Novidea eyes expanded InsurTech footprint by joining ACORD program

Cloud-based InsurTech Novidea has revealed it has joined the ACORD Solutions Group (ASG) Licensed Integrator Partner program to expand its global presence in the market.

Novidea markets a data-driven platform that enables brokers, agents and MGAs to drive operational efficiencies and growth across the entire distribution lifecycle

According to Novidea, the partnership will enable it work more closely with the ACROD community and the rest of the insurance ecosystem to share insights and engage with other leading market participants including technology providers and incumbent businesses.

The ACORD Solutions Group is the solutions arm of ACORD, which is the standards-setting organisation for the global insurance industry.

Novidea highlighted that being part of the Licensed Integrator Partner program will also mean that the company can learn firsthand where ASG and its community are trying to bring about changes in the market and subsequently be a part of the solution.

Novidea managing director Ben Potts said, “At Novidea, we believe that common data standards are going be key to the success of future digital transformation in the market. As we grow in the UK, and worldwide, we feel it is vital to be at the heart of market innovation. Working with ACORD and other industry leaders will enable Novidea to help shape the future of the market.

“Our aim is for Novidea’s platform to be agnostic to various data transfer methods, placing platforms or whatever else may come over the next 2 – 5 years and this partnership will be invaluable as Novidea continues to build its own network of integrations and partners in an expanding ‘ecosystem’ designed to put customers right at the centre of that innovation.”

ACORD global managing director Chris Newman added, “We are delighted to partner with Novidea in accelerating the market’s long-overdue digital transformation. Their expertise and insights will be invaluable as we work together to leverage the efficiencies of standardised data exchange for the benefit of the whole market and its customers.”

Novidea recently increased its Series B funding by $15m, building on an additional $15m it raised six months before. With the new funding, the company claimed it will expand its operations in the USA and Europe as well as accelerate product innovation to meet increased market demand for cloud solutions.

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