Tier 1 Carrier Licenses OWIT Global’s Bordereaux Management Solution to Support A&H and P&C MGA Business
October 7, 2021OWIT Global Partners with Large Global Reinsurer to Manage Their Growing Need to Ingest, Cleanse and Transform Their Incoming Program Data with OWIT’s Bordereaux Management Solution
February 15, 2022
OWIT Global to support Canopius’ need to onboard and process its MGA and TPA bordereaux consumption and cleansing.
West Hartford, Conn – January 19, 2022 – OWIT Global (OWIT), a provider of insurance-specific microservices architected solutions for the global insurance industry, is pleased to announce Canopius USA as the latest subscriber to OWIT’s Bordereaux data exchange, BDX-Central, to automate and streamline the consumption of disparate data and the onboarding process. Canopius USA is a specialty insurer that manages risk across a range of business lines.
Canopius USA immediately recognized the benefits of OWIT’s centralized bordereaux management platform and the potential to make increasingly efficient gains as new carriers, MGAs, Reinsurers, and TPAs subscribe to the platform. The insurer told OWIT it needed a solution designed to meet the challenges of processing bordereaux data: to consume, cleanse, transform and load incoming MGA and TPA bordereaux data to arrange downstream systems. OWIT will work with Canopius USA to springboard its processing, and the insurer will then leverage OWIT’s no-code environment to manage its onboarding and data files without vendor dependency. Canopius USA will also take advantage of BDX-Central’s extensive reporting capabilities.
“The OWIT team has spent the past few months working with Canopius USA on evaluating its bordereaux needs. The due-diligence process ensured synergy among the team as well as the ability to meet the technical requirements,” said Wendy Aarons-Corman, chief executive officer and president of OWIT Global. “OWIT’s BDX-Central will support Canopius’ growth, providing streamlined automation resulting in clean data.”
Lisa Davis, CEO of Canopius USA said, “With the planned growth for Canopius USA’s delegated business channel, we recognized the need for a platform that would enable us to manage partner data on our own and quickly, easily and cost-effectively on-board new opportunities. OWIT’s BDX-Central tool is highly aligned with the way Canopius USA wants to do business. BDX-Central will provide us with opportunities to increase the speed and frequency with which we receive data, to support the growing technical sophistication of our partners. OWIT has provided a solution to an underserved part of the industry, and we are pleased to subscribe to BDX-Central.”
As a cloud-based, market-wide solution, OWIT’s BDX-Central can offer significant cost savings over the traditional model where Carriers, Reinsurers, MGAs, MGUs, TPAs, and other partners separately attempt to address their respective challenges of bordereaux processing. The configuration and onboarding of each bordereaux template are via a no-code platform. This tool is used by business analysts to configure and manage the data streams. The combination of the platform and the tool dramatically improves the quality and efficiency of processing bordereaux business.
To learn more about OWIT Global’s BDX-Central offering, CLICK HERE. Or check out our website for our Bordereaux Management Solution www.owitglobal.com
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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 Canopius USA
Canopius USA is a specialty insurer with experienced teams serving customers throughout the United States including New York, Chicago, San Francisco, Atlanta and Charlotte. As part of global specialty insurer Canopius Group, Canopius USA is comprised of Canopius US Insurance, Inc. (CUSI) and Canopius Underwriting Agency, Inc. (CUAI). CUSI is an insurance company licensed in all 50 states that writes excess and surplus lines binding authority business through a select number of distribution partners. CUAI is a MGA, underwriting solutions for Open Market Property, Ocean Marine, Management & Professional Lines and Cyber business.
Canopius is a global specialty (re)insurer with underwriting operations in Australia, Bermuda, China, Singapore, the UK and US. It underwrites through Lloyd’s Syndicate 4444 (managed by Canopius Managing Agents Limited), a US surplus lines insurer, Canopius US Insurance, Inc and Canopius Reinsurance Ltd, a Bermuda based Class 4 Reinsurer.
For more information, visit www.canopius.com or follow @CanopiusGroup
