WEST HARTFORD, Conn.--(BUSINESS WIRE)--OWIT Global (OWIT), the leader in cloud-based insurance-specific microservices-architected solutions to digitalize the global insurance industry, is pleased to announce an advanced AI initiative to develop further its leading industry solution, which supports Bordereaux Management, Statement of Values (SOVs), and any other data migration and cleansing.
With years of investment in their no-code, insurance-specific solutions and successful traction with industry buyers, the OWIT team has gained a clear vision and well-defined strategy for leveraging AI.
The transformation of any data, whether incoming or outgoing, requires logic to achieve 100% clean data. Over the years, OWIT’s Insurance Data Management (IDM) Solution has advanced to include insurance-specific knowledge to process policy, claims, cash, bordereaux data, and other data streams from SOVs to data migrations. The solution has reliably processed millions of transactions for many insurers.
“There is a lot of vendor positioning regarding data and AI today, saturating the message and confusing what truly adds value,” said Wendy Aarons-Corman, chief executive officer of OWIT Global. “The key to success is to have the content or IP to know how to achieve data integrity. The OWIT team decided to step back and wait for our solution to be rich in knowledge and experience before we extended our AI initiative. Without a solid foundation, having a clear vision of where AI makes a difference is difficult.”
Julian James, chief revenue officer and president of EMEA/AsiaPac, commented, “We have a solid set of AI use cases currently identified to improve onboarding and operational processes within the IDM Solution. While our data management projects have been timely and cost-effective to date, these use cases will unlock significant savings. Organizations can reduce operational costs and improve productivity by automating repetitive tasks and enhancing decision-making processes. We also recognize the sensitivity around AI, and to that end, have incorporated system-driven controls to allow our customers to choose how their data is used and what AI functionality is accessible.”
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.
