OWIT Rolls Out Contract Builder Solution Built on Microservices

Business Wire

New solution will expedite the configuration and assembly of customized insuring agreements and policy forms

WEST HARTFORD, Conn.--(BUSINESS WIRE)-- OWIT Global, the leader in insurance-specific microservices technology for the global insurance industry, adds a new microservice to support the industry’s need to automate the assembly of insuring agreements and policy forms. By combining the new Contract Builder Microservice with the OWIT User Experience Microservice, Rules Microservice and Document Microservice, OWIT is solving the need to tailor risk exposure contracts.

The OWIT Contract Builder Solution provides insurers with the ability to create custom coverage components available to tailor contract coverage to meet a market need. The OWIT “no-code” tool set provides the administrator with the ability to manage insurance wording and clauses, applying rules to support regulatory and underwriting compliance.

Today, the process of configuring customized contracts can take weeks as administrators work through sizable master templates. By automating this process, the OWIT Contract Builder Solution improves accuracy, efficiency and productivity resulting in a reduced time to market. The OWIT Contract Builder Solution can also be configured to provide multiple distribution channels with a unique user experience for building and reviewing policy contracts.

Wendy Aarons-Corman, Chief Executive Officer, said, “OWIT Global continues to work on automating those supporting processes that are manually intensive and will continue to evolve as insurers extend their reach to new distributions and channels. The Contract Builder Solution is a nice follow up to the Bordereaux Management Solution, both built on a true microservice architecture. Insurers who work with OWIT Global can reuse the microservices components for future projects. This is a unique value-add in working with our team.”

Julian James, President of EMEA and AsiaPac, commented, “The launch of our new Contract Builder Solution will be of great interest to those seeking a Slip building solution in the London Market and those looking for increased automation of the policy fulfilment process outside of London. This solution demonstrates the value of OWIT’s microservices architecture by bringing together a number of our microservices to solve a particular business need.”

To learn more about OWIT Global’s Contract Builder Solution CLICK HERE.

About OWIT Global:

OWIT is a global insurance technology provider offering solutions built on a modern architecture designed to simplify innovation and integrate with existing customer environments to maximize their investments and desired results. The OWIT portfolio is comprised of discrete and specialized cloud-based microservices for Bordereaux, Rules, Rating, Cyber Rating & Distribution, A&H and Specialty Point of Sale, Document Generation and Portal Configuration with the capability to tailor and build a full suite of Policy Administration System (PAS) microservices. The company's offerings can be deployed standalone or integrated with a broker’s, carrier's or MGA's existing environment. OWIT's architecture is also designed to support emerging technologies and functionality such as block chain and smart contracts.

For additional information CLICK HERE.