New cloud-based environment provides a no-code, configurable interface for all subscribers in the industry that need to report and consume data in a custom, normalized format.
WEST HARTFORD, Conn.–(BUSINESS WIRE)–OWIT Global (OWIT), a provider of insurance-specific microservices architected solutions for the global insurance industry, is pleased to announce the immediate availability of its new bordereaux data exchange, removing the technology and business burden of bordereaux processing. BDX-Central supports the need for Carriers, Reinsurers, MGAs, MGUs, TPAs, and other partners to connect their bordereaux and file-based processing needs via a cloud-based platform for any line of business or market segment and any other transaction that utilizes bordereaux, schemes, or program-based business.
BDX-Central is a secure hub that consumes, cleanses, and transforms data into formats needed for partners to consume. With numerous insurance organizations subscribing to BDX-Central, the data-sharing requirements will become streamlined for members, resulting in a cost-effective solution to replace the current, expensive approach.
“BDX-Central solves the challenge of having to produce, or consume, many different formats of data from disparate sources,” said Wendy Aarons-Corman, chief executive officer and president of OWIT Global. “For most companies, this is either a highly manual, error-prone process or requires technology teams to develop solutions to support the production and consumption of data. A time-consuming, inefficient, and costly process is invariably the result.”
Insurors Indemnity Companies (Insurors), out of Waco, Texas, is BDX-Central’s inaugural member. With plans to extend their MGA distribution, Insurors needed to streamline the incoming MGA data to their legacy systems and reporting database. BDX-Central provided support for the various insurance data streams at a reasonable price for both Insurors and their MGAs.
David Talbert, president and CEO of Insurors, commented, “We have been working with MGA bordereaux files manually for years. In our introduction to OWIT Global’s BDX-Central solution, we saw the ease to automate, bring on more MGAs quickly, and the ROI early on. BDX-Central also provides an opportunity for our MGAs to scale. By subscribing to BDX-Central, the MGA can connect to other subscribers such as Carriers and Reinsurers at an economical price point. We can also leverage BDX-Central to send data to our reinsurers and to consume data from our TPAs.”
Aarons-Corman continued, “BDX-Central will ease the process of onboarding new partners into the eco-system, providing subscribers with an efficient, quick way of connecting and streaming data. BDX-Central will also provide access to other industry vendors that will render additional value, such as underwriting insight, analytics, and reporting services. Data exchange is at the forefront of how we do business, and OWIT is solving the major pain-point of the back-end: underserviced processing.”
As a cloud-based, market-wide shared solution, 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, CLICK HERE.
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 INSURORS INDEMNITY INSURANCE
Based in Waco, Texas, Insurors Indemnity Companies is a regional insurance group contracted with over 350 independent agents who market the groups A- A.M. Best rated Property & Casualty and Surety products in Arkansas, Arizona, New Mexico, Oklahoma and Texas. In addition to the commercial and residential products Insurors writes, the group markets additional insurance products through its general agency, Insurors Indemnity Underwriters and premium financing is offered through its subsidiary – Roadrunner Premium Finance Company. The companies focus on commonsense underwriting coupled with fast and friendly service which underpins its approach to offering innovative and competitively priced insurance products.