(Front Street, Hamilton, Bermuda, location of the Xuber4Bermuda event last night. Photo credit: Mfdii)
Xuber, a global insurance software provider owned by Xchanging plc, announced last night in an event in Bermuda that it will enhance its product offering for the Bermuda assumed reinsurance market, which the vendor characterizes as underserved.
Standalone software options the assumed reinsurance market are few, confirms Matthew Josefowicz, managing director of New York-based research and advisory firm Novarica. “It’s a numerically small number of buyers with lots of large companies that are either inclined to build their own or whose needs are difficult to address with a standardized offering,” Josefowicz explains. “So it’s a challenging market for most vendors to make money in.”
The complexity of the Bermuda reinsurance market creates challenges that vendors have shied away from, suggested Chris Baker, managing director, Xuber speaking at a vendor event titled Xuber4Bermuda held in Hamilton, the island’s capital, last night. “The challenges posed by Bermuda mean it has remained relatively unchartered territory until now,” commented Baker. “However, we are ideally placed to address these requirements with our tailored solutions, and our decision to strengthen Xuber’s position in Bermuda is a natural step in our plans for global expansion.”
Baker said the global reinsurance market presents a “huge” opportunity for vendors able to cater to its varied needs, noting that it is valued at approximately $570 billion. “A survey we carried out in Bermuda prior to the event, the results of which will soon be released, highlighted the amount of capital being invested in the Bermudian reinsurance market, showing its growing importance in the global landscape,” he added.
Standalone or End-to-End
A vendor statement released today relates that Xuber for Reinsurers offers four functional components built on what it calls a strong and proven platform, providing users with a common data model and standard integration framework. The components – Xuber Contract, Xuber Claims, Xuber Billing and Xuber Retro Ceding – can be deployed as standalone products, or as part of a complete, flexible end-to-end software suite, according to the vendor.
The solution’s standard, pre-configured templates are equipped with complex automated reinsurance calculations and a user interface built around reinsurance terminology, according to the statement. The software platform allows users to work across different time zones, currencies and languages, supporting reinsurers in the region to compete on a global basis, the statement explains. .
“We have over 40 years of experience and expertise in product development,” Baker said. “The evolution of Xuber software during this period has placed us in a unique position over other vendors. We understand complex insurance and reinsurance markets and have been able to develop and deliver suitable software to meet their needs, in a way that other vendors cannot.”
(Related: Q&A: How Xuber Fits within Everest Re’s Build/Buy IT Strategy)