Everest Re creates new specialty unit
Everest Re Group and Xchanging have announced that they have officially moved the Xuber for Reinsurers platform into production for all Everest Re’s global reinsurance subsidiaries.
As a result, Everest Re migrated 40 years of data from legacy systems into a single-data-model, end-to-end business processing platform.
Xuber for Reinsurers, part of Xchanging’s insurance offering, provides a modern and flexible IT architecture, optimising Everest Re’s business processes across underwriting, claims, accounting and ceding functions. Xuber and Everest Re together tested and validated Xuber’s market-leading solution on which Everest Re developed a new underwriting system.
Everest Re has already recognised a number of benefits, including operating cost efficiencies, accelerated new product launches, complex financial calculations, full multi-currency support, enhanced data analytics and improved compliance.
The implementation also established a blueprint for efficient data migration from disparate legacy systems into a single platform. Xuber and Everest Re utilised Xuber’s Upgrade Studio tool throughout the process to control and automate the migration of approximately 40 million rows of data.
“Competition is increasingly data-driven and the volume of data has increased exponentially,” said 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 added. “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,” said Andy Lovett, director, Xuber. “We shared the common goal to enrich a best-in-class, integrated solution that optimises 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.”
Everest Re Group, Xchanging, Xuber, Reinsurance, Technology, Bermuda