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.
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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.
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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.
Shared Source
A new technology model that combines the freedom of open source with the challenge of unique business requirements.
Shift Left by Design
Technology designed to put the business user in full control of the solution. Reducing the dependance and cost associated with current technology.
Proof of Work
Real-time deliverables that support your results, providing peace of mind and transparency. Whether it is the rating process or your verification and reconciliation needs, InsurXcel℠ builds tools to seamlessly verify the system results.
Speed to Market
The Result: Our members can quickly compete in the market with sophisticated products and technology.
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
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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.
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How are you different from other software vendors?
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.
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How do I protect my business from other members with whom I compete?
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.
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What does 'Shift Left' mean?
'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.
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Why did we choose to focus on Property & Casualty Insurance first?
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.
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How is InsurXcel℠ affiliated with the University of Wyoming?
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.