Disgrace Insurance Specialist, SpottedRisk, Automates Insurance Processing with OWIT
February 28, 2023
Large MGA with an Acquisition Plan
March 11, 2023Disgrace Insurance Specialist, SpottedRisk, Automates Insurance Processing with OWIT
February 28, 2023Large MGA with an Acquisition Plan
March 11, 2023OWIT Global to support Insurors’ MGA bordereaux consumption and cleansing built on a microservices architected solution.
West Hartford, Conn. – May 25, 2021 – OWIT Global (OWIT), a provider of insurance-specific microservices architected solutions for the global insurance industry, is pleased to announce Insurors Indemnity Companies (Insurors), a provider of property & casualty insurance and surety bonding, is working with OWIT to automate its manually-intensive MGA bordereaux consumption.
Insurors will begin by leveraging OWIT’s Bordereaux Management Solution to consume data from its legacy policy administration systems and translate the data for its reporting and GL system. Next, Insurors will engage with OWIT’s new offering, BDX-Central, the industry exchange for bordereaux management, to consume, cleanse, transform and load incoming MGA and TPA bordereaux data to its back-end systems, including Applied’s EPIC Premier. OWIT will be working with Insurors’ current MGAs, to connect them to BDX-Central with the option to leverage the solution for other carrier relationships, current and future. Insurors and its MGAs will leverage OWIT’s no-code environment to manage its data files without vendor dependency.
“We have been managing the bordereaux data manually for some time, taking in data, reviewing it, and entering it into our GL and various databases for review. After spending time with the OWIT team to understand the offering and the no-code, quick-to-market opportunity, we were excited to get the project going,” said Dave Talbert, president, and CEO of Insurors. “We love how OWIT’s insurance-specific microservices projects are done in stages that extend our legacy systems.”
OWIT’s microservices solutions, include bordereaux management, rules, rating, portal configuration, point-of-sale, document generation, and in the future, transactional services. The solutions can be leveraged by insurance companies, MGAs, and MGUs as a full replacement for legacy core administration solutions or implemented in stages to improve automation. In addition, OWIT’s reusable microservices minimize the development and IT-maintenance costs common to insurance organizations who can’t engage with customers in new digital ecosystems due to the pain, which typically accompanies an enterprise rip-and-replace initiative.
“We took the time needed with Insurors to ensure both teams were comfortable with the approach,” said OWIT’s Wendy Aarons-Corman, CEO and president of North America. “Insurors was a perfect fit, taking the projects in stages for the small wins. Our insurance-specific offerings help both carriers and MGA/MGUs fill the gaps around their existing system investments. And, we continue to tout our years of insurance expertise that will help Insurors with checks and balances on product roll-out and best practices.”
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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 INSURORS INDEMNITY INSURANCE
Based in Waco, Texas, Insurors Indemnity Companies is a regional insurance group contracted with over 350 independent agents who market the groups A- A.M. Best rated Property & Casualty and Surety products in Arkansas, Arizona, New Mexico, Oklahoma and Texas. In addition to the commercial and residential products Insurors writes, the group markets additional insurance products through its general agency, Insurors Indemnity Underwriters and premium financing is offered through its subsidiary - Roadrunner Premium Finance Company. The companies focus on commonsense underwriting coupled with fast and friendly service which underpins its approach to offering innovative and competitively priced insurance products.