Tremor launches multi-structure and peril placements with Surveyor
Tremor Technologies, the insurtech with a technology-based programmatic insurance and reinsurance risk transfer marketplace, has launched a new feature of its Panorama risk marketplace, offering Surveyor customersMT, which makes it possible to price and place efficiently several structures and perils at the same time.
Tremor has already placed $ 500 million in reinsurance limit in just 30 days using this new feature, across two placements.
Panoramic surveyorMT allows insurance and reinsurance companies that purchase protection to explore in real time the most competitive prices available for a variety of reinsurance or retrocession structures and risks.
This means that a protection buyer can request full market pricing for multiple reinsurance structures simultaneously, for example ultimate net loss or indemnification capacity, as well as industrial loss guarantee capacity (ILW).
In addition, Tremor’s Surveyor also allows multiple risks to be assessed simultaneously.
This means that the protection buyer can then decide how much each to buy and at what uniform price they want to settle.
Two large reinsurance placements totaling over $ 500 million in limit have already been placed using Surveyor, Tremor explained.
“We believe that SurveyorMT is a game-changer for reinsurance buyers, further enhancing the Panorama pricing and placement platform. With surveyorMT, buyers do not need to have a definitive structure decided in advance or a firm stance on critical dangers before seeing the whole market for actual prices – not rough estimates, the whole market. And it goes further: why make a binary decision when an optimization technology like Tremor’s allows the buyer to blend in?
“Why should insurers 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 right?” Panoramic surveyorMT delivers this power to buyers while allowing capacity providers to bid exactly how they want for what they want, ”said Sean Bourgeois, Founder and CEO of Tremor.
This is a very useful feature for reinsurance buyers and another example of an aspect of the reinsurance renewal placement process that technology can resolve much faster and more efficiently than a human. A screenshot can be seen below.
With Tremor’s Surveyor tool, a reinsurance buyer can go into the market looking for a certain level of capacity, but probe the actual and available prices and risk appetite for that capacity across multiple structures, in order to try to achieve the best and most efficient execution possible.
At the same time, pricing and the risk appetite of the market can also be questioned for different risks and combinations of risks. For example, you can include cyber or exclude it and compare the actual price available.
All of this can happen extremely quickly thanks to Tremor’s advanced auction-style marketplace technology, solving the best reinsurance placement solutions for buyers in real time, near real time, based on capacity and requirements. prices actually available.
These types of comparisons, pricing and availability of capacity and terms for a range of risk structures, inclusions (or exclusions), while getting real and achievable feedback on pricing and pricing. appetite of reinsurers and ILS funds in the market, might require a brokerage team. weeks to complete. It certainly cannot happen as quickly as technology can allow.
As Tremor continues to advance its technology, it has gone well beyond the typical functionality offered by investment software platforms, most of which do not actually have true market functionality, nor access to software. actual prices and the possibility of settling investments.
Tremor explained that he believed: “An efficient reinsurance market that perfectly matches risk to capital can only be fully achieved with the new market structure that Tremor has introduced, fueled by the optimization tools that it has developed – and Panorama proves it more and more. cedants are adopting technology for their reinsurance purchases.
Tremor recently announced that all of the major reinsurance brokers have now signed up to use its marketplace and today announced that they have all completed significant transactions in the past few quarters.
This adoption by reinsurance brokers is no surprise.
At first, brokers may have feared a technology that places risk with capital, believing it to be a key part of their market value proposition.
Which was misguided, because the real value proposition of brokers was never really in that last mile of the investing process, the effective matching of risk and capital.
On the contrary, it has always been so in the rest of the reinsurance relationship, helping to design investments and structures, advising, consulting, modeling and managing the lifecycle of the relationship with buyers of reinsurance. protection.
But more and more brokers are now accepting that this last mile of risk placement, or its effective alignment with capital, is much better achieved using technology, in the vast majority of reinsurance or retrocession placements.
Tremor has successfully won over the brokerage community, with its advanced technological approach to creating tools that truly empower brokers, providing them with options to serve their clients more effectively than ever before.
Tremor said it is now on track to triple its placed volumes in 2021, in a particularly exciting year for the company.
For protection buyers, it is also exciting, because in a few years of development, Tremor has created a risk placement market much more advanced than anything that has happened before or anything on offer today. .