From Clueless to Slightly Less Clueless: My First Three Months in Reinsurance

Three months ago, if you had asked me what ‘reinsurance’ was, I would have looked at you like you were speaking a different language. Before I joined Supercede, I had never even heard of the term. In fact, I would have probably guessed it was some fancy legal loophole or the title of an obscure indie band.

Fast forward to now, and I can confidently say that… well, I’m slightly less clueless. My understanding has upgraded from “no idea” to “vaguely aware it’s quite important,” which is progress, I suppose.

Reinsurance: A Glimpse Behind the Curtain

Coming into this space, I naively assumed that an industry responsible for handling global risks and millions of pounds (or dollars, depending on who’s asking) in claims would be on the cutting edge of technology.

I imagined futuristic dashboards, automated workflows, and AI-powered solutions all neatly tied up in a bow. But, I was very, very wrong.?

Not only are there countless spreadsheets and endless back-and-forth emails, but there’s also this peculiar enthusiasm for doing things the way they’ve always been done. It seems the industry is so frightened of changing its current processes that any mention of the word “innovation” is met with a nervous laugh or a blank stare.

As a Gen Z-er who’s been practically glued to technology since the days of MSN, it’s truly shocking to see just how much some of these big corporations cling to their tried-and-tested methods. You can almost hear the collective gasp when someone suggests “moving away from Excel.”

As I continue to learn more about this industry, I’ve got a few burning questions for the big reinsurance companies:?

Where is the innovation in your processes?

I mean, don’t get me wrong, I love a good spreadsheet (for holiday planning, not data analytics), but in an era where AI is becoming so prevalent in our daily lives, why are we still relying on manual data entry and static tables? It feels like the rest of the world has moved on, yet some of these processes are stuck in the past.

Where is the thought of making work easier for your employees?

I’m no expert, but surely efficiency should be high on the priority list? When the average employee spends hours wrangling with ancient software, manually consolidating reports, or fixing data that should’ve been correct in the first place, it’s hard to see where the focus on ease of work comes in. If you really want happy employees, maybe start by getting rid of the daily grind that makes them look like they’re on the verge of a minor breakdown every Tuesday morning.

Where is the pride in the quality of data you produce in your submission packs?

And lastly, can we talk about the quality of data? The thing is, in this industry, accuracy is everything. We’re talking about underwriting million-pound (or dollar) risks here, yet data in submission packs often looks like it’s been hastily cobbled together the night before a uni deadline. Fields left blank, formatting inconsistencies, and values that don’t quite add up; what happened to taking pride in the work you put out??

Honestly, these aren’t just rhetorical questions, I’m genuinely curious. Surely it’s not too much to ask for data that isn’t riddled with errors, formatted inconsistently, and trapped in the confines of a 1990s spreadsheet? And yet, here we are, watching people spend more time fixing mistakes than making strategic decisions.

Doing Something About It

The most exciting part of all of this is that our team isn’t just sitting around talking about the need for change; we’re actually rolling up our sleeves and getting on with it.?

The glaring need for tech-driven solutions in this industry isn’t just a talking point; it’s the reason we get out of bed in the morning.? We’re creating products that tackle these issues head-on by simplifying processes, streamlining workflows, and making everything just that little bit more efficient.?

It’s this spirit of innovation and determination that keeps me excited about what’s next. We’re not just here to shuffle papers and nod politely; we’re here to challenge the status quo, make life easier for our clients, and bring some much-needed modernisation to the industry. And even though I’m still learning the ropes, I can already see how what we’re building isn’t just beneficial, it’s absolutely necessary.

Still Learning the Ropes (and the acronyms)

I’ll be the first to admit, there’s still so much that I need?to learn. The reinsurance jargon alone could fill an entire dictionary, a really heavy, slightly intimidating, dictionary, and the number of acronyms is truly terrifying (seriously, please don’t test me on any).?

At first, it felt like every meeting was an exam I hadn’t studied for, with people casually throwing around phrases I’d never heard of while I tried to look as if I wasn’t silently Googling under the table.?

But here’s the silver lining: despite the slightly intimidating lingo and seemingly endless glossary, I’m slowly beginning to piece it all together. It’s been a crash course in risk management, finance, and, let’s be honest, human patience. If patience is a virtue, then sitting through a technical deep-dive into loss ratios without letting your eyes glaze over should win you sainthood.

One thing that’s helped? Realising that almost everyone else had to go through the same learning curve. At some point, even the seasoned pros were once the wide-eyed newbie nodding along and thinking, “What on earth is a ‘cedent’ and why does it sound like something you’d plant in your garden?”?

So, while I’ve still got a long way to go before I become fluent in ‘reinsurance-speak,’ I’m getting there, one acronym at a time. With every new piece of jargon I decode, every process I wrap my head around, and every meeting I manage to leave without a migraine, I’m building up a solid foundation in an industry that’s more complex, and rewarding, than I ever imagined.

The Bright Side (No, not the song by The Killers)

Thankfully, I’ve got a brilliant team, and The Reinsurance Podcast , to lean on. They’ve been incredibly patient, guiding me through the maze of reinsurance.? Even in moments when my eyes start to glaze over or I’ve got that deer-in-headlights look, they’ve been there to explain any term or phrase I don’t yet understand.

Every challenge so far has been an opportunity to grow, and while I’m still getting the hang of this industry, I’m confident that the learning curve is worth the climb. It’s not just about memorising jargon or untangling acronyms; it’s about understanding why these things matter and how they fit into the bigger picture. And that’s been the most rewarding part so far: seeing how all these puzzle pieces (however confusing) come together to create a clear image of what we’re trying to achieve.

Closing Thoughts: The Future Looks… Challenging, but Promising

So here’s to the next three months, where I’ll hopefully get a grip on a few more acronyms, become slightly less startled by the idea of reinsurance, and continue to be that annoyingly optimistic person who keeps asking, “But couldn’t we automate this?”.

The reinsurance space may be steeped in tradition, but change is happening. And if I can be a small part of that change, if we can help drag this industry into the 21st century, then I’ll consider this journey a success.

P.S. If you’ve made it this far, you might as well check us out: www.supercede.com?

P.P.S. If you want to get more reinsurance insights, my colleagues are great to listen to (and are far more knowledgable on the topic than I am) on The Reinsurance Podcast.