Novidea, a global cloud-native insurance platform provider, has released a platform update designed to reduce manual rework, improve data integrity, and accelerate high-volume processing across policy, claims, bordereaux, and accounting workflows.
The update introduces enhancements across the full insurance lifecycle, focusing on automation, scalability, and control in complex and regulated environments.
In distribution, Quote-to-Bind functionality has been expanded to allow brokers to manage multiple quote versions across different markets and select several markets within a single submission. Market selection is guided by division-specific preferences and business unit restrictions, helping ensure compliance and relevance.
Policy administration capabilities have also been extended. Firms can now configure bespoke instalment schedules per carrier on open market policies, while BiPar Groups enable more granular management of shared financial terms. The platform also integrates full lifecycle support for Notices of Cancellation, automatically flagging impacted instalments and postings.
Claims handling has been enhanced through a new Movement Summary dashboard, providing real-time, multi-currency financial visibility. Users can move claims between policy versions without data loss and manage loss funds directly within binder sections.
Bordereaux processes have been streamlined with a cross-facility dashboard that enables file generation across multiple facility versions and sections. The platform also supports rollback of finalised bordereaux with automated contract creation to maintain audit trails.
Finance and accounting functions have been upgraded to reduce reconciliation workloads. Teams can process multiple write-offs in a single allocation, handle payments in soft currencies without requiring destination accounts, and automate bank matching and contra postings during period close.
The release also introduces specialty premium automation for complex risks. A new import capability enables structured schedule data for assets such as vessels, aircraft, and property, automatically generating premiums and associated documentation. This data persists throughout the policy lifecycle, supporting endorsements and renewals while improving downstream reporting and bordereaux quality.
Ido Peled, SVP Product at Novidea, said, “Customers are asking for both speed at volume, and tighter control in complex, regulated workflows. This release focuses on practical improvements that remove friction, strengthen data integrity, and help teams handle sophisticated placements, bordereaux and financial processing with confidence. It is part of Novidea’s continuous innovation strategy, delivering frequent, customer-driven enhancements that keep insurance organisations future-ready as market complexity grows.”
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