Novidea, a cloud-based solutions provider for the insurance industry, has experienced over 100% year-on-year growth and doubled its operations in 2021 due to increased global demand from brokers, agents and MGAs.
Historically, the insurance market has been encumbered by legacy systems that are difficult and expensive to scale and update, with siloed data and limited access to real-time management information.
Today however, Novidea said forward-looking businesses are increasingly moving to cloud-based solutions that enable them to automate processes, reduce costs, and increase resilience, agility, and competitiveness.
Novidea’s born-on-the-cloud data-driven insurance platform enables brokers, agents, and MGAs to manage the customer insurance journey, end-to-end, and drive growth across the entire insurance distribution lifecycle.
Cloud-based solutions also empower Novidea’s customers to support remote working by enabling secure access to customer data and policy information from anywhere, at any time.
Roi Agababa, CEO of Novidea, said the appetite to embrace digital transformation is gathering pace among forward-thinking agencies, brokers, and MGAs. As such, Novidea has expanded the business globally to meet this demand. The company has doubled its workforce and hired and promoted top talent, such as its new CMO Julie Shafiki, and Maayan Cyzs, who has been promoted to VP of Strategy.
In 2021, Novidea added $15m to its recently closed Series B round, bring the round to a total of $30m. The round was led by Israel Growth Partners (IGP) and joined by JAL Ventures, KT Squared and 2B Angels.
Agababa said, “Novidea is witnessing an increased global demand, with over 100 customers in 20 countries, for its cloud-based insurance platform, with advanced analytic capabilities and actionable information that translates insurance parameters into real-time business insights.”
Furthermore, over the last three years, Novidea has demonstrated a Net Revenue Retention (NRR) rate of 110%, representing the percentage of recurring revenue from existing customers.
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