(Image credit: Peggy and Marco Lachmann-Anke/3D_Maennchen.)
OWIT Global (West Hartford, Conn.), a provider of microservices technology for the global insurance industry, has announced further enhancements to its Bordereaux Service. Available for all insurance entities, OWIT Global’s Bordereaux Service simplifies the importing, cleansing, processing and exporting of bordereaux data.
For brokers, carriers and reinsurers, OWIT’s Bordereaux Service provides automation for incoming data from multiple entities. The data is imported, validated for accuracy, mapped to the existing data structure and imported into their database. For the MGU, the Bordereaux Service manages multiple contract definitions. Data is extracted from the MGU database, mapped to the various contracts, cleansed for accuracy and exported into the required carrier format. Data is also available through reports and an analytics tool.
Highlights of OWIT’s Bordereaux Services solution include, but are not limited to the following, by the vendor’s description:
- Increased automation, significantly reduced time, and enhanced data quality for bordereaux reporting and processing;
- Bordereaux report creation, including data aggregation from multiple disparate data sources and/or multiple formats;
- Business user created and maintained of data lookup tables;
- A robust and flexible set of business rules configurable by business users versus IT staff;
- Creation of a “Book of Business” and “Transactional” based data files;
- Supports default of custom output data set for differing types of bordereaux files;
- Outputs data to any database, Excel file, or XML;
- Premium, cash and claims bordereaux processing; and
- Validation of risks against a Master Policy/Binder and scrutiny of risk level data, including aggregations.
“We saw the need for bordereaux automation, an underserved area in the industry,” comments Wendy Aarons-Corman, President and CEO, OWIT. “The data being processed by all parties in the value chain can be extremely overwhelming. For most, this process is being handled manually, sometimes by multiple resources working each month. This manual process is also prone to error. By implementing the OWIT Global Bordereaux Service, our clients will see a noticeable return on their investment.”
“This updated solution is perfect for the Global Insurance market, comments Julian James, President of EMEA and AsiaPAC, OWIT. “It is proving to be of great interest currently in the U.K. and London Market where either a powerful standalone bordereaux management solution is needed, or as a complimentary in-house solution to sit alongside DA SATS.”