Ariel Re Select Xuber For Reinsurance Business
Xuber, Xchanging’s insurance software business, has been appointed by Ariel Re to provide the Xuber for Reinsurers solution suite for the company’s Lloyd’s and Bermuda businesses.
The six year contract will see the roll-out of Xuber Policy, Xuber Claims, Xuber Billing and Xuber Ceding, a single end-to-end solution with the complete functionality to support Ariel Re’s current business and future growth.
A spokesperson said, “Benefits include increased automation of business processes and improved efficiency through Xuber’s rules driven architecture, improved compliance with the exchange of data between different systems, ability to launch new products quickly via product templates, entry to new markets through configuration packs, and enhanced view of data and analytics with Xuber’s single data model.
“Xuber is working in partnership with Deloitte in delivering the implementation and migration services.
“Ariel Re’s technology requirements are spread across multiple platforms due to the merger of Bermuda-based Ariel Re with Lloyd’s Syndicate 1910 [Arrow] in 2012. The existing applications lacked the full functionality needed to support Ariel Re’s current and future business operations. Xuber provides Ariel Re with an open, flexible and above all, configurable software platform to enable increased operational efficiency.
“Insurance is a global, 24-hour industry, reliant on the rapid exchange of information across a huge variety of regions, each with its local requirements with regards to tax, currency and legal entity. Ariel Re needed a single platform that would enable the business to adapt to changing market needs and to target untapped areas for business.
“Xuber provides highly configurable Line of Business templates such as workflow process, document generation and reporting, enabling Ariel Re to launch new products to support business growth.
“In the present soft market environment, the agility to expand and handle disparate parts of the business such as regulatory demands and contract types is fundamental to a reinsurer’s success and competitive edge.
“Under Ariel Re’s multiple applications, limited data capture was requiring arduous data consolidation in order to support effective reporting and compliance requirements. Multiple applications meant manual re-entry of data spread across two systems.
“With Xuber’s single data model across Policy, Claims, Billing and Ceding, Ariel Re will have a bird’s eye view of its data and analytics, enabling better informed business decisions. The messaging functionality in Xuber will permit the seamless exchange of data between systems, which improves compliance processes.
“The ability to access granular level of detail and produce robust accounting records is fundamental to the business. Xuber’s internal ledger and statistical records ensure that every change to a policy, premium, claim or cash has a detailed supporting transaction record, and that these records are readily available to users.”
Simon Lyon, Chief Information Officer, Ariel Re, said, “Following a two-month on-site study to map our exact requirements and our analysis of other software providers, we are pleased with our decision to select Xuber and Deloitte to implement Xuber as our new [re]insurance software platform.
“We believe this will provide us with a world-class solution designed for the future through its fully integrated, end-to-end structure that can scale and adapt to our growth strategy across markets.”
Chris Baker, Executive Director, Xuber, said, “We are thrilled to be entering this relationship with Ariel Re as the organisation moves into the next exciting phase of growth.
“Xuber’s functional richness and fit for purpose architecture will provide Ariel Re with the flexibility, agility and global capability to forge ahead with its international business strategy as well as enhancing customer service for the Lloyd’s and Bermuda markets.”
Dave Jones, Partner, Deloitte said, “We are delighted to once again be the implementation partner of Xuber to help bring its end-to-end insurance software to Ariel Re. Combining Deloitte’s deep industry and business transformation expertise with Xuber’s functional strengths will allow Ariel Re to unlock significant business value and position them for future growth.”
