Everest Re completes core modernization with Xchanging
Everest Re has completed the migration of its legacy systems to Xchanging’s Xuber for Reinsurers platform, the companies announced.
As part of the agreement, Everest Re and its subsidiaries moved 40 years of customer data to a single-data IT system. The move also enabled the reinsurer to develop a new underwriting system, leading to operating cost efficiencies, faster product launches, enhanced data analytics and improved compliance, according to the vendor.
“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,” said Sandeep Bajaj, chief information and digital officer at Everest Re, in a statement. “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.”
An estimated 40 million rows of data were moved to Everest Re’s new IT platform via Xchanging’s Upgrade Studio automation tool. Negotiations for the core implementation first began in 2013.