Founded in 2009, Novidea’s born-in-the-cloud end-to-end platform provides real-time business intelligence and seamless workflow management for brokers, agents and MGAs to manage the customer insurance journey, end-to end, and drive growth across the entire insurance distribution lifecycle, worldwide.
The inspiration behind the creation of Novidea was the recognition of a pressing need for digital transformation within the insurance space, claims Novidea UK managing director Ben Potts. According to Potts, insurance has lagged behind other major sectors in embracing digitalisation.
“Motivated by this insight, we embarked on a mission to develop a cutting-edge platform capable of replacing outdated legacy insurance systems,” said Potts. He says that the firm’s ultimate goal was to establish seamless connectivity across all departments, demolish silos and harness the power of data to deliver actionable intelligence and valuable insights throughout entire organisations. He added, “By enhancing customer service and fostering sustainable growth, our platform revolutionises the way insurance businesses operate in the digital age.” “Novidea is an ambitious, fast-growth business and our team has a long heritage of success in the sector. Our willingness to shake up the status quo with our cloud-native, data-driven insurance platform has brought us some big Tier 1 brokers, MGAs, and insurer client wins. This, along with future growth projections, necessitates our move.”
Novidea claims it revolutionises the provision of services in the global insurance market by simplifying the process of connecting and sharing information for brokers, MGAs and carriers. Potts said that the company empowers customers to automate and integrate every area of their business through flexible workflows.
Potts said, “Further, Novidea propels growth through our low code platform, which facilitates the addition of new lines of business, teams, and businesses without the issues associated with legacy systems. Additionally, our openAPI architecture empowers customers to integrate new technologies, resulting in a unique and adaptable solution tailored to current and future lines of business.“
Novidea’s USP
What differentiates Novidea from its competitors? According to Potts, the firm stands as the sole global insurance specific solution built on Salesforce. “The Novidea platform, born-in-the-cloud and data-driven, revolutionises the operations of insurance brokers, agencies, MGAs, and carriers,” he said.
By offering seamless integration throughout the entire insurance distribution lifecycle, the firm said it transforms key processes including customer-facing policy transactions, as well as front, middle and back-office operations. The company’s platform handles everything from quotes, upselling, and cross-selling to claims management and accounting. This comprehensive approach, Potts exclaims, empowers our customers to have a holistic 360-degree view of their customers and stakeholders.
Furhermore, Potts said that customers gain streamlined access to valuable real-time management information at every stage of the insurance journey. Novidea’s open-API architecture also ensures that its customers remain future-proofed by enabling best-of-breed integration at any time between any API-enabled software system, said Potts.
Digital transformation impact
Across a flurry of industries, digital transformation is upending long-held practices and beliefs, and providing new opportunities for nimble startups, as well as helping incumbents bolster their ongoing processes. Potts exclaimed that it is helping to improve customer experience, developing and growing distribution, fostering innovation, addressing cybersecurity challenges and much more. He added, “To succeed, the insurance industry must continue to adapt and embrace digital strategies to stay competitive in an increasingly digital world.” How could this impact the kind of firms that enter the market long-term? According to Potts, the insurance firms that enter the market and emerge as tomorrow’s winners will be those that embrace digital transformation and best leverage the fast and flexible systems. What is clear is that those brokers who see digitalisation in a holistic way are most likely to reap the rewards. This means looking at how to improve processes end-to-end. It means focusing on how to improve the workflow for your employees as well as improving customer service.
Market trends
As for some of the key market trends that stand out for Novidea, Potts underlined that insurance is an industry long overdue for moving into the modern world of cloud, data and digitalisation. With the impending Core Data Record initiative, Novidea offers a comprehensive solution to the challenges posed by the advent of the CDR. The Novidea platform, built on Salesforce and equipped with automated workflows and open API architecture, allows for the consolidation and integration of data across front, middle, and back offices. This seamless data accessibility and digitisation enables brokerages to easily become CDR compliant.
As we move towards the upcoming mandate set for Q3 2024, Novidea stands ready to support London Market Brokers in their Blueprint 2.0 requirements. With Novidea, you can navigate the challenges of the CDR, optimise operational efficiency, and scale your business in a future-ready manner. Let Novidea’s insurance distribution platform guide you through the digital revolution of the insurance industry.
“Novidea’s born-in-the-cloud insurance management platform empowers them to automate repetitive processes, resulting in heightened operational efficiencies and enhanced business resilience. This strategic approach enables our customers to stay competitive in a rapidly evolving market while delivering an exceptional service.”
He added that instead of disparate legacy software systems that fail to communicate with one another, the firm’s customers are embracing an era where a single platform creates an interconnected ecosystem that dynamically caters to their business needs.
Future plans
Novidea recently completed its Series C raise, bringing it a further $50m – which brings the firm’s total funding to date to $90m.
Potts exclaimed, “With this substantial investment, Novidea is poised to solidify its position as an industry leader and expand its market presence on a global scale. Our primary focus will be on driving innovation within our platform, ensuring it remains at the forefront of industry advancements. Additionally, we will further expand our product suite to cater to the evolving needs of our diverse customer base.”
In addition, Potts remarked that a substantial portion of the funds will be allocated towards expanding its teams and establishing new offices across key regions such as the US, the UK, APAC and EMEA.
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