Overview
OWIT Global (OWIT) is a company that focuses on providing discrete and specialized cloud based microservices to the Insurance Industry. Our mission is to provide solutions that integrate our microservices with existing customer environments in-order to maximize their investments and desired results. OWIT has developed a library of microservices, which are combined in different configurations, to create targeted solutions.
OWIT’s Rating Service is a cloud based, standalone microservice supporting all lines of P&C and A&H lines of business. The Rating service can be deployed as a completely stand-alone system, with or without direct integration to enterprise systems, or as an integrated component of an existing policy administration environment.
Key Features
- The OWIT Rating Service is comprised of two components:
- The Rating Engine Editor
- Designed for a business user/ administrator to define and maintain rate plans/algorithms
- Utilises intuitive drag and drop features to build rating algorithms
- Web-based application
- The Rating Engine Web Service
- a REST based micro-service that processes rate plans and returns an XML file with premium values inserted.
- The Rating Engine Editor
The OWIT Rating microservice application consists of toolbars that contains buttons to open, save, test and manipulate rate plans. A series of graphical icons are used to construct any number of rate plans for any P&C and A&H lines of business. Data enrichment is achieved through third party integrations, where data can easily be made available for consumption within the rating algorithm.
The Rating Canvas represents a "blank canvas" where icons are dragged and connected to build a rate plan.
Key Benefits
The OWIT Rating Solution delivers modern rating functionality which carriers can deploy as a single rating engine for any line of business or as a centralized rating engine integrated to multiple policy administration systems across an enterprise.l
- Coud based microservice deployment means efficient cost structure, and unbeatable ROI;
- Centralised Rating Service allows for one repository for all rates plans - which can support any number of disparate systems/distribution eco systems;
- Performant
- Enables unprecendented rating creativity and innovation