Xuber, Xchanging’s global insurance software business, is to enhance its product offering for the Bermuda’s assumed reinsurance market.
Xuber for Reinsurers will directly address the need for software solutions tailored to the complex reinsurance market.
The product offers four functional components, providing users with a common data model and standard integration framework.
The components—Xuber Contract, Xuber Claims, Xuber Billing and Xuber Retro Ceding—can be deployed as standalone products or as part of a complete, flexible, end-to-end software suite.
The pre-configured templates are equipped with complex automated reinsurance calculations as standard and a user interface built around reinsurance terminology.
The software platform allows users to work across different time zones, currencies and languages, supporting reinsurers in the region to compete on a global basis.
Chris Baker, managing director of Xuber, commented: “The global reinsurance market is valued at approximately $570 billion, which presents a huge opportunity for vendors who are able to cater to its complex and varied needs.”
“A survey we carried out in Bermuda, the results of which will soon be released, highlighted the amount of capital being invested in the Bermudian reinsurance market, showing its growing importance in the global landscape.”
Executive vice president and chief administrative officer of Everest Re and Xuber for Reinsurers customer, Barry Smith, added: “We chose Xuber because of its seamless global capabilities and because the robust functionality of its systems is second-to-none in the reinsurance market.”
“Xuber for Reinsurers will enable us to migrate from legacy systems with a modern, configurable and flexible platform to support our growing and changing business needs.”
