Tremor digitises reinsurance contract negotiation
Tremor Technologies has introduced what it said is a powerful solution to completely digitise the reinsurance contract negotiation and approval process, with its release of Tremor Wordings.
“A well-known industry pain point, negotiating and finalising contract wordings for traditional reinsurance placements involves dozens of versions of documents with out of synch track changes, roughly managed with spreadsheets exchanged between insurers, brokers and reinsurers. Finalising contracts while trying to solve for price and lines is not only time and cost inefficient but leads to significant compliance risk”, said Sean Bourgeois, Tremor chief executive.
Tremor Wordings streamlines contract wording negotiations with dedicated data rooms. When cedents and their brokers use Tremor's on-platform contract discussion tools as part of a Tremor placement, Tremor automatically creates individual data rooms that bring everything together in one place -- final contracts, wording clarifications, contract discussion, and revisions -- and seamlessly tie into the authorisation phase of the online placement process.
“With Wordings, Tremor has completely digitised the process end-to-end so that base contract wordings can be negotiated and finalised before price discovery and allocation happens in our marketplace. This order of operations drives much more efficient trade with a perpetual audit trail so nothing is forgotten in a fraction of the time of a traditional placement,” explained Bourgeois.
