Insurance Data Management Advances toward a Distributed Data Workbench, a solution of OWIT’s Insurance Workbench
OWIT Global (OWIT), the leader in cloud-based insurance-specific microservices architected solutions to digitalize the global insurance industry, is pleased to announce that it is working with Canopius Insurance US, Inc. (Canopius), to advance its Insurance Data Management (IDM) solution towards OWIT’s industry vision of a Distributed Data Workbench (DDW).
Canopius partnered with OWIT to support its distribution strategy with IDM for bordereaux management. Today, Canopius leverages IDM to ingest files from more than 100 MGAs and TPAs.
In parallel to enhancing IDM, OWIT has been advancing its configurable processing solution, Insurance Process Management (IPM), which today supports any type of user experience from portals/workbenches to point of sale, as a standalone or extension of existing systems. OWIT is combining IPM and IDM to support data ingestion, integrity, and process efficiencies; OWIT’s definition of true digitalization. The result is an industry Insurance Workbench.
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Adam Finkle, COO of Canopius for the US region, said, “Implementing OWIT’s IDM solution has enabled us to cost-effectively support growth via the delegated channel, ensure consistently high levels of data quality and achieve our objective of self-sufficiency relative to configuration of templates, validation rules and outputs.”
Finkle continued, “OWIT’s vision for the DDW will deliver additional benefits in these areas through the Service Portal. The Service Portal will provide our partners with greater visibility into the quality of the data they provide, with the ability to see in real time where they need to focus to ensure they are meeting our standards. Building on our successful track record together, we look forward to continuing this collaboration.”
“By overlaying IPM with IDM, the industry will have a solution, DDW, to support a full program lifecycle; contracting, onboarding, processing, reporting/analytics, auditing, and offboarding,” said Wendy Aarons-Corman, CEO of OWIT Global. “Clients have the option to provide their distributions with a self-service portal, enabling the upload and processing of all file types, along with access to operational processing reports, data quality assessments, and comprehensive transaction-level views. The industry will see DDW capabilities continue to advance.”
OWIT is recognized for its IDM solution, which successfully supports global insurers in the ingestion, cleansing, and normalizing of all data file types. IDM is in production for Policy, Claims, Cash, Bordereaux, Delegated Underwriting Management, and Reinsurance, and is currently validating over 14MM transactions. OWIT’s IDM Solution is a part of OWIT’s Insurance Workbench, a modern, no-code solution that can quickly configure new user experiences. The Insurance Workbench integrates with existing customer environments and third-party systems.
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