#United States #OWIT Global #Insurance Data Management #Program Business #West Hartford

OWIT Global Enhances Program Business with IDM Solution

In a significant move within the insurance sector, OWIT Global, acknowledged as a leader in cloud-based insurance-specific microservices, has announced a new partnership with a prominent tier carrier. This collaboration aims to implement OWIT's Insurance Data Management (IDM) Solution, which is designed to streamline the onboarding process and manage the complexities of growing program business.

The decision to partner with OWIT Global came after an extensive evaluation by the carrier, which was in search of an effective solution to manage the increasing volume of program bordereaux. With numerous vendors assessed, OWIT emerged as the clear choice due to its ability to provide insurance-specific processing capabilities tailored to meet the carrier’s unique needs.

Comprehensive Evaluation Process

Wendy Aarons-Corman, CEO of OWIT Global, spoke on the thoroughness of the carrier's evaluation process. “This carrier utilized a highly skilled team of technology and business experts to find a solution that met their comprehensive requirements,” she explained. The carrier’s goal was clear: to achieve a transformation in how inputs such as policy and claims bordereaux data are processed, ensuring 100% accuracy and cleanliness.

OWIT's IDM solution is engineered to not only facilitate this transformation but also to empower the carrier's team. The OWIT team will assist the carrier in not just the initial implementation but also in training their staff to manage future data processing independently. This capacity building is a vital aspect of the partnership, allowing the carrier to nurture internal competencies.

Advantages of IDM Solution

The OWIT IDM Solution offers multiple advantages, particularly in terms of operational efficiencies and cost savings. Traditional models employed by carriers, reinsurers, and brokers often involve multiple stakeholders each attempting to tackle their individual challenges regarding bordereaux processing. This fragmentation can lead to inefficiencies and increased operational costs.

In contrast, OWIT's IDM Solution centralizes and simplifies the processing via a no-code platform. Business analysts can seamlessly configure and manage the data streams, significantly enhancing the quality of data handling and processing efficiency. This breakthrough in operational workflow not only reduces costs but also streamlines the entire process.

Moreover, OWIT's solution is versatile, available as a shared SaaS model, a dedicated SaaS model, or as a customer-hosted option, making it adaptable to the diverse needs of its clients across the insurance landscape.

Continuous Innovation in Insurance Technology

OWIT Global stands at the forefront of insurance technology innovation, building its portfolio around reusable microservices tailored for the industry. Their offerings include a variety of solutions, such as Bordereaux Management, Business Portals, and Policy Administration. Every solution is crafted to address both immediate and long-term needs within the insurance sector, demonstrating OWIT's commitment to facilitating significant enhancements in how insurance operations are managed.

As noted by Aarons-Corman, each new partnership reflects the broader industry's shift toward recognizing the importance of data integrity and operational efficiency as central tenets of future growth. With this latest agreement, OWIT further solidifies its role as a pivotal player in the evolution of insurance data management, promising to drive advancements that benefit both current and prospective clients.

For anyone interested in exploring the capabilities of OWIT Global's IDM Solution or to learn more about their innovative offerings, visiting OWIT's website is highly recommended. This partnership marks a positive stride in the insurance business, proving that intelligent solutions are not just a necessity but a game-changer in a rapidly evolving industry.