(James Monroe High School in New York. Photo credit: Joe Harmon)
Xuber, Xchanging’s (London) insurance software business, has won a long-term contract with the New York Schools Insurance Reciprocal (NYSIR, Uniondale, N.Y.), which offers a wide range of school-related property and liability insurance. NYSIR is managed by a board of governors composed of New York School Business officials, the reciprocal’s attorney-in-fact, and contracts with Wright Risk Management, a division of Brown & Brown Inc., one of the world’s 10 largest insurance intermediaries for insurance operations services.
The announcement of the NYSIR win followed a Nov. 30 announcement that the vendor had agreed to provide global insurance broker Aon (London and Chicago) with Xuber software, implementation services and ongoing support for its wholesale broking operations platform for the London market. That contract was the followed more than 20 smaller Xuber contracts the vendor won through 2015 to date.
NYSIR is the largest writer of property and casualty insurance for New York public schools, and maintains a large reinsurance portfolio on the advice of Wright Risk Management, Guy Carpenter and Holborn. The firm also maintains direct relationships with reinsurers including Scholar Reinsurance Company (a Vermont Based Captive Insurer controlled by NYSIR) and Munich America Reinsurance.
NYSIR will implement the GLOBAL XLPro Ceded Reinsurance System solution (developed by Total Objects, which was acquired by Xchanging in 2014). Xuber reports that the reciprocal needed a multi-user ceded reinsurance solution that among other things, enables NYSIR to:
- Capture all the rules pertaining to its ceded reinsurance contracts.
- Provide complete compliance for the ceded reinsurance administration process including the production of regulatory reporting such as NAIC Schedule F.
- Audit and document all processes and ceded reinsurance calculations.
GLOBAL XLPro supports management of the entire ceded reinsurance process from placing the reinsurance through the production of regulatory reporting, according to the vendor. That includes excess of loss claim recovery production, excess of loss premium adjustment production, proportional account production, statistics, document production and credit control.
“Usability was critical in our selection of GLOBAL XLPro. We saw the potential quickly for how GLOBAL XLPro could facilitate our growth by streamlining and managing the full breadth of our ceded reinsurance process, minimizing costs, optimizing returns and ensuring an audit trail,” comments Jim Hu, Director, IT, NYSIR.
Xuber’s executive director Chris Baker, executive director, Xuber, expressed pleasure to working with NYSIR, given the organization’s unique qualities. “We believe that GLOBAL XLPro’s functional strengths will enable NYSIR to reliably manage its overall view of its reinsurance business, including all forms of its retrocession arrangements in an automated way to help NYSIR understand its market position in real-time, allowing it to make the most informed decisions,” Baker comments. “This is a highly strategic win for Xuber, as it illustrates our continued momentum in North America.”