comes.”
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Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].
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