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West Hartford, Conn – July 10, 2024 – OWIT Global (OWIT), the leader in cloud-based insurance-specific microservices architected solutions to digitalize the global insurance industry, is pleased to announce that Ascot Insurance (Ascot) has signed on with OWIT’s Insurance Data Management (IDM) solution to onboard and process all program bordereaux.
After a successful Proof of Concept, Ascot recognized the benefits of OWIT’s IDM solution and the potential to make increasingly efficient gains through the IDM solution’s extensive insurance transaction processing capabilities as its distribution grows.
Ascot was looking for a strategic solution to transform incoming policy and claims bordereaux data to 100% clean data and for a platform to assist with their future data interchange needs, including Statement of Values (SOVs). OWIT will work with Ascot to implement OWIT’s IDM solution for their current processing, and Ascot will then leverage the IDM solution’s no-code environment to manage their onboarding and future data files.
“Ascot’s intent to automate their data ingestion and processing is a great match for OWIT’s IDM solution,” said Wendy Aarons-Corman, Chief Executive Officer and President of OWIT Global. “Our solution is rich with insurance-specific processing for policy, claims, and cash, supporting many different incoming and outgoing file types. Data interchange is the future of our industry, and with the IDM solution, Ascot will be ready to support its current and future processing with the knowledge that the resulting stored data is clean. The insurance industry is riddled with data integrity issues, and the IDM solution is here to fix this problem.”
Andrew MacDonald, Chief Information Officer of Ascot U.S., commented, “Our due diligence with OWIT’s IDM solution proved we could onboard and process MGA data with ease. Our growing business requires us to get ahead of how we are ingesting and cleansing distribution data. Manual entry and dependence on the technical team to code solutions is a slow and costly option and OWIT had the insight to solve this underserved need.”
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.
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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.
About Ascot Insurance
Ascot is a leading global insurance, reinsurance, and underwriting services group with over 20 years of consistency and stability and a diverse product portfolio. US insurance company affiliates within the Ascot Group are rated A (Excellent) by A.M. Best Company.
