(Image source: Canopius homepage.)
Canopius US Insurance (Chicago) has implemented OWIT Global’s Bordereaux Management Solution to automate and streamline the consumption of disparate data and the onboarding process. Based in West Hartford, Conn., OWIT Global provides insurance-specific microservices architected solutions to digitalize the global insurance industry.
Canopius required a solution to meet the challenges of processing bordereaux data: to consume, cleanse, transform, and load incoming MGA and TPA bordereaux data to arrange downstream systems, including Origami Risk for policy administration and billing, according to an OWIT statement. OWIT worked with Canopius to springboard the bulk of the onboarding. Canopius plans to leverage OWIT’s no-code environment to manage its onboarding and processing without vendor dependency, the vendor says. Canopius also is taking advantage of BDX-Central’s extensive reporting capabilities, according to OWIT.
OWIT describes the Canopius project as a significant effort requiring the onboarding of 50 MGAs and ten TPAs onto BDX-Central. The initiative also involved ten output files of risk, premium, and claims information that are being sent to two systems; Origami for policy and billing workflow automation and an internal database housing risk, claims, and cash.
“The project was a great test of our solution and the processes we follow for the implementation. We appreciate the Canopius team’s commitment and input that extended the capabilities of BDX-Central,” comments Wendy Aarons-Corman, CEO and president of the Americas, OWIT Global.
Focused on the Insurer’s Needs
“The ability to quickly and cost-effectively on-board new programs and manage the quality of inbound data from our distribution and claim handling partners is a core element of our operating model,” comments Adam Finkle, COO, Canopius. “OWIT Global’s BDX-Central solution will enable us to configure partner information, validation rules, look up tables and bordereau templates and ensure data quality provided by our partners meets our standards. The team at OWIT Global has been engaged, collaborative and hyper-focused on our needs throughout the implementation and we look forward to continuing our collaboration now that we’re in production.”
OWIT Global describes its Bordereaux Management Solution, BDX-Central, as a no-code, configurable environment that gives the business user the power to onboard and manage all types of data streams. The application consumes, cleanses and transforms data into a desired output file. The solution includes insurance-specific processing for premiums, cash, claims, and contract management. OWIT notes that the application also supports rules and 3rd party calls to validate data.