(Image source: Bowhead Specialty Underwriters homepage.)
Bowhead Specialty Underwriters (New York), a provider of specialty liability coverages, has selected OWIT Global’s (West Hartford, Conn.) Document Generation Solution to extend its existing underwriting system. OWIT’s Document Solution will enable Bowhead to easily configure and manage documents without vendor dependency, according to a vendor statement.
“OWIT’s modern, open technology easily integrates with our existing solution, supporting our need to automate our high-volume document count,” comments Bob Spina, CIO, Bowhead Specialty Underwriters. “We appreciate the lightweight microservices approach that eases the integration. The no-code environment to manage documents will support our need to support the company’s plan for growth. In addition, OWIT’s well-versed insurance experts were able to help our team create a long-term, practical roadmap.”
OWIT’s microservices solutions include Bordereaux Management, Rules Engine, Rating Engine, front office applications including portal configuration, Point-of-Sale, and Document Generation, and in the future, policy administration transactional services. The vendor says these solutions can be leveraged by insurance companies, brokers, agents, 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 that can’t engage with customers in new digital ecosystems due to the pain points that typically accompany an enterprise rip-and-replace initiative, according to the vendor statement.
“After spending time with the Bowhead team and their underwriting system vendor, we knew we would have a successful partnership,” comments Wendy Aarons-Corman, CEO and president, OWIT Global. “One of OWIT’s most significant value propositions is that our technology roll-out is not an all-or-nothing solution. Customers have different technology needs, budgets, and internal expertise. We take each opportunity individually, working through critical needs aligning the projects accordingly. Bowhead may have other needs that we can fulfill over time. Our catalog of insurance-specific microservices continues to progress, supporting our plan to remain at the forefront of innovation for years to come.”