Everest Re Adopts DXC Technology’s Xuber for Reinsurers Platform
Implementation Optimizes Business Processing Across Leading Reinsurance Group’s Global Portfolio
TYSONS, Va.--(BUSINESS WIRE)-- Xchanging, a DXC Technology (NYSE: DXC) company, and Everest Re Group, Ltd. (Everest Re) announced today 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, optimizing 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 recognized 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 utilized 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 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.”
ABOUT EVEREST RE
Everest Re Group, Ltd. is a Bermuda holding company that operates through the following subsidiaries: Everest Reinsurance Company provides reinsurance to property and casualty insurers in both the U.S. and international markets. Everest Reinsurance (Bermuda), Ltd., including through its branch in the United Kingdom, provides reinsurance and insurance to worldwide property and casualty markets and reinsurance to life insurers. Everest Reinsurance Company (Ireland), dac. provides reinsurance to non-life insurers in Europe. Everest Insurance® refers to the primary insurance operations of Everest Re Group, Ltd., and its affiliated companies which offer property, casualty and specialty lines insurance on both an admitted and non-admitted basis in the U.S. and internationally. The Company also operates within the Lloyd's insurance market through Syndicate 2786. In addition, through Mt. Logan Re, Ltd., the Company manages segregated accounts, capitalized by the Company and third party investors that provide reinsurance for property catastrophe risks. Additional information on Everest Re Group companies can be found at the Group’s web site at www.everestregroup.com.
Xuber is an international software house that has been a trusted provider of innovative specialist commercial insurance software, end-to-end, for over 40 years. Xuber forms part of Xchanging, a DXC Technology Company. For more information, visit www.xuber.com.
About DXC Technology
DXC Technology (NYSE: DXC) is the world's leading independent, end-to-end IT services company, helping clients harness the power of innovation to thrive on change. Created by the merger of CSC and the Enterprise Services business of Hewlett Packard Enterprise, DXC Technology serves nearly 6,000 private and public sector clients across 70 countries. The company's technology independence, global talent and extensive partner network combine to deliver powerful next-generation IT services and solutions. DXC Technology is recognized among the best corporate citizens globally. For more information, visit dxc.technology.
Source: DXC Technology