OWIT Global Hits Milestone with Its Insurance Data Management (IDM) Solution for Bordereaux and Delegated Underwriting Management Processing
May 22 2024 - 10:00AM
Business Wire
OWIT’s IDM Solution processes over ten million
insurance-specific transactions globally.
OWIT Global (OWIT), the leader in cloud-based insurance-specific
microservices-architected solutions to digitalize the global
insurance industry, has announced it has hit a milestone with the
development and delivery of its Insurance Data Management (IDM)
solution, processing over ten million of insurance-specific
transactions globally for bordereaux and delegated underwriting
management.
Today, OWIT’s IDM solution is in production at Carrier,
Reinsurance, Broker, and MGA global locations, processing millions
of policy, claims, and cash transactions. The IDM solution is built
on OWIT’s Digitalization Insurance Enterprise Management (O/DIEM)
platform, a tool-based, microservices platform that puts the power
of configuration for data cleansing and insurance processing in the
hands of the client. The IDM solution also supports real-time data
interchange, eliminating the traditional industry practice of batch
processing.
“The insurance industry has redefined core system definition to
include data interchange and, more importantly, clean data
interchange. Insurers won’t be able to scale their business beyond
their internal teams if they can’t receive, process, and send data
with their partners,” said Wendy Aarons-Corman, chief executive
officer of OWIT Global. “The industry is riddled with data
integrity issues, and our IDM solution is the proven automation the
industry needs to ingest multiple data types and cleanse, validate,
and normalize data to be 100% clean. We have successfully completed
dozens of quick-to-market projects for our clients successfully and
are processing millions of transactions.”
Julian James, chief revenue officer and president of
EMEA/AsiaPac of OWIT Global, commented, “Our team has invested
millions of dollars into insurance-specific business content and
transaction processing within the IDM solution, providing the
backbone upon which our Artificial Intelligence (AI) strategy is
being built. Our AI strategy focuses on specific use cases that
leverage the IDM solution’s insurance IP to deliver increased
process and operational efficiencies, resulting in even further
reduction in both the onboarding and processing of disparate,
distributed data.”
OWIT’s IDM solution can offer significant cost savings over the
traditional model, where Carriers, Reinsurers, Brokers, 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 are via a no-code platform. Business analysts use this
tool to configure and manage the data streams. The combination of
the platform and the tool dramatically improves the quality and
efficiency of processing business.
OWIT’s IDM solution is available as a shared SaaS model, a
dedicated SaaS model, or a customer-hosted option.
To learn more about OWIT Global’s IDM solution offering,
CLICK HERE. Or check out our website at
www.owitglobal.com for more information.
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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Media Contact: Gilda Migliore gilda@owitglobal.com
1-833-GET-OWIT X708