#United States #OWIT Global #West Hartford #Data Management #Insurance Technology

Optimizing Enterprise Operations with OWIT Global

In a significant advancement for the insurance industry, OWIT Global, a leader in cloud-based insurance technology, has announced that yet another U.S. carrier is expanding its operations by adopting OWIT's comprehensive Insurance Data Management (IDM) solution. This innovative platform promises to streamline the management of data associated with Managing General Agents (MGAs) and Third-Party Administrators (TPAs), effectively transforming outdated processes into agile, automated workflows.

Traditionally, insurers faced countless challenges while processing bordereaux—detailed listings of transactions and claims. Manual data collection, cleansing, and transformation often hampered operations, leading to delays and inaccuracies. Recognizing the urgent need for modernized, efficient solutions, a particular U.S. insurance carrier turned to OWIT Global. Their IDM solution was initially implemented to tackle complex bordereaux processing requirements, which included handling data from various standard and specialty programs.

"The demand for modern solutions that can efficiently manage and clean data has skyrocketed, especially in bordereaux handling. As the industry moves toward digital efficiency, it's becoming increasingly clear that traditional methods—like in-house software development—are no longer viable," stated Wendy Aarons-Corman, CEO of OWIT.

The OWIT Global IDM solution is designed with a no-code environment, enabling business users to independently on-board and manage multiple data streams without relying heavily on external vendor support. This independence not only mitigates dependency challenges but also empowers teams to focus on deriving insights from data rather than becoming mired in data handling tasks.

The comprehensive features of the OWIT solution include:

• - Data Ingestion: Seamless integration of data from various sources, ensuring no critical information is overlooked.
• - Data Cleansing and Transformation: Automated processes to cleanse and modify data into the desired formats, enabling smoother operations.
• - Insightful Dashboards: Customized dashboards that provide a clear view of data completeness and emerging trends, thus aiding in decision-making.

With the OWIT solution, organizations can expect improved accuracy and efficiency in processing premiums, cash, claims, and contract management. The carrier that adopted OWIT’s IDM solution has experienced remarkable initial success, paving the way for a broader enterprise-wide deployment.

“A scalable system that permits swift data interchange allows teams to concentrate on insights that influence organizational strategy rather than being bogged down in data wrangling,” Aarons-Corman emphasized, highlighting the importance of embracing agile methodologies in an ever-evolving industry landscape.

About OWIT Global

OWIT Global stands at the forefront of insurance technology, offering a unique suite of reusable insurance-centric microservices tailored for cloud deployment. Their flagship product, the Insurance Workbench, is engineered to tackle industry challenges by ensuring data integrity while streamlining operational processes.

The Insurance Workbench includes various features that support program and reinsurance arrangements, enabling seamless file management and direct data interchange. Clients can utilize these solutions in a standalone manner or integrate them into existing systems to extract immediate benefits while aligning with longer strategic visions.

For more information about OWIT's revolutionary Insurance Data Management solutions, visit their official website: OWIT Global.