Xuber, Xchanging’s insurance software business, has launched its enhanced product offering for Bermuda’s reinsurance market.
Xuber for Reinsurers is aimed at directly addressing the need for software solutions tailored to the complex reinsurance market.
The product offers four functional components on a platform, 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.
Chris Baker, managing director of Xuber, said: “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 prior to the event, 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.
“The challenges posed by Bermuda mean it has remained relatively unchartered territory until now. However, we are ideally placed to address these requirements with our tailored solutions, and our decision to strengthen Xuber’s position in Bermuda is a natural step in our plans for global expansion.
“We have over 40 years of experience and expertise in product development. The evolution of Xuber software during this period has placed us in a unique position over other vendors. We understand complex insurance and reinsurance markets and have been able to develop and deliver suitable software to meet their needs, in a way that other vendors cannot.”
Xuber, Xchanging, Bermuda, Chris Baker