Novidea has launched a platform designed to help brokerages deal with the digital revolution started by Lloyds’ implementation of the Core Data Record (CDR).
The London-based organisation’s innovative insurance management service offers a comprehensive solution to the challenges posed by the advent of the CDR.
CDR is a bold initiative to streamline and standardise the collection of critical transaction data, and boost operational efficiency.
Despite the positives, the transition to this standard necessitates a complete rewrite of back-office data structures – a costly and labour-intensive endeavour. Unfortunately, the switch also puts greater responsibilty for risk in the hands of these brokers due to the need for the accuracy ahnd comprehensiveness to be at the highest standard.
This task would ultimately fall to the brokerage companies, who would be responsible for ensuring the capture and accurate entry from the client into the Market Reform Contract.
This shift underscores the need for technologies that can effectively capture, validate, and update the data required by the CDR standard.
The Novidea platform, built on Salesforce and equipped with automated workflows and open API architecture, would fit the bill perfectly and allow brokerages to manage the digitilisation revolution and easily become CDR compliant.
Beyond just compliance, Novidea’s data analytics offer micro and macro views of your business, facilitating better decision-making insights.
As the upcoming mandate in Q3 of 2024 looms large in the mind’s eye of the InsurTech industry, Novidea stands really to propel London market brokers into a more efficient future.
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
