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 enhanced functionality of its Insurance Data Management Solution.
Beyond the basics of processing policy/risk, cash/premium, and claims for bordereaux, the Insurance Data Management Solution includes:
- A comprehensive cash reconciliation
- Build, store, and re-use standard output data sets such as the Lloyds standard
- Efficiencies in processing very large bordereaux files
- AI to quickly onboard new programs
- Additional functionality for system aggregations and validations across bordereaux over time
- Improved integration direct to source systems to support Transatlantic delegated data management
- Administration of transaction records such as SOVs in conjunction with OWIT’s Broker Portal
“Increasing revenue with new distributions and internal technology requires solutions with efficient processes and clean data. The OWIT team believes this is a basic need today, bringing data ingestion and cleansing into the core systems category with policy admin, billing, and claims solutions. OWIT provides the Insurance Data Management Solution as one of the ways we are extending existing insurer technology investments, including bordereaux management processing.” said Wendy Aarons-Corman, Chief Executive Officer of OWIT Global. “The OWIT team continues to invest in this much-needed solution. When customers compare the ROI to proprietary development or manual processing, they see the benefit in leveraging our solution.”
The OWIT Global Insurance Data Management Solution is a no-code, configurable environment, that gives the business user the power of onboard and manage all types of data including bordereaux data streams. Data is consumed, cleansed, and transformed into a desired output file. Rules and 3rd party calls to validate data are also supported.
About OWIT GLOBAL
The OWIT portfolio is built on a Digitalization Insurance Enterprise Management platform (O/DIEM) to support the insurance industry’s need to reinvent and improve processes and its need for clean data across the value chain. O/DIEM assimilates data ingestion and transformation via OWIT’s Delegated Data/Bordereaux/Binder Management solutions and other solutions such as Broker Portal, Point of Sale, Rating, Rules, and Document Generation. O/DIEM can also connect to a client’s existing environments to enable the transformation (cleanse and normalize) of both data and digitalization process.
OWIT is a global insurance specialist technology provider for carriers, brokers, reinsurers, and MGA/MGUs. Since OWIT’s incorporation in 2018, our solutions have been designed and built from the “ground up” and the “cloud down” on a modern architecture designed to optimize no-code and cloud deployment. Its mission is to simplify innovation via the digitalization of processes and data in harmony with the integration of our customers’ existing environments to maximize their investments.
For more information about OWIT Global, please visit www.OWITGlobal.com.