Reinsurtech platform Supercede has said inefficiencies associated with contract data are costing the market an estimated 3% of gross written premiums, which it said equated to approximately £2.25bn. It said more than two-thirds (68%) of market participants regularly rekeyed contract data post-placement and that more than half took more than a month to reconcile, post-placement.

Supercede has published its findings, which draw on the results of a survey of 1,200 reinsurance practitioners, in a report entitled, The Disconnect Between Reinsurance Purchase and Settlement.

Jerad Leigh, co-founder and CEO of Supercede, said: “The reinsurance industry has tolerated inefficiencies between placement and settlement for too long. Our research shows that this disconnect wastes significant time and money, but also erodes trust in financial reporting and reinsurer transparency.

“By aligning processes and data from the outset, firms can eliminate friction, reduce leakage, and unlock real value for all stakeholders.”