OWIT’s fully functional insurance transaction processing solution utilizes client use cases to drive AI-powered acceleration of data onboarding & transformation
OWIT Global (OWIT), the leader in cloud-based insurance-specific microservices architected solutions to digitalize the global insurance industry, is pleased to announce additional advancements in AI capabilities to further its leading industry solution, Insurance Data Management (IDM), which supports bordereaux management, data migration, and other data integrity needs.
Today, OWIT’s IDM solution processes millions of insurance-specific transactions, including policy, claims, and cash, with built-in intelligence to reconcile and accurately apply them across the insurance lifecycle. OWIT applies AI to accelerate and ease the onboarding and exporting of distributed data.
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“There is a lot of buzz around generative AI for insurance solutions,” said Wendy Aarons-Corman, chief executive officer of OWIT Global. “We are confident that we have a successful approach to our solution with the IP content to achieve data integrity, especially with bordereaux. The OWIT team continues to be deliberate in ensuring our solutions remain rich in knowledge while we apply AI capabilities to it. This has proven to be the best approach.”
Julian James, chief revenue officer and president of EMEA/AsiaPac, commented, “We have successfully delivered multiple AI-driven use cases, highly focused on our application as the backbone, with clients already realizing immediate value. Because our solution supports insurance-specific transactions, combining AI creates additional reductions in operational costs and improves productivity by automating repetitive tasks and enhancing decision-making processes.”
OWIT’s IDM Solution can offer significant cost savings over the traditional model, in which Carriers, Reinsurers, Brokers, MGAs, MGUs, TPAs, and other partners separately attempt to address their respective challenges of bordereaux processing and other processing , such as data acquisitions and SOVs. The configuration and onboarding of each data stream is via a no-code platform. Business analysts use this tool to configure and manage the data streams. The combination of the platform and the tool dramatically improves the quality and efficiency of processing business.
OWIT’s IDM Solution is available as a shared SaaS model, dedicated SaaS model, or as a customer-hosted option.
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