Novidea, a leading InsurTech firm globally recognised for creating its data-driven, cloud-based insurance management platform, has announced substantial enhancements to its award-winning software.
With a comprehensive understanding of the insurance policy distribution lifecycle, Novidea presents its cutting-edge technology to redefine operational efficiency.
The insurance industry is under significant pressure to boost efficiencies while delivering a swift, seamless digital customer experience. To address this, Novidea has taken the initiative to revamp its software with automated technology that reduces costs, cuts down on repetitive tasks, and enhances the delivery of superior service in a highly competitive landscape.
Novidea leads the InsurTech sector with its cloud-native, data-driven insurance management system. The firm utilises an open API architecture that enables brokers, agents, managing general agents (MGAs), and carriers to revolutionise the customer insurance journey, from start to finish.
Novidea’s platform leverages Salesforce’s Big Technology, offering a complete ecosystem that spans every facet of the insurance business, encompassing customer-facing policy transactions and the middle and back offices.
The newly enhanced insurance management platform is designed to maximise operational efficiency, allowing agents, brokers, MGAs, managing general underwriters (MGUs), and wholesalers to add new policies and lines of business with greater ease.
This innovative software has significantly improved functionalities such as quote to bind, billing, payments processing, and line of business, enabling businesses to offer superior service and increase their bottom line.
The platform’s system upgrades extend its functionalities to a variety of areas including claim management, invoicing, and billing, with features such as commission statement reconciliation, Direct Bill Commission Download (DBCD), and multi-entity billing. Other noteworthy enhancements encompass better line of business (LOB) management, insurance business accounting (IBA) functions, and support for IVANS in the US.
Novidea’s innovative software extends its offerings to deliver a 360-degree view of the customer and all stakeholders. This technology empowers brokers, agencies, and MGAs to derive more value from their customer and policy data, offering actionable intelligence from any device, anywhere. Currently, Novidea’s platform supports more than 100 customers across 22 countries.
Novidea VP Product Sharone Volk said, “Across the insurance industry, there’s a major push to improve efficiencies while providing the fast, seamless digital experience that today’s customers demand.
“The automated technology we’ve built into our latest version of insurance management software reduces costs and cuts down on repetitive tasks, speeding up the ability to deliver great service in an increasingly competitive landscape.
“Novidea is focused on delivering an innovative, cloud-based solution that transforms how brokers, agents, and MGAs manage existing policies, maintain customer loyalty, and expand into new lines of business.”
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