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.
Affordable Speed to Market
The Result: Our members can compete in the market with sophisticated products and technology.
Find Out More About Us
Property & Casualty Insurance is a complex business that requires very sophisticated technology. The challenge is difficult and expensive. Many will "outsource" the work effort to technology vendors; limiting their future options. We refer to this as the IT Vendor Treadmill.
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 offering a membership in a cooperative arrangement with other members with similar needs. A Technology Mutual.
The InsurXcel℠ Shared Source model means you have the freedom you need for the future. Whether you continue with membership or not, you will always have the right to use the software you implemented, and will have the source code necessary to maintain it.
Our connection to the Computer Science department at the University of Wyoming and our membership model provides a unique mix of technology and industry expertise to support your technology team.
Check our Services
InsurXcel℠ has a unique combination of software products and services. We take the time to design for business user control and operational efficiency. Eventually our scope will include all aspects of policy, billing, claims and financial administration. Take a look at what we have so far, and contact us to learn more about our product roadmap.
Actuarial and pricing teams control all aspects of rating; from table and algorithm updates, to production implementation. Contact us to learn more about how it can be integrated into your core systems.
Redefine your pricing speed-to-market.
Book of Business Analysis
Now you can analyze the impact of rate changes on your actual book of business BEFORE regulatory filing and the implementation expense.
Contact us to see how it works.
Claim Reserves Analysis
Provide your Claim Management team the ability to perform detailed analysis of reserving, recovery and closure accuracy. Achieve a new level of consistency in your Claim Reserve management.
Contact us to learn more.
Data Management Services
Take advantage of the industry leading InsurXcel℠ data models to compliment and extend your internal data management. We specialize in data analysis, cleansing and governance to provide a solid foundation for your management information.
Custom Software Development
InsurXcel℠ is uniquely qualified to design and build advanced software solutions. With access to academic research in the fields of block chain, artificial intelligence and machine learning, we can work with you to explore new competitive advantages.
Frequently Asked Questions
What is a "Shared Source" technology model?
Most people are familiar with the "Open Source" technology model. It is a technology model that works well for software needed by a broad market like a web server, or a word processor. Insurance technology requires complex functionality for a very narrow market. Our "Shared Source" technology model allows multiple insurance companies to pool resources and build domain specific solutions in order to realize significant cost advantages. Like the open source model, membership in the shared source cooperative provides the freedom to use the software and source code with only minimal restrictions.
What does "Shift Left" mean?
Shift Left is a buzz phase used in many ways across the technology spectrum. In general it means to "move the process or technology closer to the customer, resulting in faster and more efficient results". Shift left is about better service and achieving better business results. We are applying this concept to how technology is deployed in the insurance industry. Our designs focus on altering implementation workflows to reduce or eliminate dependancies on IT for critical business functions like rate and form updates, underwriting questions and decision rules.
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 Computer Science department and offer intern opportunities to UWyo students.
How are you different from other software vendors?
A software vendor represents a purchase decision to your organization. A consultant is someone you bring in to help achieve a goal because you need additional expertise and/or manpower; a partner. The purchase model places significant emphasis on the initial decision, because it is the only point in the relationship where the buyer has leverage. From that point on, the customer's influence decreases as the vendor's control over the relationship increases. In a partnership, both parties regularly re-align the relationship for mutual benefit. We have no interest in being a vendor or controlling our customers. Our business model removes the normal mechanisms used in license contracts to "lock-in" the customer.
How do I protect my business from other members with whom I compete?
This question is a long standing concern with technology collaboration. If you have this concern, you will have it in a vendor relationship also. We have two primary methods for protection. 1) The content of your insurance products; rate, rules, forms and other content; are never shared across customers. Only the software code is shared. You use Microsoft Office or other commercially available products correct? But the content of those documents is never shared with your competitors through the Microsoft relationship. 2) We offer proprietary software coding for your company that is never shared with other members. This is controlled by our rate structures. For functionality you are willing to share with others, there is a "members" rate for the development. For functionality that you want to remain proprietary to your company, we have a higher "market" rate for those services.
What if I'm interested in your solutions, but do not want to become a member and share source code?
In many cases, we offer our services at market rates, and utilize our products in the engagement without a membership requirement. For example, we can provide Book of Business or Claim Reserve Analysis services by deploying a cloud instance or our tools and providing your team the access needed to achieve the objectives of the engagement. We are open to discussing any product or service without a membership requirement.