(Image credit: NASA.)
OWIT Global (West Hartford, Conn.), a provider of cloud-based insurance-specific microservices-architected solutions to digitalize the global insurance industry, has announced the launch of additional insurance-specific business functionality for onset and offset transactions to further complement the existing functionality to support the processing of policy, cash, and claims Bordereaux records.
An OWIT statement notes that 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 Solution can identify when offsetting transactions are needed and build these transactions for downstream reporting, according to the vendor statement. Benefits of OWIT’s onset-offset transactions include the ability to do the following, as described by the vendor:
- 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,” comments Wendy Aarons-Corman, CEO, OWIT Global. “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. With all of our customers in production, the ROI to proprietary development or manual processing has proven to be a win.”
The vendor describes OWIT Global Insurance Data Management Solution as 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, OWIT says.