(Image credit: Louis Cho.)
Insurors Indemnity Companies (Waco, Texas), a provider of property/casualty insurance and surety bonding, has chosen OWIT Global (West Hartford, Conn.), to automate its manually-intensive MGA bordereaux consumption.
Insurors will begin by using OWIT’s Bordereaux Management Solution to consume data from its legacy policy administration systems and translate the data for its reporting and GL system, according to an OWIT statement. That phase will be followed by Insurors engaging with OWIT’s new offering, BDX-Central, an industry exchange for bordereaux management, to consume, cleanse, transform and load incoming MGA and TPA bordereaux data to its back-end systems, including Applied’s EPIC Premier. OWIT will be working with Insurors’ current MGAs, to connect them to BDX-Central with the option to leverage the solution for other carrier relationships, current and future. Insurors and its MGAs will leverage OWIT’s no-code environment to manage its data files without vendor dependency.
“We have been managing the bordereaux data manually for some time, taking in data, reviewing it, and entering it into our GL and various databases for review,” relates Dave Talbert, president, and CEO, Insurors. “After spending time with the OWIT team to understand the offering and the no-code, quick-to-market opportunity, we were excited to get the project going. We love how OWIT’s insurance-specific microservices projects are done in stages that extend our legacy systems.”
OWIT’s microservices solutions, include bordereaux management, rules, rating, portal configuration, point-of-sale, document generation. OWIT reports that it will soon add transactional services. The solutions can be leveraged by insurance companies, MGAs, and MGUs as a full replacement for legacy core administration solutions or implemented in stages to improve automation. OWIT says its reusable microservices minimize the development and IT-maintenance costs common to insurance organizations.