Bermuda-based global reinsurance firm Everest Re has signed up to adopt the Xuber for Reinsurers platform for all of its global reinsurance subsidiaries.
The Xuber for Reinsurers platform was developed by Xchanging, a DXC Technology company, and allows reinsurers to digitalise their processes using a single-data-model and end-to-end business processing platform.
Everest Re has put the platform to work across its underwriting, claims, accounting and ceding functions, also developing a new underwriting system with the help of the Xuber technology.
The reinsurer said that it has already achieved operating cost efficiencies, accelerated its new product launches, enhanced complex financial calculations, with full multi-currency support, enhanced data analytics and improved compliance, using the system.
“Competition is increasingly data-driven and the volume of data has increased exponentially,” commented Sandeep Bajaj, Chief Information Officer for Reinsurance and Chief Digital Officer, Everest Re. “To get the right return for our assumed risks, we must sift through mountains of granular data. Therefore, one of our business strategies is focused on improving the efficiency of our operating systems, thereby enhancing our integration with our brokers and empowering our underwriters and actuaries with better data that is more readily available.
“We needed modern technology that could integrate with our internal systems to generate greater automation of our back office so we could focus more on our internal capabilities,” Bajaj also said. “Xuber’s product provides configurability and rich functionality which allowed us to integrate and retain our internal core components and control of our technology destiny.”
“Migrating more than four decades of data from a vast network of legacy systems handling business across the globe is an ambitious task. However, the implementation was truly a collaborative process,” explained Andy Lovett, director, Xuber. “We shared the common goal to enrich a best-in-class, integrated solution that optimizes how Everest Re does business and retains the ability to scale-up as the company grows. The result we delivered together will continue to pay dividends in the years to come.”
