London-based business process, procurement and technology services provider Xchanging is announcing the re-launch of its software business as “Xuber” in an effort to dominate the insurance software market. The name change is begin accompanied by a more than £20 million ($32.5 million) investment in the company that will see the development of a next-generation suite of insurance software products, considerable expansion of the company's marketing and sales capacity and a “new look.” Xchanging says it already services 30 percent of the London broking market.
The Xuber launch will build on Xchanging's existing insurance software business. Xuber's new products include “Xuber for Insurers” and “Xuber for Reinsurers,” both of which will slot into the company’s current product set consisting of Genius (News - Alert), Iris, Elgar and Brokasure.
The changes come during a time when the insurance software market is already rapidly evolving, with many legacy systems no longer meeting insurance companies’ and customers’ needs in an era of electronic communication, and insurance business no longer constrained by geographic borders. Xuber says its offering is uniquely positioned and tailored product to meet this shifting market demand.
“We firmly believe that we have the best commercial insurance software offering in the market, drawing on over 30 years of experience serving insurance markets across the globe,” said Ken Lever, CEO of Xchanging, in a statement. “It is now time for our market share to reflect this reality, hence Xuber. Put simply, we want to be the number one global insurance software provider.”
According to Lever, Xuber is the only single platform solution with global capability available today, which is why it “sits at the heart of the London insurance market.”
"To deploy our software quickly and efficiently, we've partnered with leading implementation partners who have global capability,” said Adrian Morgan, Head of Xuber. “With our software, insurers and brokers can get the most complex of products to market significantly faster than competitors."
Edited by Brooke Neuman