Tremor Technologies, the insurtech operator of a programmatic insurance and reinsurance risk transfer marketplace, has announced a new Reinsurer Product Council, a group of eight global reinsurance companies and ILS funds who will help to set the future product development roadmap.
The group of eight reinsurers and ILS funds together command almost $100 billion in industry capital, Tremor said and will come together with the insurtech in a partnership to set the priority for new feature development.
This kind of industry collaboration is really important for marketplace design, as it ensures user-needs are taken into account and that the product remains focused on delivering what the end-users want.
Tremor said that the initial eight participating companies include a cross section of major US, Bermudian and European reinsurance firms, as well as alternative capital providers.
But, the Tremor Product Council is open to all reinsurers and ILS funds, the company said. Interested parties can contact Suzan Jo at Tremor on [email protected] for more information.
Sean Bourgeois, Tremor CEO, commented on the news, “Tremor is on a mission to create a transparent, price and cost efficient reinsurance marketplace that benefits everyone.
“Tremor allows reinsurers to express exactly what they would like to authorize and ensures through its market model and technology that they receive it – in a way that keeps detailed, individual preferences confidential. This allows Tremor to find optimal clearing prices for everyone at the same time – powered by data and transparency. This approach maximizes optimal trade for everyone.
“Working directly with reinsurers as we continue to build features for the capacity side of our market is very important – not only to continue to educate them as to the benefits of authorizing capacity on the Tremor marketplace, but to ensure that they participate in the build process.”
Tremor’s product council will meet on a quarterly basis to hear a progress update on platform activity, a review of aggregate market data, feature development progress and to discuss the near and longer-term product roadmap for Tremor’s reinsurance and risk transfer marketplace technology.
The product council will also meet with Tremor’s product team and executive leadership between meetings, on a direct basis to address specific ideas and opportunities.
The product council announcement comes soon after the launch of Tremor Sandbox™, a full-featured demo version of its software allowing reinsurance buyers and sellers to try out its platform.
Given the hardening of reinsurance pricing it is critical the industry begin to trade risk capital efficiently, with marketplaces one way to unlock access to new capital sources as well, by democratising the ability to participate and enabling cedents to secure market-based pricing.
The reinsurance market may find itself in need of additional capacity after hurricane Ian, with talk of a capacity crunch ahead for catastrophe risks.
Marketplace tech can play a critical role in bringing risk to a wider audience of capital, democratising access to risk capital for cedents, which may prove one vital way for the industry to begin solving its lack of capacity issues.
