Another Insurance Carrier Chooses OWIT Global’s Insurance Data Management (IDM) Solution to Modernize its P&C and A&H Program Bordereaux Data Streams

OWIT Global Continues Momentum in Signing Additional Customers to Leverage the IDM Solution for Efficient Data Consumption and Cleansing.

WEST HARTFORD, Conn.--(BUSINESS WIRE)--
OWIT Global (OWIT), the leader in cloud-based insurance-specific microservices architected solutions to digitalize the global insurance industry, is pleased to announce another insurance carrier has selected OWIT’s Insurance Data Management (IDM) Solution, bringing additional confirmation that the industry needs insurance data interchange as a core solution.

The carrier needed to optimize the processing of incoming bordereaux for their growing P&C and A&H business. Leveraging the existing proprietary solution was not an effective or scalable option so the carrier’s team contacted OWIT to evaluate its tool-based insurance-specific solution. After detailed use case discussions, including a proof of concept, the carrier selected OWIT’s IDM Solution as the leading and best fit.

“With the expansion of distributions and acquisitions, the insurance ecosystem has shifted its attention to data integrity and operational efficiencies as a core competency. The traditional thinking of policy, billing, and claims as the definition of ‘core systems’ is limited,” said Wendy Aarons-Corman, chief executive officer and president of OWIT Global. “Data interchange requires the consumption and distribution of clean data, and it will be hard to compete for growth without it. It is great to see the industry embracing this requirement.”

Julian James, global chief revenue officer, and OWIT Global EMEA/AsiaPac president added, “We have been successful in providing insurance-specific solutions that support the global insurance market. Our team understands the needs of the Americas/US, European/UK, and London markets, coupled with the knowledge to support the AsiaPac market. We bring unique skills and experience to provide truly global solutions across these geographies and market segments. OWIT’s IDM Solution addresses the future of data exchange beyond file-based bordereaux to solve the broader data exchange needs required in the modern era for full delegated data management and the consumption of disparate data such as statement of values.”

As a cloud-based, market-wide solution, OWIT’s IDM Solution can offer significant cost savings over the traditional model, where Carriers, Brokers, Reinsurers, MGAs, MGUs, TPAs, and other partners separately attempt to address their respective challenges of bordereaux processing and other processing such as SOVs. The configuration and onboarding of each data stream is via a no-code platform. Business analysts use this tool to configure and manage data streams. The combination of the platform and the tool dramatically improves the quality and efficiency of processing business.

For more information about OWIT Global, please visit www.OWITGlobal.com.

About OWIT GLOBAL

OWIT Global (OWIT) is an insurance technology company specializing in solutions built on a unique suite of reusable insurance-specific microservices. OWIT’s solutions include Bordereaux and Binder Management, Business to Business/Consumer Portals, User and Point of Sale Portals, Rating, Document-lite Generation, Insurance Data Transformation, and Policy Administration. Each OWIT solution is built on a collection of microservices that allow for unprecedented reusability to deliver an array of additional solutions to solve pressing pain points for both immediate and longer-term business benefits. OWIT’s solutions can be deployed standalone or integrated with a Broker’s, Carrier’s or MGA’s existing environment to maximize investments. To see the power and flexibility of the OWIT catalog of cloud-based microservices, visit www.owitglobal.com.

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Source: OWIT Global