Novidea, a leading provider of cloud-based enterprise insurance management solutions, has announced new features for its pioneering insurance management platform.
The latest version of the offering introduces significant improvements across policy management, claims administration, billing, accounting, document, and file management, among other key areas.
These enhancements address various pain points faced by insurance professionals and streamline critical processes for improved efficiency and productivity.
In policy management, users can now benefit from advanced features such as vertical placement, allowing the recording of policies with differing premiums per carrier without splitting the placement into separate policies.
Moreover, bordereau file ingestion automation facilitates policy creation and management for binder/lineslips where a 3rd party provides risk or premium information through a bordereau.
The new release also brings streamlined claims management, enabling brokers to link claims related to the same incident or sharing common attributes to a group or Lloyd’s catastrophe efficiently. CLASS messaging functionality facilitates the loading of claims data and supporting information for insurers to manage claims online effectively.
Furthermore, Novidea has introduced enhancements in insurance business accounting (IBA), line-of-business (LOB) management, and document and filing management. These include a ledger view for advanced accounting actions, improved LOB management following the ACORD standard, and advanced auto-filing functionality for filed content associated with specific legal entities.
Speaking on the news, Erez Nissim, CTO of Novidea stated, “Our recent release demonstrates our commitment to continuously innovate and provide an improved customer experience. We are confident that our data-driven insurance management platform will continue to provide insurance organisations with the technology and tools they need to manage complex transactions, drive efficiencies, and fuel business growth.”
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
