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West Hartford, Conn – June 1, 2023 – OWIT Global (OWIT), the leader in cloud-based insurance-specific microservices architected solutions to digitalize the global insurance industry, is pleased to announce that Canopius US Insurance (Canopius) has successfully implemented OWIT’s Bordereaux Management Solution to automate and streamline the consumption of disparate data and the onboarding process.
Canopius needed a solution to meet the challenges of processing bordereaux data: to consume, cleanse, transform, and load incoming MGA and TPA bordereaux data to arrange downstream systems, including Origami Risk for policy administration and billing. OWIT worked with Canopius to springboard the bulk of the onboarding. Canopius plans to leverage OWIT’s no-code environment to manage its onboarding and processing without vendor dependency. Canopius also is taking advantage of BDX-Central’s extensive reporting capabilities.
The Canopius project was a sizable effort, onboarding fifty MGAs and ten TPAs onto BDX-Central. There are also ten output files of risk, premium, and claims information that are being sent to two systems; Origami for policy and billing workflow automation and an internal database housing risk, claims, and cash,” said Wendy Aarons-Corman, CEO and president of the Americas. “The project was a great test of our solution and the processes we follow for the implementation. We appreciate the Canopius team’s commitment and input that extended the capabilities of BDX-Central.”
Adam Finkle, Chief Operating Officer of Canopius, commented, “The ability to quickly and cost-effectively on-board new programs and manage the quality of inbound data from our distribution and claim handling partners is a core element of our operating model. OWIT Global’s BDX-Central solution will enable us to configure partner information, validation rules, look up tables and bordereau templates and ensure data quality provided by our partners meets our standards. The team at OWIT Global has been engaged, collaborative and hyper-focused on our needs throughout the implementation and we look forward to continuing our collaboration now that we’re in production.”
The OWIT Global Bordereaux Management Solution, BDX-Central, is a no-code, configurable environment that gives the business user the power to onboard and manage all types of data streams. Data is consumed, cleansed, and transformed into a desired output file. The solution includes insurance-specific processing for premiums, cash, claims, and contract management. Rules and 3rd party calls to validate data are also supported.
To learn more about OWIT’s BDX-Central – click here.
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About CANOPIUS
Canopius is a global specialty (re)insurer with underwriting operations in Australia, Bermuda, China, Singapore, the U.K., and the U.S. It underwrites through Lloyd’s Syndicate 4444 (managed by Canopius Managing Agents Limited), a U.S. surplus lines insurer, Canopius US Insurance, Inc. and Canopius Reinsurance Ltd., a Bermuda-based Class 4 Insurer.
For more information, visit www.canopius.com or follow @CanopiusGroup.
About OWIT GLOBAL
The OWIT portfolio is built on a Digitalization Insurance Enterprise Management platform (O/DIEM) to support the insurance industry’s need to reinvent and improve processes and its need for clean data across the value chain. O/DIEM assimilates data ingestion and transformation via OWIT’s Delegated Data/Bordereaux/Binder Management solutions and other solutions such as Broker Portal, Point of Sale, Rating, Rules, and Document Generation. O/DIEM can also connect to a customer’s existing environments to enable the transformation (cleanse and normalize) of both data and digitalization process.
OWIT is a global insurance specialist technology provider for carriers, brokers, reinsurers, and MGA/MGUs. Since OWIT’s incorporation in 2018, our solutions have been designed and built from the “ground up” and the “cloud down” on a modern architecture designed to optimize no-code and cloud deployment. Its mission is to simplify innovation via the digitalization of processes and data in harmony with the integration of our customers’ existing environments to maximize their investments.
For more information about OWIT Global, please visit www.OWITGlobal.com.
Media Contact:
Gilda Migliore