London-based InsurTech Novidea has revealed that it will be expanding into the Southeast Asian market.
Starting with Hong Kong and Singapore, the move continues the firm’s push to become perennial provider of core platforms for insurance organisations globally.
The Southeast Asian insurance market is poised for substantial growth, according to analytics specialist GlobalData, which claims the Singaporean sector is set to rise by 7.2% by 2026. It is believed that the industry in the region will grow from $3.5bn in 2021 to $5.1bn in in 2026 too.
Novidea’s insurance management platform is designed to meet the evolving demands of Southeast Asia’s insurance sector. It offers a single integrated, global, cloud-based solution, addressing the complex needs of brokers, agents, MGAs/MGUs, and carriers across borders, while covering the entire customer journey.
The product also supports multiple languages, currencies, compliances, and workflows within the region, elevating technological capabilities for brokers and carriers.
Ben Potts, UK and International MD, Novidea, who is leading the charge in Southeast Asia, said, “There are many technology suppliers in the Southeast Asia region, however there are very few global insurance management platforms that support businesses across borders, while covering the entire customer journey, end-to-end and offering an integrated front, middle, and back-office in a single platform.
“Whilst the initial demand for Novidea’s platform came from global brokers who need a more efficient way to integrate their operations, both worldwide and between markets, we also support carriers, regional brokers and larger MGAs looking to accelerate their growth,” he continued.
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