Insurance software developer Novidea will deploy its end-to-end platform into managing general agent (MGA) Harbour Underwriting (HUL) as part of a new partnership.
Novidea platform uses Salesforce big technology to drive digital transformation through automated processes, data analytics and digital customer engagement tools.
Through these services, HUL can fully automate the entire business lifecycle, consolidate legacy systems bolster data-driven business decisions and improve customer experiences.
Novidea managing director Ben Potts (pictured) said, ?MGAs can be held back by legacy systems, having to work off spreadsheets or across multiple systems, which create operational inefficiencies and can stunt growth.
?Following their successful rebrand, HUL is focused on the future, with our support. Novidea data-driven platform will enable HUL to accelerate growth and profitability through enhanced sales and improved productivity.p>
The InsurTech has seen strong growth over the year, with the pandemic helping to drive the adoption of digital services. Novidea recently closed a $15m Series B round from JAL Ventures, KT Squared and 2B Angels.
It is using this capital to support the ?exceptionalglobal growth of the platform.
HUL managing director Sharon Brown said, ?At HUL, we were impressed with Novidea business model and the clients they work with. HUL has a niche underwriting process, and few other providers were able to meet our requirements. The stability, scalability, and flexibility of Novidea technology, together with their insurance sector expertise, will give us an end-to-end process that will enhance the customer journey and allow us to more effectively analyse the data that we obtain.
Novidea has formed a handful of similar partnerships this year. The InsurTech recently paired up with insurance firm MATRIX Greece to help the firm digitise its property and casualty, credit and surety, cyber insurance, employee benefits, marine and aviation, specialty lines, and financial lines.
Speaking with FinTech Global, Ben Potts stated that to succeed, brokers need to transition into a consultancy role that offers an enhanced service and greater value to customers. To achieve this, firms need to adopt customer-centric, data-first technologies.
The InsurTech was recently named in this year’s InsurTech100 list.?
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