Xuber: Restructuring the Insurance Value Chain

Chris Baker, Executive Director, xuberChris Baker, Executive Director
The insurance market is evolving, and new, more agile and cloud-enabled solutions are taking the flexibility and scalability for insurers to a whole new level. “One of the most crucial reasons insurance companies are looking to update insurance core systems is to meet the current needs of today’s insurance landscape,” says Chris Baker, Executive Director, Xuber. B2B and re/insurance sectors are lagging behind the personal lines sector, and modernization advancements are at different stages of evolution. Businesses are still carried out manually on paper. “The inflexibility of the legacy systems impedes the development of new products and services,” says Baker. Xuber’s strategy is to provide high-value solutions that are integrated into an existing application as a full end-to-end solution across the entire insurance value chain. “Our solutions can be deployed either as individual modules or as fully integrated solutions, offering insurers, reinsurers, brokers and managing general agents’ choice, convenience and configurability,” illustrates Baker.

Xuber for Insurers Enterprise, powered by the Xuber Enterprise Foundation, uses four components, Xuber Policy, Xuber Claims, Xuber Billing and Xuber Ceding, which can be deployed separately or as a whole integrated end to end solution. Xuber for Insurers powered by the OPEN Foundation provides an agile, enterprise-wide solution for end-to-end business processing, including Customer Relationships Management (CRM), global underwriting, accounts, claims, and bureau/ non-bureau messaging for a wide range of specialty lines. Xuber Xposure, an analytical platform provides deterministic exposure modeling by analyzing complex policies for both Property lines and Offshore & Onshore Energy portfolios. To help MGAs manage and report on every stage of the policy life cycle, the company offers Xuber MGA, an agile, end-to-end policy administration solution for management of major classes of business such as underwriting, accounting and claims.

Since inception, Xuber has a culture attuned to understand and anticipate client’s needs.

One of the most crucial reasons insurance companies are looking to update insurance core systems is to meet the current needs of today’s insurance landscape

In one instance, one of their clients, Hiscox, an insurance and reinsurance company’s claims processing was paper intensive and involved a system reliant on manual inputs. “The process was costly and inefficient, included problems such as poor availability of information, which made it difficult to get an accurate assessment of the numbers of claims being processed and the time it took to process them, hampering analysis and future productivity improvements,” informs Baker. Hiscox’s solution was built around a single source of financial information, with the workflow sitting on top of Xuber for Insurers. This combined solution provided the client a holistic integration of documentation, management information and mission critical claims and financial information-enabling better decision-making and improved productivity.

Baker compares his hobby of motor racing with his work culture at Xuber. “Racing is all about having the right vehicle, set up correctly and having precision, attention to detail, tenacity, consistency and trust (in the car and your engineers),” beams Baker. Following the same conviction at Xuber, he adds, “We have to make sure that we are providing the right vehicle for our clients and be able to provide the skills, insight and trust to deliver extraordinary results.”

For the future, the company aims to strengthen their current market position. “We combine the tools, processes, in-depth industry knowledge and technical skills to ensure delivery excellence in the marketplace,” extols Baker. Xuber is uniquely positioned with a wide portfolio of software products that span the re/insurance and broking markets. Commenting on the mantra of winning, Baker says, “The key to success is simplicity, business agility and insight, and we focus on providing the solution, which the insurance industry demands.”