(Photo credit: R. Devany.)
Everest Re (Warren, N.J.) has gone into production on DXC Technology’s (Tysons, Va.) Xuber for Reinsurers platform for all Everest Re’s global reinsurance subsidiaries. The initiative consolidated 40 years of data from legacy systems into what the vendor characterizes as a single-data-model, end-to-end business processing platform.
DXC reports that 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,” comments Sandeep Bajaj, CIO 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 continues. “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.”
The initiative relied on a truly collaborative process to solve the ambitious task of migrating more than four decades of data from a network of legacy systems handling business across the globe, according to 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,” he says. “The result we delivered together will continue to pay dividends in the years to come.”
New Underwriting System
DXC describes Xuber for Reinsurers as providing a modern and flexible IT architecture, optimizing Everest Re’s business processes across underwriting, claims, accounting and ceding functions. The vendor reports that it collaborated with Everest Re to tested and validate Xuber’s 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, according to DXC.