WEST HARTFORD, Conn.–(BUSINESS WIRE
, a provider of insurance-specific microservices solutions for the global insurance industry, is pleased to announce that SpottedRisk, a data-driven managing general underwriter (MGU) has been working with OWIT Global to automate policy processing and bordereaux management for its specialty lines insurance business.
“That is one of OWIT Global’s most significant value propositions. Our technology roll-out is not an all or nothing solution. Every customer is different, and we collaborate on the critical needs and align the plan accordingly. And, our insurance-specific microservices are reusable for future projects.”
“The OWIT Global team engaged as an extension of our team from the outset, helping us navigate the critical phases of our specialty lines project and aligning the plan appropriately,” said Nicole Haggerty, Chief Operations Officer of SpottedRisk. “Their modern, open technology easily integrates with our large database of entertainers and public figures, resulting in genuine underwriting of each submission. Plus, OWIT Global’s Bordereaux management solution automates the reporting from day one with both London Coverholders and US Carriers, and will support our plan to scale with other carriers in both markets.”
OWIT Global’s microservices solutions, including bordereaux management, rules, rating, portal configuration, point-of-sale, document generation, and the future transactional services, 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. OWIT’s reusable microservices minimize the development and IT maintenance costs common to insurance organizations unable to engage with customers in new digital ecosystems due to the pain, which typically accompanies an enterprise rip-and replace initiative.
“There was a lot of synergy between our two organizations as we talked through a plan to automate SpottedRisk’s processes in phases that make sense based on their current growth rate,” said Wendy Aarons-Corman, CEO and president of OWIT Global. “That is one of OWIT Global’s most significant value propositions. Our technology roll-out is not an all or nothing solution. Every customer is different, and we collaborate on the critical needs and align the plan accordingly. And, our insurance-specific microservices are reusable for future projects.”
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.
SpottedRisk is a private-equity backed insurance and analytics company founded in 2016 by two former tech industry executives that built an expert team of research analysts, data scientists, and veteran underwriters. SpottedRisk uses defensible analytics to improve the underwriting and evaluation of emerging and specialty risks that take advantage of time-sensitive market dislocations. SpottedRisk is a premiere MGU focused on building new insurance products that address the gaps in coverages in the entertainment and event industries, among others. SpottedRisk’s analytics have been used in dozens of stories written by reputable publications, such as The New York Times, Variety, The Hollywood Reporter, and Adweek.