Another Large Tier Carrier Chooses OWIT Global's Insurance Data Management (IDM) Solution to Streamline the Onboarding and Processing of Growing Program Business

OWIT Global to Support a Large Number of Program Business Units

WEST HARTFORD, Conn., Dec. 3, 2024 /PRNewswire/ -- OWIT Global (OWIT), the leader in cloud-based insurance-specific microservices architected solutions to digitalize the global insurance industry, is pleased to announce yet another large tier carrier has signed on with OWIT's Insurance Data Management (IDM) Solution to onboard and process all program bordereaux.

The carrier needed a solution that would manage and accelerate its program business growth. 

During an extensive due diligence process, the carrier evaluated numerous vendors to meet its needs for the complex ingestion and cleansing of various insurance transactions. However, OWIT Global was the only vendor that could present insurance-specific processing and answer technical requirements to meet those specific needs. The carrier was extremely thorough during the evaluation process, resulting in a compelling business case.

Similar to other OWIT customers with program business, this carrier requires a strategic solution to transform incoming policy and claims bordereaux data to 100% clean data. The OWIT team will work with the carrier to implement OWIT's IDM Solution for its initial processing and train the carrier team to manage its onboarding and future data files independently.

"This carrier charged a team of very skilled technology and business resources to find a solution. Their process was comprehensive from all angles," said Wendy Aarons-Corman, chief executive officer of OWIT Global. "The IDM Solution is rich in insurance-specific processing for policy, claims, and cash, supporting many different incoming and outgoing file types. OWIT's investment in IDM has proven to answer the needs of the industry, and this carrier will benefit from the current and future advancements of the solution."

Aarons-Corman added, "Since the inception of our company, we have been focusing on our vision of combining data integrity and operational efficiencies, knowing this is the future of our industry. With each additional customer, we see the industry recognizing this necessity."

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 is 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, dedicated SaaS model, or as 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 to see what the Insurance Data Management platform can help solve.

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.

Media Contact:
Gilda Migliore
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SOURCE OWIT Global