Xchanging, a DXC Technology company, and 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 Re-insurers, part of Xchanging’s insurance offering, provides a modern and flexible IT architecture, optimizing Everest Re’s business processes across underwriting, claims and accounting. Xuber and Everest Re together tested and validated Xuber’s market-leading solution on which Everest Re developed a new underwriting system.
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,”
“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.
Insurance Edge Comment;
The migration of legacy system data to more modern platforms isn’t the most exciting topic. But in hard cash terms it means greater efficiency, economies of scale and improved customer service. Every company that doesn’t modernise their IT and back office systems risks being left behind.