West Hartford, CT (BUSINESS WIRE) - OWIT Global (OWIT), the leader in cloud-based insurance-specific microservices architected solutions to digitalize the global insurance industry, is pleased to announce that additional insurance specific business functionality has been added for onset and offset transactions to further complement the existing functionality to support the processing of policy, cash, and claims Bordereaux records.
Onset-offset involves using a single “onsetting” policy transaction received via Bordereaux to trigger the creation of multiple “offsetting” transactions for feeds to downstream systems. Typically, this occurs when an MGA reports policy-level transactions, such as cancellations or endorsements, using a single row of data yet a back-end system requires a much higher level of data detail, usually requiring multiple rows to report.
Using OWIT’s enhanced onset-offset business rules when processing Bordereaux records, OWIT’s Insurance Data Management system can identify when offsetting transactions are needed and build these transactions for downstream reporting. Benefits of OWIT’s onset-offset transactions include the ability to:
- Accept existing MGA reporting formats without manually updating or correcting bordereaux files before processing.
- Build custom business rules to ensure the correct reporting of policy transactions at a deeper level of detail than reported by the MGA.
“Our solution continues to advance thanks to the combined input from our global customers and our SMEs. Since the solution’s inception, this input has widened the functionality, supported a host of bordereaux transactions, and provided the necessary controls for contract management,” said Wendy Aarons-Corman, Chief Executive Officer of OWIT Global. “With all of our customers in production, the ROI to proprietary development or manual processing has proven to be a win.”
The OWIT Global Insurance Data Management Solution is a no-code, configurable environment that gives the business user the power to onboard and manage all types of data and data sources, including bordereaux data streams. Data is consumed, cleansed, and transformed into a desired output file. Rules and 3rd party calls to validate data are also supported.
About OWIT GLOBAL
The OWIT portfolio is built on a Digitalization Insurance Enterprise Management platform (O/DIEM) to support the insurance industry’s need to reinvent and improve processes and its need for clean data across the value chain. O/DIEM assimilates data ingestion and transformation via OWIT’s Delegated Data/Bordereaux/Binder Management solutions and other solutions such as Broker Portal, Point of Sale, Rating, Rules, and Document Generation. O/DIEM can also connect to a client’s existing environments to enable the transformation (cleanse and normalize) of both data and digitalization process.
OWIT is a global insurance specialist technology provider for carriers, brokers, reinsurers, and MGA/MGUs. Since OWIT’s incorporation in 2018, our solutions have been designed and built from the “ground up” and the “cloud down” on a modern architecture designed to optimize no-code and cloud deployment. Its mission is to simplify innovation via the digitalization of processes and data in harmony with the integration of our customers’ existing environments to maximize their investments.
For more information about OWIT Global, please visit www.OWITGlobal.com.
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