Highlighting the benefits of widespread adoption of technology-driven processes, Willis Re has suggested that the reinsurance buying experience could see dramatic improvements.
“Reinsurance is changing its spots. Whether aggressively or reluctantly, carriers, brokers and capital providers have begun to embrace the current, unprecedented wave of technological change. The ongoing upgrade to Reinsurance Market 2.0 is reflected in reinsurance products, pricing, risk management and even regulation,” Willis Re said in a new report.
According to the firm, the digital value of widespread adoption is already tangible. Willis Re noted that enhanced risk understanding can improve price stability, while better portfolio analysis can enable more complete protection aligned with cedants’ risk appetite.
The firm also observed that extensive digital connectivity can accelerate interactions across the risk chain, and process automation—from capital investment to real-time claims—can reduce bottlenecks and errors, boosting reliability and accuracy.
At the same time, transforming the roles of brokers, underwriters, and claims professionals allows greater focus on value-added skills, generating measurable efficiency gains and improved outcomes, Willis Re added.
Elsewhere in the report, Willis Re said data lies at the core of Reinsurance Market 2.0, powered by cloud computing, AI, APIs, and advanced platforms that streamline risk assessment and syndication.
The firm highlighted that electronic trading and underwriting workbench technologies allow underwriters and brokers to price, structure, and share risks more efficiently, while real-time data access, AI-driven analysis, and blockchain create a single source of truth, reducing duplication, errors, and manual processes.
Willis Re added that firms embracing these tools early gain trading advantages, while those clinging to legacy systems risk falling behind.
The report also emphasised how modelling and analytics have advanced far beyond traditional peak-peril assessments.
Cloud-native, AI-enhanced, and multi-model approaches enable real-time scenario analysis, climate risk insights, and automated portfolio stress-testing.
Improved model outputs, the firm noted, support more precise risk transfer and have broadened capital participation, allowing the market to reinsure a wider array of risks and respond faster to emerging threats.
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