OWIT Global, recognised as the leading cloud-based InsurTech firm focused on digitalising the international insurance industry, has announced a successful implementation of their Bordereaux Management Solution by Canopius US Insurance.
OWIT Global, known for crafting microservices architected solutions, and Canopius, a global speciality (re)insurer with operations spanning Australia, Bermuda, China, Singapore, the U.K., and the U.S., have collaborated to address the challenges of processing bordereaux data.
The core aim of this partnership is to automate and streamline the consumption of disparate data and improve the onboarding process. Canopius was in search of a robust solution capable of consuming, cleansing, transforming, and loading incoming MGA and TPA bordereaux data to arrange downstream systems.
OWIT Global, established in 2018, has made its mark with its suite of insurance-specific microservices solutions aimed at supporting the insurance industry’s digitalisation needs. Their offerings, including the Bordereaux Management Solution, provide businesses the ability to manage and process all types of data streams in a no-code, configurable environment.
Canopius, operating through Lloyd’s Syndicate 4444, a U.S. surplus lines insurer, Canopius US Insurance, Inc. and Canopius Reinsurance Ltd., a Bermuda-based Class 4 Insurer, has long been a player in the global insurance market. They are leveraging OWIT’s no-code environment to manage their onboarding and processing without vendor dependency, along with the extensive reporting capabilities of BDX-Central.
The partnership has seen Canopius onboarding fifty MGAs and ten TPAs onto BDX-Central. There are also ten output files of risk, premium, and claims information being sent to two systems: Origami for policy and billing workflow automation, and an internal database for risk, claims, and cash management.
OWIT Global president of the Americas Wendy Aarons-Corman said, “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.”
Moreover, Adam Finkle, chief operating officer of Canopius, commented, “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. 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.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global