Welcome to InsurXcel℠

InsurXcel is a Shared Source Platform designed to enhance your existing processes by creating customized systems (UIs and APIs) that streamline your business operations.

We leverage advanced technology (customizable algorithms, artificial intelligence, blockchain and machine learning) to elevate your business efficiency to the next level.

About

Our Mission

Enable business partners to control technology and streamline operations.

Standard business operations often involve redundant tasks, which can lead to errors. With over 100 years of combined industry experience, we understand the importance of eliminating redundancy. InsurXcel will streamline your established processes, simplifying the systems you use daily. In today's competitive market, InsurXcel offers a transparent solution.

InsurXcel is not a technology vendor;
We are your Technology Partner

Our business model is based on providing value to your organization on each and every project; each and every year.
We are giving your organization the opportunity to strengthen and enhance its capabilities.

  • Freedom

    The InsurXcel Shared Source model allows you to have the freedom you need today, and will want in the future. You will always have the right to use the software you implemented, and will have the source code necessary to maintain it.

  • Expertise

    InsurXcel is continuously enhancing its industry expertise and services offered. Our connection to the University of Wyoming provides access to funded and proven Research Centers, specializing in AI, Blockchain, and Machine Learning technologies. This gives us the ability to implement and broaden your operation as technology evolves.

Services

Current Services Offered

InsurXcel offers a blend of software products and services, focusing on business user control and operational efficiency. Our solutions are tailored to align with the procedures of Property & Casualty insurance companies. Our expertise, however, is not confined to this industry alone; we are also expanding into other financial services sectors.

We specialize in Rating, Book of Business Analysis, Data Management & Reporting, Custom Software Development and Solution Implementations.

Contact Us to learn more.

Data Management Services

Leverage the industry leading InsurXcel data models to compliment and EXPAND your internal data management. We specialize in Data Analysis, Cleansing, and Governance; ensuring a solid foundation for your management information.

Custom Software Development

InsurXcel is uniquely equipped to design and develop advanced software solutions. Utilizing our access to academic research in Blockchain, Artificial Intelligence and Machine Learning, we collaborate with you to DISCOVER innovative competitive advantages.

Software Implementation Services

InsurXcel delivers expertise in Software Design, Program Management, Process Optimization, and Quality Assurance, supplementing your team directly. From System Selection to Data Transfer; InsurXcel IMPLEMENTS tailored technology solutions.

Rating

Enhance your ability to ADAPT to market changes in real time and optimize your pricing strategy. Actuarial and pricing teams have full control over all aspects of Rating; from Table and Algorithm Updates, to Production Implementation. Integrate InsurXcel into your core systems today.

Book of Business Analysis

This analysis lets you evaluate the impact of rate changes on your actual Book of Business BEFORE regulatory filing and incurring implementation costs. Use this analysis to align with the market effectively, with unlimited attempts to optimize your results.

Claim Reserves Analysis

Empower your Claim Management Team to conduct detailed analysis of Reserving, Recovery and Closure Accuracy. Achieve a NEW level of consistency in managing your Claim Reserves.

F.A.Q

Frequently Asked Questions

  • What is a 'Shared Source' technology model?

    Many people are familiar with the 'Open Source' technology model, which is effective for software that caters to a broad market like a web servers or word processors. However, insurance technology requires complex functionality tailored to a specialized market. Our 'Shared Source' model enables insurance companies to collaborate independently in developing domain-specific solutions, resulting in significant cost savings. Like the open source model, membership in the shared source cooperative allows you to use the software and source code with minimal restrictions, while still safeguarding your information and emphasizing the importance of data security.

  • A software vendor is simply a purchase decision for your organization, while a consultant is someone you engage to provide expertise or additional manpower. However, overtime your influence with a software vendor often diminishes as the vendor's control over the relationship grows. In a true partnership, both parties continuously adjust the relationship for mutual benefit. We're not interested in being just a vendor or controlling your decisions. Our business model eliminates the usual tactics found in license contracts that 'lock in' customers. Instead, we are your Shared Source Technology Partner.

  • This concern has long been an issue in technology collaborations, and it applies to a vendor relationship as well. We have two main methods to protect your interests. First, the specific content of your insurance products - such as rates, rules, and forms - is never shared with other customers; only the underlying software code is shared. Think of it like using Microsoft Office or other commercial software; the software is the same for everyone, but the contents of your documents remain private. Second, we provide proprietary software coding for your company that isn't shared with other members. This is managed through our pricing structure. If you're okay with sharing functionality, we offer a 'members' rate for the development and implementation. If you want the functionality to remain exclusive to your company, we have a higher 'market' rate for those services.

  • 'Shift Left' is a popular term in the technology ecosystem, generally meaning to bring processes or technology closer to the customer for faster and more efficient outcomes. It's about improving service and achieving better business results. We're applying this concept to how technology is deployed. Our approach focuses on redesigning implementation workflows to minimize or eliminate reliance on IT for essential business tasks like rate and form updates, underwriting questions and decision-making rules.

  • Property and Casualty Insurance is a complex industry that demands advanced technology, making it both challenging and costly. Many companies choose to 'outsource' their IT needs to vendors, which can limit their future options - a situation we call the IT Vendor Treadmill. Unlike other vendors, InsurXcel aims to be Your Shared Source Technology Partner, giving you control over the software you implement on your own terms.

  • Wyoming is an extremely business friendly state. The University has supported the Wyoming Technology Business Center (WTCBC) since 2006; an innovation-driven business incubator working to advance the University of Wyoming's mission to support economic and community development. InsurXcel has utilized many of these services and participates regularly in the networking and education opportunities provided by the WTBC. We maintain relationships with the professors of the Business and Computer Science departments and offer intern opportunities to UWyo students.

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