Reinsurance firm Ariel Re, which was recently acquired by Argo Group, is implementing the Xuber for Reinsurers software platform across its Lloyd’s and Bermuda businesses.
By adopting the Xuber technology Ariel Re is replacing its existing legacy systems with a single platform that offers end-to-end business processing and financial reporting for Ariel Re Bda Limited and its Lloyd’s of London Syndicate 1910.
The platform offers functionality across the Underwriting, Claims, Accounting and Ceding functions of the Ariel Re business, providing increased efficiency and the ability to optimise its business processes and increase responsiveness to market demands.
The benefits from the implementation are cited as operating cost efficiencies, accelerated new product launch, enhanced data analytics thanks to the single data model, and improved compliance.
Ariel Re worked with Deloitte as Global Systems Implementation Partner alongside Xuber’s product specialists to get the system implemented. It took 18 months in total, going live on January 9, 2017, and now Ariel Re has the system in place to cover multiple geographies, markets and its full suite of reinsurance and direct products
Michael Doyle, SVP Operations, Ariel Re commented; “With the implementation of Xuber, Ariel now has a world-class reinsurance platform that delivers a fully integrated, end-to-end structure allowing us to maximise processing efficiencies, analyse information and scale to support strategy across markets. Xuber and Deloitte both brought extensive experience in implementing software platforms, and working alongside each of them allowed us to benefit from this experience and also draw on their extensive industry knowledge.”
Dave Jones, Partner, Deloitte added; “The success of the programme is testament to the effective delivery model put in place by Ariel for this implementation. As a global consulting firm, Deloitte brought local market expertise in London and Bermuda, proven (re)insurance implementation experience and knowledge of the Xuber platform to help de-risk and accelerate this transformational programme for Ariel.”
Andy Lovett, COO, Xuber, a part of CSC, also said; “It was a pleasure working with a forward-thinking and progressive organisation like Ariel Re to achieve a common goal of delivering value from technology. Ariel Re had an ambitious timeline to migrate two policy administration systems in 18 months, along with the build out of complex messaging functionality. With resources based across multiple geographies and three organisations, each team individually contributed to design a future-ready, fully-integrated, end-to-end platform that can scale and adapt to Ariel Re’s strategy across multiple markets.”