News Category: Press Releases

6 December, 2023 – London, UK – Novidea, 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 SE 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 6-7^th, 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 6^th.

Innovative Insurtech Invests Further in Cloud-Based, End-to-End Insurance Management Platform, Delivering More Automation and Efficiency, Greater Support for Complex Claims Management

Las Vegas—InsureTech Connect—November 1, 2023— Novidea, creator of the cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs, wholesalers, and carriers, today announced a major new release with significant enhancements to its award-winning insurance management platform. This release impacts multiple areas of the platform, delivering improvements and new efficiencies for users in every market served by the Novidea insurance management solution. The latest version of the Novidea platform includes enhancements to claims, billing, accounting, document management, quoting, submissions, UI/UX, and more

With this new release, Novidea delivers on its commitment to continually invest in innovation and maintain its competitive edge.  To support this goal, the company has focused on significant talent acquisition, growing its employee count by 50% in the last twelve months. This latest release of the Novidea platform is future-forward and highly scalable, designed to help insurance organizations grow their businesses, expand into new lines of business, reach new markets, and deliver a more competitive customer experience.

Some highlights of these new features include:

• Multi Legal Entity Enhancements – Data can be structured and organized in the platform with improved permissions and relevant access. With a single unified account, users can choose the relevant legal entity and use the system fully, enabling multiple businesses and divisions to operate on a single platform.
• Enhanced Policy Management Functionality – The platform has been enhanced with a more comprehensive quote-to-bind process. It now supports subjectivity management, processing of complex subscription market arrangements, premium payment warranty capture, creation of policy territory schedules, and an improved user journey for deduction & tax processing.
• Claims Management Enhancements – Including claim processing for various binder policy types, claims management has enhanced flexibility, enabling individual claim processing, providing direct settlement options, and enhancing claim financials for binder claims.
• User Experience Enhancements – A new, editable grid-based interface accelerates time-to-action for agents and brokers. This is a core component allowing users to edit values in-line, add and remove entries, all while leveraging smart calculations, and actions with every change.
• Dynamic Questionnaire – Insurance organizations can easily configure interactive forms to quickly and accurately capture customer data directly on their websites, and build in new lines of business. These flexible questionnaires are based on rules and logic to best address simple or complex form requirements.
• Enhanced Insurance Business Accounting (IBA) Functions – This release brings more efficient management of financial activities, including ad-hoc account statements, business query management, and automatic payment request process.
• Improved Line-of-Business (LOB) Management – The Direct Bill Statement Report now offers a simple, single-click report option to view all relevant commission data within a unified view, highlighting agency and policy information and commission tracking.
• IVANS Enhancements – Additional support for lines of business using IVANS policy and commission downloads greatly enhancing efficiency for insurance agencies.
• New Filing Module – The new release provides enhanced features to associate documents (such as files, emails, images, videos, etc.) to records, query for them and apply meta-data tagging, all within the Novidea platform. It offers seamless Outlook integration, and robust connectivity to customers’ document management systems.

“Our latest release is the result of our continuous collaboration with our customers in advancing the insurance distribution industry into the digital age,” said Erez Nissim, CTO of Novidea. “We’re confident that our cloud-based, data-driven insurance platform will provide organizations with the technology and tools they need to manage complex transactions, stay ahead of the competition, build customer loyalty, and achieve growth.”

Learn more about the Novidea enterprise insurance management platform live at InsureTech Connect 2023, October 31 – November 2, 2023, at the Mandalay Bay, Las Vegas – Booth #2320.

Innovative Insurtech Invests Further in Cloud-Based, End-to End Insurance Management Platform, Delivering More Automation and Efficiency, Greater Support for Complex Claims Management

Las Vegas — InsureTech Connect 2023 — October 31, 2023 — Novidea, creator of the cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs, wholesalers and carriers, today announced a major new release with significant enhancements to its award-winning insurance management platform. This release impacts multiple areas of the platform, delivering improvements and new efficiencies for users in every market the Novidea insurance management solution serves. The latest version of Novidea’s flexible software includes enhancements to claims, billing, accounting, document management, quoting, submissions, UI/UX, and more.

With this new release, Novidea delivers on its commitment to continually invest in innovation to maintain its competitive edge and deliver a future-forward, highly scalable platform to its customers across the globe. To support this goal, the company has focused on significant talent acquisition to deliver a future-forward, highly scalable platform to customers. This latest release is designed to help insurance organizations grow their businesses, expand into new lines of business, reach new markets, and deliver a more competitive customer experience.

Some highlights of these new features include:

• User Experience Enhancements – A new, editable grid-based interface accelerates time-to-action for agents and brokers. This is a core component allowing users to edit values in-line, add and remove entries, all while leveraging smart calculations and actions with every change.
• Multi Legal Entity Enhancements – Data can be structured and organized in the platform with improved permissions and relevant access. With a single unified account, users can choose the relevant legal entity and use the system fully in its context, enabling multiple businesses and divisions to operate in a single platform.
• Dynamic Questionnaire – Insurance organizations can easily configure interactive forms to quickly and accurately capture customer data directly on their websites, and build in new lines of business. These flexible questionnaires are based on rules and logic to best address simple or complex form requirements.
• Enhanced Policy Management Functionality – The platform has been enhanced with a more comprehensive quote-to-bind process. It now supports subjectivity management, processing of complex subscription market arrangements, premium payment warranty capture, creation of policy territory schedules and improved user journey for deduction & tax processing.
• Claims Management Enhancements – Including claim processing for various binder policy types, claims management has enhanced flexibility, enabling individual claim processing, providing direct settlement options, and enhancing claim financials for binder claims.
• Enhanced Insurance Business Accounting (IBA) Functions – This release brings more efficient management of financial activities, including ad-hoc account statements, business query management, and automatic payment request process.
• Improved Line-of-Business (LOB) Management – Direct Bill Statement Report offers a simple, single-click report option to view all relevant commission data within a unified view, highlighting agency and policy information and commission tracking.
• IVANS Enhancements – Additional support for lines of business using IVANS policy and commission downloads greatly enhancing efficiency for insurance agencies.
• New Filing Module – The new release provides enhanced features to associate documents (such as files, emails, images, videos, etc.) to records, query for them and apply meta-data tagging, drag and drop – all within the Novidea platform. It offers seamless Outlook integration and robust connectivity to customers’ document management systems of choice.

“Our latest release is the result of our continuous collaboration with our customers in advancing the insurance distribution industry into the digital age,” said Roi Agababa, CEO of Novidea. “We’re confident that our cloud-based, data-driven insurance platform will provide organizations with the technology and tools they need to manage complex transactions, stay ahead of the competition, build customer loyalty, and achieve growth.”

Learn more about the Novidea enterprise insurance management platform live at InsureTech Connect 2023, October 31 – November 2, 2023 at the Mandalay Bay, Las Vegas – Booth #2320.

Las Vegas—InsureTech Connect—October 31, 2023—Novidea, creator of the cloud-based, data-driven enterprise insurance management platform, today announced that Pathpoint, the modern wholesaler where insurance agents can get bindable small commercial Excess & Surplus (E&S) quotes in just a few minutes, has increased its number of registered agents to over 14,000 and grown its submission volume by 20% compounded monthly since becoming a Novidea customer.

Thousands of insurance agents use Pathpoint to quote, bind, issue, pay, and manage non-admitted risks in minutes, bind coverage, and have policies issued – all in one place, with 24/7 access. Founded in 2017, the fast-growing E&S wholesaler prides itself on its customer responsiveness, diversity of coverage, data-driven decision-making, and ability to scale. Aligned with this high standard, Pathpoint is leveraging Novidea’s cloud-based insurance management platform to deliver near-instant quotes in a seamless digital experience. Its underwriting and sales teams rely on the Novidea platform daily to turn around bindable quotes with the click of a button.

“We evaluated other platforms, but Novidea was the only insurance management solution that fit our unique needs,” said Ralph Blust, president and chief revenue officer at Pathpoint. “Novidea enabled the integration of data and applications across our underwriting, account, sales, and operations teams, so everyone accesses a single source of accurate information. The ability to connect the front, middle, and back offices and streamline workflows has empowered us to deliver a winning customer experience. That has made all the difference, as we have added more than 7,000 retail agencies and increased the number of submissions to more than 4,000 per month. Novidea helped us achieve greater efficiency at scale, greatly contributing to our remarkable growth over the last four years.”

Novidea helps insurance organizations like Pathpoint gain a competitive advantage by streamlining and automating workflows, eliminating the need for agents and support staff to complete repetitive tasks, such as data entry, and increasing data accuracy. Operational efficiency can be achieved with the consolidation of approval processes, next level task management capabilities, and reduced “busywork”.

“Pathpoint is evolving the E&S sector with their modern approach to service delivery,” said Eric Ayala, managing director, Americas at Novidea. “They bring great value to their clients, saving them time and money. Their insurance management platform needed to deliver the same for their business. We’re honored to be Pathpoint’s insurance management platform of choice and look forward to their next exciting growth milestone.”

Learn more about the Novidea enterprise insurance management platform live at InsureTech Connect 2023, October 31 – November 2, 2023, at the Mandalay Bay, Las Vegas – Booth #2320.

 Novidea’s born-in-the-cloud insurance management platform will enable QBE Canada, based in Toronto and Vancouver, to significantly grow its business across multiple product lines

Boston and London – October 24, 2023 – Novidea today announces that it has partnered with QBE Canada (QBE), part of the QBE Group, one of the world’s leading insurers and reinsurers with operations in 28 countries worldwide, to implement its born-in-the-cloud, data-driven insurance management platform.

Canada is an important market for growth for QBE. The Novidea platform will enable the insurer to scale its business and manage the end-to-end customer insurance journey and policy management, with seamless automated workflows across the entire insurance distribution.

Novidea’s powerful quote and bind functionality will enable QBE to provide greater value and service to their customers. At the same time, workflow, automation of bordereaux, and Novidea’s powerful integration capabilities will help to streamline processes, reduce manual work, and help drive optimization across the organization.

Ben Hunter, Director of Canada, QBE, said: “We selected Novidea because of their expertise in delivering global solutions within the insurance industry, including working with Lloyd’s. Their cloud-based platform’s end-to-end, data-driven capabilities will enable us to optimise our business processing whilst enhancing customer service.”

Ben Potts, MD, UK, Novidea, said: “We are delighted to have been selected by international insurer QBE. Working together in partnership will be a game-changer, as our platform will support QBE’s ambitions in terms of customer service, operational efficiencies, and business development in the region.”  

The platform will also provide anywhere, anytime access to all relevant data and analytics, with a 360-degree view of the business and enhanced Management Information.

Boston, September 5, 2023 – Novidea, creator of the cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs, and wholesalers, today announced that it has joined the Wholesale and Specialty Insurance Association (WSIA), a non-profit association of professionals dedicated to the wholesale and specialty insurance distribution system. As a WSIA member, Novidea supports the organization’s dedication to developing and strengthening the industry.

“As Novidea becomes the technology provider of choice for the wholesale and specialty insurance community, it’s important for us to show our support for the ongoing growth and success of this market,” said Julie Shafiki, CMO, Novidea. “The wholesale and specialty market faces increasing challenges due to inflation, greater regulation, supply chain disruptions, and escalating natural disasters. Becoming a Wholesale and Specialty Insurance Association member is a great way for us to lead and advocate for this vital insurance sector. We look forward to joining forces with the other members of WSIA and using our industry expertise to advocate for wholesalers and specialty insurers.”

To kick off its new membership, Novidea will attend the WSIA Annual Marketplace, September 17-20 in San Diego. The Annual Marketplace is the premier wholesale, specialty and surplus lines industry event. More than 6,000 industry professionals gather at the Annual Marketplace for networking and business meetings throughout the week. Sign up here to set up an introductory meeting with Novidea at the Annual Marketplace.

About Novidea

Novidea is the leading Insurtech provider of a cloud-native, data-driven insurance management system. Using an open API architecture, Novidea’s software platform enables brokers, agents, MGAs, and carriers to modernize and manage the customer insurance journey, end-to-end, and drive growth across the entire insurance distribution lifecycle. The Novidea platform, built to leverage the power of Salesforce’s Big Technology, provides a complete ecosystem spanning every aspect of an insurance business, including a 360-degree view of the customer and all stakeholders, enabling full integration between customer-facing policy transactions and the middle and back offices. Brokers, agencies, and MGAs extract more value from their customer and policy data with actionable intelligence from any device, anywhere.  Novidea supports more than 100 customers across 22 countries.

About WSIA

WSIA is the professional organization for wholesale insurance agents, brokers and specialty insurance companies, built on a culture of strategic networking, collaboration and access to high-quality industry education, career development resources and advocacy for the wholesale, specialty and surplus lines industry. For more information, visit https://www.wsia.org/.

The project will centralize operational and service processes, boost efficiencies, turn data into actionable insights, and enhance customer services

Tel Aviv, London and Boston – August 16, 2023 – Novidea, creator of the cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs, and wholesalers, today announces that it has been chosen by Mivtach Simon, a subsidiary of Migdal Insurance Agencies in Israel, as technology partner to implement its insurance distribution platform.

Mivtach Simon is Israel’s largest insurance, pension and financial planning company, providing technological services to Migdal Insurance Agencies, including Sagi Yogev and Shacham-Orlan. As part of an extensive digital transformation program led by Chief Information Officer at Migdal Insurance Agencies, Ilanit Hazan, Novidea’s insurance management platform will centralize the agencies’ operational and services processes.

This partnership is an expansion of a series of strategic collaborations between Novidea and Migdal Insurance Agencies in recent years, and now includes property, casualty and life insurance, as well as expansion into additional agencies such as Peltours, Peltours-Berman, and Shacham-Orlan.

Leor Raviv, CEO of Mivtach Simon, said: “Choosing Novidea is part of a comprehensive and extensive process of technology upgrades that we are currently undertaking. Over the last year, we have formulated a strategic plan for the company based, among other things, on substantial technological advancements. The move will allow us to improve our customer service, shorten work processes, and give a much better experience to the customers and employers in our care.”

Roi Agababa, CEO of Novidea, said: “We are happy to embark on the digital transformation journey together with Mivtach Simon, part of the Migdal Group. This collaboration will allow Mivtach Simon to easily and efficiently turn data into insights to reach more informed business decisions, while offering an exceptional user experience for their customers.”

Ilanit Hazan, Chief Information Officer at Migdal Insurance Agencies, commented: “We are excited to strengthen and deepen the cooperation with Novidea. Its advanced platform allows us to promote a complete digital transformation of all the organization’s systems, in a way that is adapted and fine tuned to our specific needs. With Novidea, we will improve efficiency and operational processes throughout the entire organization.“

London and Boston – June 28, 2023 – Novidea, creator of the cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs, and wholesalers, today announces the appointment of Erez Nissim as Chief Technology Officer (CTO).

In his role as CTO, Erez will spearhead Novidea’s research and development (R&D) and product development, leveraging 20 years of senior technology expertise. His appointment comes as Novidea bolsters its senior executive team to drive the next phase of global growth. The company recently announced the successful completion of its recent Series C funding round.

“Erez’s extensive experience in leading complex software development projects for global companies, from inception to market analysis, requiring definition, technical system design, and product development, makes him the perfect fit to lead our technology team and keep us a step ahead of our competitors, worldwide,” said Roi Agababa, CEO of Novidea.

Prior to joining Novidea, Erez held senior positions in prominent global technology companies, where he led R&D, product, and engineering groups. Most recently, he served as EVP at Playtika, a gaming company with a valuation of $7 billion. Before that, he held senior roles at renowned, industry-leading companies such as NICE surveillance, Amdocs, and Retalix, and SAP.

“I was drawn to Novidea because of the opportunity to play a significant role in supporting its continued global growth and development. I am excited to collaborate with this excellent executive team as we expand into new markets and focus on achieving our next product development milestones,” said Erez Nissim, CTO of Novidea.

With the addition of Erez as CTO, Novidea further solidifies its leadership team, building upon a series of strategic hires made over the last 18 months. This includes the appointment of Eran Ben Ezer as CFO, previously with Imperva, Yaniv Cohen as CCO, former Verint executive, Julie Shafiki as CMO, ex-Kryon, and Merav Levin-Gadot as VP of Human Resources, from Amdocs.

These senior hires, on top of Novidea’s existing executive team, exemplify the company’s unwavering commitment to driving innovation and delivering cutting-edge solutions. By assembling a team of exceptional talent, Novidea reinforces its position as a key player in the global insurance technology landscape.

Expands quote to bind, billing, payments, and line of business functionalities for customers globally

Boston and London – June 21, 2023 – Novidea, creator of the cloud-based, data-driven enterprise insurance management platform, today announced significant new enhancements to its award-winning insurance management software. The enhanced insurance management platform empowers agents, brokers, managing general agents (MGAs), managing general underwriters (MGUs), and wholesalers to increase operational efficiency associated with adding new policies, new lines of business, invoicing, payments processing, and more.

Each point in the insurance policy distribution lifecycle requires numerous processes, from policy quote to bind, billing, payment transactions, policy renewals, policy endorsements, and claims management. Novidea’s newest system upgrades greatly improve the quote to bind process and provide an expanding number of options for claims management, invoicing, and billing, including commission statement reconciliation, Direct Bill Commission Download (DBCD), and multi-entity billing.

“Across the insurance industry, there’s a major push to improve efficiencies while providing the fast, seamless digital experience that today’s customers demand. The automated technology we’ve built into our latest version of insurance management software reduces costs and cuts down on repetitive tasks, speeding up the ability to deliver great service in an increasingly competitive landscape,” Sharone Volk, VP Product at Novidea. “Novidea is focused on delivering an innovative, cloud-based solution that transforms how brokers, agents, and MGAs manage existing policies, maintain customer loyalty, and expand into new lines of business.”

Other key enhancements include:

• Faster digital quote to bind process improves usability, user experience, and efficiency in data processing with its new ‘Copy Quote’ action. This allows users to clone an existing Quotation record into a new Quotation, preventing the re-keying of data and speeding up the process
• Enhanced insurance business accounting (IBA) functions to improve the policy payments experience with new bank reconciliation screen and processes, improved client money calculation, base currency, and BACS (Bankers’ Automated Clearing System) exporting
• Improved line of business (LOB) management so agents and brokers can enter new markets and add new revenue streams quickly, benefitting the agency’s bottom line
• Enhancements for IVANS in the US to better support downloads and help identify and resolve discrepancies between existing data and IVANS files, ensuring that policy data aligns accurately with IVANS content
• Improvements for billing and commissions in the US to help the approval and disapproval of commission statements processing to ensure precise compensation distribution. In addition, support for multi-entity billing is now available
• Enhanced claims management with greater visibility and tracking of claims data to improve claims management process. This translates into less manual labor for the claim handler and faster claims resolution times for the customer. Enhanced claims processing is now managed through Novidea’s robust rule engine to support bespoke customer needs.

Boston and London – May 3, 2023–Novidea, creator of the born-in-the-cloud, data-driven platform optimizing the entire insurance policy and distribution lifecycle, today announced that it has raised $50 Million in Series C funding. The funding round was led by Battery Ventures with participation from Cross Creek, both new investors, and the company’s existing investors, Israel Growth Partners (IGP), KT Squared, and JAL Ventures. To date, Novidea has raised $90 Million.

In recent years, the company has experienced hyper-growth, selling to insurance leaders across the globe. Novidea will leverage the investment to continue its journey to becoming an industry leader and increase international market share. Specifically, funds will go to the further development of its cloud-based, data-driven insurance platform, fortification of its customer success infrastructure, and expansion of teams and offices across all target markets in the US, UK, EMEA, and APAC.

Digital transformation is one of the most urgent pain points faced by insurance agents, brokers, MGAs, and carriers in every major market. Historically, the insurance market has been slow to evolve due to legacy systems that are expensive to scale, siloed data, and limited access to real-time management information. Novidea’s insurance platform enables insurance agents, brokers, and MGAs to automate repetitive processes, drive operational efficiencies, and increase business resilience to stay competitive and provide a better customer experience.

“While businesses globally adjust to dealing with a pronounced increase in risk—driven by geopolitical, economic, and other events—the insurance industry has generally been underserved by technology relative to other sectors,” said Shiran Shalev, Partner at Battery Ventures. “Novidea has built a modern, comprehensive software suite which currently powers some of the world’s largest and most complex insurance groups, and we are excited to partner with them for their next phase of growth.”

Shalev will join the Board of Directors at Novidea.

“Novidea has experienced unprecedented growth, driven by the demand in global markets to modernize the insurance distribution lifecycle and provide a better digital experience,” said Roi Agababa, CEO of Novidea. “We are thrilled to welcome Battery Ventures and Cross Creek as our newest partners in this round of funding, along with our existing investors. Through this transaction, Novidea will have the ability to expand our product suite, add further innovation to our platform, and deliver superior customer experience.”

In 2022, Novidea reported:

• 90% Year Over Year (YoY) growth rate.
• Net Revenue Retention (NRR) rate of 139%.
• Expansion of employee headcount in all key regions where it does business, including US, UK and EMEA.
• Bolstering of its overseas research and development (R&D) teams.
• Investment in global customer-success infrastructure to streamline service delivery in all regions.
• Expansion of its senior leadership team with multiple strategic hires in marketing, HR, finance, customer success, and technology.

Advising on legal matters around the transaction were law firms Pearl Cohen for Novidea and Meitar for Battery Ventures.