Ariel Re Selects Xuber Solution Suite for Rapid Response to Business Opportunities

Over the course of the six-year contract, the reinsurer will consolidate legacy systems and enjoy a single end-to-end solution with the complete functionality to support current business and future growth.

(Interior of Christopher Wren’s St Mary-le-Bow Church, across the street from Ariel Re’s London offices. Photo credit: Diliff.)

In its search for a single platform to enable rapid reaction to changing market demands and opportunities, Ariel Re (London) has signed a six-year contract to deploy the Xuber for Reinsurers solution suite for the company’s Lloyd’s and Bermuda businesses. Xuber, Xchanging’s insurance software business, is working in partnership with Deloitte on the initiative’s implementation and migration services.

Simon Lyon, CIO, Ariel Re.

Simon Lyon, CIO, Ariel Re.

“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 reinsurance software platform,” comments Simon Lyon, CIO, Ariel Re. “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.”

Ariel Re currently operates on multiple technology platforms, due to the 2012 merger of the company with Arrow/Lloyd’s Syndicate 1910. The reinsurer’s legacy applications lacked the full functionality needed to support Ariel Re’s current and future business operations.  Following the Xuber initiative, Ariel Re will enjoy what the vendor characterizes as an open, flexible and configurable software platform to enable increased operational efficiency.

Legacy System Limitations

In the current 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, a Xuber statement elaborates.  Ariel Re’s legacy environment had limited data capture, which necessitated onerous data consolidation efforts in order to support effective reporting and compliance requirements. The reinsurer also had to resort to manual data re-entry to cope with the multiple-application environment.

Chris Baker, Executive Director, Xuber.

Chris Baker, Executive Director, Xuber.

Xuber’s single data model across Policy, Claims, Billing and Ceding, will afford Ariel Re what the vendor calls a bird’s eye view of its data and analytics, enabling better informed business decisions. The Xuber suite’s messaging functionality will enable the seamless exchange of data between systems, improving compliance processes, according to the vendor.

Access to a granular level of detail for producing robust accounting records is also fundamental to Ariel’s business, according to Xuber. The vendor asserts that its suite’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.

Single, End-to-End Solution

During the six-year contract period, Ariel Re will roll-out Xuber Policy, Xuber Claims, Xuber Billing and Xuber Ceding, which together form a single end-to-end solution with the complete functionality to support Ariel Re’s current business and future growth, according to the vendor. Xuber summarizes the benefits that Ariel Re will enjoy as follows:

  • 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.

(Related: Q&A: How Xuber Fits within Everest Re’s Build/Buy IT Strategy)

“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,” asserts Chris Baker, executive director, Xuber. “We are thrilled to be entering this relationship with Ariel Re as the organization moves into the next exciting phase of growth.”

Deloitte is gratified to participate in another engagement with Xuber, this time to bring its end-to-end insurance software to Ariel Re, according to Dave Jones, a partner with the consulting and services firm. “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,” he says.

 

 

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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