Novidea Secures Additional $30 Million from HarbourVest Partners, Bringing Total Series C to $80 Million

Proceeds will be used for organic expansion to additional territories to meet growing demand, accelerate product innovation, and support the execution of Novidea’s inorganic growth strategy

BOSTON and LONDON—April 9, 2024Novidea, creator of the cloud-based, data-driven enterprise insurance management platform, today announced it has raised an additional $30 million from HarbourVest Partners, bringing its total Series C round to $80 million, joining existing investors Battery Ventures, Cross Creek, Israel Growth Partners (IGP), KT Squared, and JAL Ventures. To date, Novidea has raised $120 Million.

Over the last several years, Novidea has experienced hyper-growth, selling to leading insurance organisations across the globe. Novidea will leverage the investment to continue its journey to becoming an industry leader. Funds will be used for continued organic expansion to additional territories to meet growing demand, as well as to accelerate product innovation and support the execution of Novidea’s inorganic growth strategy.

“We are delighted to partner with Novidea to support the company’s next phase of growth. We have invested in the insurance brokerage sector for years and have been impressed by the operational efficiencies that Novidea’s software solution delivers for brokers,” said Corentin du Roy, Managing Director, HarbourVest Partners. “We look forward to supporting the Novidea team as they continue to scale their activities internationally.”

Digital transformation is the top priority for insurance organisations worldwide. As a result, technology spending in this sector is expected to grow by more than 25 percent by 2026. Innovative technology solutions that address the most urgent pain points, such as improving data quality and access, providing a seamless digital customer experience, and reducing repetitive processes for the insurance workforce, are in high demand. Earlier this year, Novidea released a comprehensive report underscoring the massive opportunity for Insurtechs, revealing that 75% of global insurance businesses plan to change their core technology in the next two years.

We are thrilled to welcome HarbourVest as our newest investment partner, along with our existing investors,” said Roi Agababa, CEO of Novidea. “The insurance sector is at a major inflection point, and we see significant growth potential as more organisations transition away from legacy technology in favor of innovative, modern solutions. With this investment, Novidea will have the resources we need to further refine our product, expand our operations into new territories, and explore the possibilities of making strategic acquisitions in this space.”

Novidea’s cloud-native software platform enables insurance agents, brokers, MGAs, wholesalers, and specialty insurers to automate repetitive processes, drive operational efficiencies, and increase business resilience to stay competitive and provide a better customer experience. Over the last three years, Novidea has increased its headcount in multiple global regions, including the UK, North America, and Europe. The company also launched in Southeast Asia in late 2023.

The company has recently augmented its senior leadership, including Chief Financial Officer Eran Ben Ezer, Chief Customer Officer Yaniv Cohen, Chief Technology Officer Erez Nissim, and Chief Revenue Officer Jeffrey Heine.

Novidea Appoints Jeff Heine as Chief Revenue Officer

London and Boston – April 3, 2024 Novidea, creator of the cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs, carriers, and wholesalers, has added Jeff Heine as chief revenue officer (CRO). Heine will be instrumental in driving global revenue and further aligning Novidea’s sales, marketing, and other revenue-focused functions to achieve the company’s business and growth objectives.

Heine brings 20 years of Property and Casualty (P&C) insurance industry expertise to the role. Most recently, he served as CRO at Betterview, a remote property intelligence platform that turns data into actionable insights for P&C insurance carriers (acquired by Nearmap). Before that, Heine was CRO at Groundspeed Analytics, an AI-powered ingestion and data solution for the commercial P&C industry (acquired by Insurance Quantified). Heine has other related experience including Guidewire Software and Adsensa (now Coupa Software).

“Jeff is an accomplished CRO in the Insurtech market with proven experience building high-performing global teams, establishing scalable processes, and leading growth initiatives. His talents will be invaluable as Novidea continues to scale up its global operations,” said Roi Agababa, CEO of Novidea“Jeff joins our strong leadership team to help guide the company’s journey and to continue to deliver industry-leading innovation, quality, and value to our customers worldwide.”

With the addition of Heine, Novidea further strengthens its global leadership team, adding to the recent strategic hires of Erez Nissim as chief technology officer (CTO), Eran Ben Ezer as chief financial officer (CFO), and Yaniv Cohen as chief customer officer (CCO). By assembling a team of exceptional talent, Novidea reinforces its position as a top innovator in the global insurance technology landscape.

“I’ve spent the last two decades helping insurance brokers and carriers better assess and price risk, manage core processes and systems, and create efficiencies. I came to Novidea because I wanted to help reduce the friction brokers and carriers still experience in the insurance placement process and contribute to an innovative fast-growing company,” Heine said. “I look forward to helping our customers grow their businesses and create a better insurance experience for policyholders. I am excited to join a company that has the right team and technology to make insurance more accessible to businesses and consumers through better use of data and insights.”

Novidea’s New Product Release Offers New Features for its Insurance Management Platform for Customers in all Markets

London and Boston – March 19, 2024 – Novidea, creator of the cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs, wholesalers, and carriers, today announced its latest product release with key enhancements for customers across all markets served by Novidea.

The most recent iteration of the Novidea insurance management platform brings forth advancements in policy management, claims administration, billing, accounting, document and file management, and other key areas.

Novidea delivers on its commitment to continually invest in innovation and maintain its competitive edge for its global customer base.

Some highlights of these new features include:

  • Policy Management – The release brings forward key enhancements to features, including vertical placement allowing to record policies with differing premiums per carrier without splitting the placement into separate policies. Additionally, bordereau file ingestion is now supported, providing automation of policy creation and management for binder/lineslips where a 3rd party (e.g. coverholder) is providing risk or premium information through a bordereau. Enhanced functionality also includes upgrades to the deductions and taxes functionality and much more.
  • Claims Management – Brokers can now experience a streamlined approach to linking claims that were raised for the same incident or share common attributes, to a group or a Lloyd’s catastrophe. Furthermore, CLASS (Claims Loss Advice and Settlement System) messaging is now available, enabling brokers to load claim data and supporting information so that insurers can agree, query and reject claims ‘online’.
  • Insurance Business Accounting (IBA) – New functionality includes a ledger view, allowing users to change parameters dynamically and perform advanced actions. Additionally, support for the different brokerage movement types deliver better transparency and reporting of brokerage movements between booked, earned and realized brokerage.
  • Line-of-Business (LOB) Management – The release introduces several LOB enhancements including the incorporation of state-specific sections following the ACORD standard. Additionally, the submission workflow has been improved to provide efficient creation and management of the submission process, an improved visibility into open quotes, related lines of business, and packages, as well as seamless advanced editing capabilities.
  • Documents and Filing Management – The platform’s core file management module now allows advanced auto-filing functionality. Additionally, filed content can now be associated with a specific Legal Entity (LE) as defined and selected by the user.

“Our recent release demonstrates our commitment to continuously innovate and provide improved customer experience,” said Erez Nissim, CTO of Novidea. “We are confident that our data-driven insurance management platform will continue to provide organizations the technology and tools they need to manage complex transactions, drive efficiencies and fuel business growth.”

Novidea is sponsoring Insurtech Insights Europe at the InterContinental London – The O2 – on March 20-21 in the panel discussion: “Breaking Down Silos: How digital transformation can unify your company under one vision,” and experts will be available in Stand A4.

Novidea appoints Daniela Krispin as VP, Research & Development

London and Boston March 12, 2024 – Novidea, creator of the cloud-based, data-driven enterprise insurance management platform, today announced the appointment of Daniela Krispin as VP, Research & Development. Daniela will be responsible for leading the company’s research and development processes, driving innovation initiatives, implementing advanced technologies (such as AI), and fostering a product-oriented and agile organizational culture.

Daniela brings over 25 years of experience in product development, both in startups and global corporations, specializing in SaaS products, data, and AI systems. She has held senior technology roles at Amdocs, most recently Head of AI & Data. Subsequently, she served as VP R&D at Seebo, playing a key role in its growth by leading strategic initiatives, building and leading multidisciplinary teams, and optimizing processes and product architecture. Following the acquisition of Seebo by Augury, Daniela was appointed as VP R&D for the acquiring company.

Daniela’s appointment adds to a series of strategic appointments made by Novidea in the past year to its technology leadership team. Among them are Erez Nassim as CTO and Ido Peled as SVP Product. By assembling a team of exceptional talents, the company continues to strengthen its position as a key player in the global Insurtech market.

Erez Nissim, CTO at Novidea, said: “Global insurance market companies are rapidly embracing digital innovation to remain competitive. Daniela’s extensive experience as a VP R&D will help us to continue solidifying our position at the forefront of the Insurtech market and guiding companies in the insurance market through the fastest route to digital transformation.”

Daniela Crispin, VP R&D at Novidea, said: “I joined Novidea because of its vision to lead the digital revolution in the insurance industry. I am particularly drawn to the capabilities of its advanced data-driven platform to make a profound impact on the workflows of insurance companies globally and improve their performance. I am excited to collaborate with our talented teams across our global offices and lead the company into the next generation of data-driven solutions.”

Atlantic Global Risk Goes Live with Novidea Insurance Management Platform to Eliminate Data Silos, Empower Staff

BOSTON—February 28, 2024Novidea, creator of the cloud-based, data-driven enterprise insurance management platform, today announced that Atlantic Global Risk, a specialty insurance broker focused on designing complex insurance products for legal, tax and credit risks, is now live on its innovative insurance platform to improve data quality and achieve operational efficiency across the entire organization.

Before implementing the Novidea platform, Atlantic Global Risk relied on multiple applications to handle a variety of processes. They used a CRM solution to maintain sales leads, an enterprise cloud platform to manage associates, policies, and documentation, and an agency management application to manage invoices and customer records. Not all of these were designed for the insurance industry, meaning Atlantic couldn’t customize them specifically for their business needs. The myriad of applications also resulted in data silos across functions and departments, requiring employees to re-key data and thus expend resources on redundant tasks.

“As one of the fastest growing specialty brokers in the US, our staff’s deep knowledge and expertise is our differentiator. However, disconnected applications not designed with insurance in mind and inefficient, repetitive processes based on inconsistent data kept our experts from adding more value and giving data-based guidance to our clients. With Novidea, we finally have the technology we’ve been looking for to build upon, scale, and maintain one central repository for all critical information workflows,” said David Haigh, Founding Partner at Atlantic Global Risk. “Novidea is helping us to manage our data and customer relationships with more granularity, better reporting, and more impact. By removing information silos, we have attained greater visibility and access to higher quality data empowering our people to accelerate processes and to provide our clients with better service.”

Novidea’s insurance management platform is an intelligent, cloud-native, data-driven platform for brokers, agencies, wholesalers, and MGAs. Its award-winning technology drives efficiency across every stage of the insurance policy distribution lifecycle – from lead to quote to bind to claims. This allows organizations like Atlantic to scale their business with a comprehensive, 360-degree view of all their customer and operational data. Novidea’s platform seamlessly connects Atlantic’s front, middle, and back offices.

“Our research shows that insurance organizations are juggling an average of five different technology solutions that power various aspects of their business. This approach creates data silos, holding them back from making better business decisions. It’s why 75% of these businesses say they will change their insurance management technology by 2025,” said Eric Ayala, Managing Director of Americas for Novidea. “We’re honored to be the insurance management platform of choice for Atlantic as they continue to streamline efficiencies and deliver a world-class customer experience.”

Novidea experts will be demonstrating the platform’s value and capabilities at this year’s WSIA and Target Markets insurance industry events.

63% of Singapore insurance market to replace core management systems in 2024 – global research by Novidea reveals

50% of respondents in Singapore have not upgraded core management platforms in 5-10 years, and are upgrading now to better meet customers’ expectations and stay competitive

24 January, 2024 – In Singapore, 63% of insurance respondents expect to make a change to their core insurance management platforms by the end of 2024, compared to 41% globally – one of several key findings in a comprehensive new global report commissioned by Novidea, creator of the cloud-based, data-driven insurance management platform for brokers, agents, MGAs/MGUs, carriers, and wholesalers.

The report, Legacy Out, Digitalization In: The State of Modern Insurance Technologies 2024, is based on data collected in a 2023 survey of 330 full-time, C-level insurance leaders across eight countries. The research underscores the struggle insurance organisations face with ageing, disparate technology that is difficult to manage, scale, and leverage in order to meet digital transformation needs. The average organisation manages six different insurance technology systems, and the average age of these systems is five years or older. Further, these C-level insurance leaders need help adequately training their employees to extract the most value from their technology systems, especially when staff work remotely.

“The data shows that insurance leaders in Singapore are ready to make future-forward decisions about the technological shift required to better meet customers’ expectations of a modern, digital-first experience to stay competitive. This is why we launched in Southeast Asia late last year, to support this market transformation,” said Roi Agababa, CEO of Novidea. “Our existing market-leading insurance customers in Singapore have already taken steps to replace their legacy tech stacks, and the survey results indicate that the majority of the market will be mobilising digital transformation this year.”

To gain greater insight into technology usage for insurance providers, Novidea commissioned an international survey of C-level insurance employees, including CEOs, CTOs, CIOs, CFOs, and COOs. Respondents make business decisions for insurance brokers, agencies, and MGAs. Countries included in the research include the United States, the United Kingdom, Singapore, France, Germany, Italy, Spain, and Australia.

Key data points from the report include:

  • Respondents stated that Singapore has traditionally been under-served by technology, and organisations in the region are looking to turn this around and provide true value to the customer with their technology investments
  • Respondents from Singapore are placing a heavy emphasis on onboarding customer-centric technology, 70% compared with 41% globally
  • By 2025, 75% of insurance organisations worldwide are preparing to implement new core insurance management platforms
  • 76% of enterprise insurance organisations with more than 5k employees are juggling between 6-10 insurance technologies or more
  • 41% of insurance management platforms were implemented 5-15 years ago

When asked to identify their top challenges with their current technology systems, insurance leaders cited issues with data quality (41%), data privacy and security (35%), and scale (35%). CEOs in particular were more concerned about the ability to scale, with 50% citing scale as a top challenge, compared with 33% for the rest of the C-suite.

To learn more, download the complementary report here: Legacy Out, Digitalization In: The State of Modern Insurance Technologies 2024.

New global research by Novidea reveals 75% of insurance organisations will replace insurance management platforms by 2025

Constrained by ageing technology, London Market brokers will upgrade their core technologies in 2024 to comply with CDR and Blueprint 2.0 regulations

 London – 24 January, 2024  75% of insurance organisations worldwide are preparing to implement new core insurance management platforms in the next two years. In the London market, this timeframe is being accelerated to 2024 due to the arrival of Blueprint 2.0 – one of several key findings in a comprehensive new global report commissioned by Novidea, creator of the cloud-based, data-driven insurance management platform for brokers, agents, MGAs/MGUs, carriers, and wholesalers.

Currently, just 13% of UK brokers say they are ‘very ready’ to meet the standards needed to match new regulation and requirements surrounding upcoming Core Data Record (CDR) and Blueprint 2.0 developments.

The report, Legacy Out, Digitalization In: The State of Modern Insurance Technologies 2024, is based on data collected in a 2023 survey of 330 full-time, C-level insurance leaders across eight countries. The research underscores the struggle insurance organisations face with ageing, disparate technology that is difficult to manage, scale, and leverage to meet digital transformation needs. The average organisation manages six different insurance technology systems, and the average age of these systems is five years or older. Further, these leaders need help adequately training their employees to extract the most value from their technology systems, especially when staff work remotely.

“The data shows that insurance leaders are ready to make future-forward decisions about the technological shift required to better meet customers’ expectations of a modern, digital-first experience. As the survey shows, there is a clear acknowledgment that current systems are ageing, disconnected, and do not support today’s digital demands,” said Roi Agababa, CEO of Novidea. “In the market, there is now a sense of urgency due to the Blueprint 2.0 mandates set for July 2024, which necessitates significant upgrades of legacy insurance tech stacks.”  

To gain greater insight into technology usage for insurance providers, Novidea commissioned an international survey of C-level insurance employees, including CEOs, CTOs, CIOs, CFOs, and COOs. Respondents make business decisions for insurance brokers, MGAs, wholesalers, Lloyd’s Managing Agents, London Market Brokers, and more. Countries included in the research include the United States, the United Kingdom, Singapore, France, Germany, Italy, Spain, and Australia.

Key data points from the report include:

  • By 2025, 75% of insurance organisations worldwide will be preparing to implement new core insurance management platforms
  • 76% of enterprise insurance organisations with more than 5k employees are juggling between 6-10 insurance technologies or more
  • 41% of broker management platforms and policy administration systems were implemented 5-15 years ago
  • Of the surprising 99% of global insurance organisations who said they have plans in place to change their core technology systems, 41% indicated that this upgrade will happen in the next 12 months. Another 34% said they will make technology changes by 2025
  • 8% said it was important or very important to be able to grow their distribution paths via portals or APIs

When asked to identify their top challenges with their current technology systems, insurance leaders cited issues with data quality (41%), data privacy and security (35%), and scale (35%). CEOs in particular were more concerned about the ability to scale, with 50% citing scale as a top challenge, compared with 33% for the rest of the C-suite.

To learn more, download the complementary report here: Legacy Out, Digitalization In: The State of Modern Insurance Technologies 2024.

Novidea launches insurance management platform in Southeast Asia to meet escalating demand for digital transformation

6 December, 2023 – London, UKNovidea, creator of the cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs, and carriers, today announces its launch into the Southeast Asian market, starting in Hong Kong and Singapore. This geographical expansion supports Novidea’s strategy to become the leading provider of core platforms for insurance organisations, worldwide.

According to analytics specialist GlobalData, Singapore’s general insurance industry is set to grow by 7.2% by 2026, fuelled by private health and major infrastructure projects. The firm forecasts that the industry in the region will grow from US$3.5bn in 2021 to US$5.1bn in 2026.

“At Novidea, we are seeing an urgent demand from global brokers in Southeast Asia for a single integrated, global, cloud-based insurance management platform,” said Roi Agababa, CEO, Novidea. “Southeast Asia is embracing digital transformation in terms of insurance technology, and many businesses are seeking specialist digitalisation solutions to remain competitive and profitable.”

Findings from a global survey commissioned by Novidea this quarter demonstrate that Singapore insurance organisations experience challenges with their existing technology, the most prevalent being the cost of upgrades, data silos, and high implementation and maintenance costs.

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 regional brokers and larger MGAs looking to accelerate their growth.”

The insurance market in Southeast Asia is vast, yet characterised by fragmentation and complexity. Global brokers and carriers require access to new age cloud-based systems with a global first approach supporting multi language, currency, compliance and workflows within the region.

This underscores a significant opportunity for global brokers and carriers to elevate their technological capabilities, leveraging the advantages offered by Novidea’s insurance management platform.

On December 6-7th, Novidea will be exhibiting at the Insurtech Insights Asia conference (booth A17) and participating in a panel session ‘Transformation Demystified – Driving Digitalisation’ held on December 6th.

Novidea Adds Ido Peled as Senior Vice President of Product

Former Taranis, Ex Libris executive joins Novidea to drive innovation and strategic direction of its insurance management platform

London and Boston – December 5, 2023 Novidea, creator of the cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs, and wholesalers, has named Ido Peled as senior vice president of Product. In his new role, Peled will lead Novidea’s global product team, driving the strategic direction, development, and overall success of its insurance management platform, ensuring it remains at the forefront of technological advancement in the insurance industry.

Prior to joining Novidea, Peled was the chief product and marketing officer for Taranis, an agricultural technology (AgTech) provider that created the industry’s leading crop intelligence platform. Before that, Peled spent 14 years at education software provider Ex Libris, now part of Clarivate, where he held various roles, including director of solutions architecture and vice president of solutions and marketing. He holds a Bachelor’s Degree in Computer Science from Tel Aviv University.

Peled will focus on continued product development momentum by streamlining processes and enhancing collaboration within the product department. Novidea’s commitment to agility and efficiency is reinforced by this strategic move, setting the stage for unprecedented innovation in the insurance technology sector.

Ido has the ideal technical skillset and business experience to lead our product team and increase our competitive edge globally,” said Erez Nissim, CTO of Novidea.With Ido leading our product management team, we have the right leadership in place to continue providing innovation, quality and value to our customers worldwide.”

The insurance industry is experiencing a significant shift that hinges on technological innovation. Insurance organizations that make the right tech investments to digitalize their operations and optimize efficiencies will win the race. I’m eager to dig in and work closely together with the Novidea product team to ensure that we are exceeding customers’ expectations and delivering the innovative solutions they need to get ahead,” said Peled.

With the addition of Peled, Novidea continues to augment its leadership team, building upon a series of strategic hires made over the last 12 months. This includes the appointment of Erez Nissim as CTO and Yaniv Cohen as CCO. By assembling a team of exceptional talent, Novidea reinforces its position as a top innovator in the global insurance technology landscape.

Novidea boosts sales team to meet increasing demand for its insurance management platform in the UK

London and Boston – 28th November, 2023 Novidea, creator of the cloud-based, data-driven enterprise insurance management platform for brokers, carriers, and MGAs, today announces the appointment of two highly seasoned Sales Managers, James Doe and Mike Scott.

“As we continue to expand across territories, with more and more businesses driving efficiency and growth with our insurance management platform, we need to scale up our team with the best talent in the market,” said Ben Potts, MD UK of Novidea. “Both James and Mike come with an exceptional track record for delivering results across the broker and carrier space, and we are excited to have them join our expansive team.”

With many years of experience in general insurance, specialty insurance, and digital transformation, Mike Scott (previously Business Development Manager at Charles Taylor InsureTech) and James Doe (previously Sales Manager, Specialty Business Solutions, at Verisk) will be responsible for driving Novidea’s growth with brokers, MGAs, and carriers across the UK and London Market

“In recent years, Novidea has been driving an explosion of exciting conversations in the insurance sector,” said Mike Scott, “either from their impressive customer wins or for their exceptional ability to accelerate a business’ digital transformation journey. I am proud to join a team of such incredible talent and pedigree, and to be part of an organisation with such an ambitious vision and the means to achieve it.”

James Doe, said, “At Novidea, we provide the insurance industry with the capabilities needed to optimise business processes and keep pace with the competitive nature of the market.

“We are unique in how effectively we can develop and deploy solutions that the market needs, at a pace it demands. Further, I am delighted to be working for a company that puts its customers at the forefront, and has the vision, born-in-the cloud technology, and people to provide the best tools on the market for supporting success.”

Novidea’s insurance management platform was created specifically for the global insurance market, including brokers, carriers, and MGAs. The end-to-end platform turns data into actionable insights, with real-time visibility across the business, with powerful analytics tools to drive more sales and improve customer relationships.