OWIT Global Hits Milestone with Its Insurance Data Management (IDM) Solution for Bordereaux and Delegated Underwriting Management Processing

OWIT’s IDM Solution processes over ten million insurance-specific transactions globally.

West Hartford, Conn – May 22, 2024 – 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 customer. 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 customers 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.

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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.