News Category: Press Releases

Boston and London – July 1, 2024 – Novidea, creator of the cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs, carriers, and wholesalers, today announced the strategic acquisition of Docomotion, an automated document generation technology provider. The acquisition of Docomotion is the latest in a series of strategic moves by Novidea in its journey to become an insurtech industry leader. The transaction is set to close within the week.

The acquisition will accelerate product innovation and create unparalleled value to customers, adding new capabilities to Novidea’s award-winning insurance management platform, including automated forms processing, design, management, and e-signatures. Docomotion’s customers will benefit from a broader product suite, increased focus on product development, enhanced customer experience, and global access to professional expertise.

“Docomotion is a leading innovator in automated document management, an essential technology for document-heavy industries. Its unique, cloud-based document generation technology presents major technological synergies between our two companies,” said Roi Agababa, CEO of Novidea. “We are proud to welcome Docomotion’s talented team to the Novidea family and look forward to working together, leading successful digital transformation initiatives for our customers.”

Digital transformation remains a significant challenge in the insurance space. Novidea’s platform enables customers to improve operational efficiencies, increase business resilience, stay competitive, and provide a better customer experience. Docomotion’s automated document management solution removes the administrative and manual burden of processing complex forms and documents.

“Novidea has experienced unprecedented growth over the last few years, driven by the global trend to modernize customer experience in insurance. We share a similar vision for the evolution of the document generation industry,” said Oren Leshem, CEO and Founder of Docomotion. “By combining our powers, Docomotion and Novidea can further expand our capabilities and drive even greater value for our customers. Docomotion will continue to serve all its customers in the various verticals. Customers will benefit from access to broader resources and availability of assets as we join forces with Novidea.”

Novidea was represented by Yael Shimon-Many, partner at Pearl Cohen law firm. Docomotion was represented by Oded Levy, partner at Arnon, Tadmor- Levy.

The terms of the deal were not disclosed.

BOSTON and LONDON – June 24, 2024 – Novidea, creator of the cloud-based, data-driven enterprise insurance management platform for insurance agencies, brokers, carriers, and MGAs/MGUs, announced that Madanes Insurance Agency, a leading insurance broker specializing in large and complex insurance schemes in the property, liability and health sectors, as well risk management and claims management, has gone live with its insurance management platform.

Madanes has a large and diverse customer base and responds to thousands of inquiries daily.

Given Novidea’s experience with global insurance organizations and its end-to-end support for the insurance distribution lifecycle, Madanes selected the Novidea platform, which is now fully operational and serves hundreds of the agency’s employees.

The transition to the Novidea platform enabled the full digitization of all operational and business processes at Madanes Insurance Agency. This transformation integrates all external data sources, such as insurance companies, with internal data from Madanes’ departments and divisions, creating a single source of information and a 360-degree customer view.

These customer profiles include all of the customer’s insurance products, payments, claims, referrals, and more, which enables agents to upsell risk products that precisely meet the needs of each customer at the most cost-effective prices. Madanes’ customer journey will improve with ease, speed, and precision, while ensuring customer data is kept private and secure.

Madanes’ customers now have access to a multi-channel communication system (WhatsApp, SMS, email, phone center) that allows them to conveniently contact the company, receive quick responses on any matter, and perform a variety of actions independently.

Boaz Rubin, CEO of Madanes Insurance Agency, said, “With the implementation of Novidea’s platform, we have completed an end-to-end digital transformation that is expected to yield unprecedented operational efficiency, and the provision of efficient, fast and high-quality service to our policyholders, with 80,000 insurance claims submitted each year. The integration of multiple data sources and the insights presented by the Novidea platform enable us to conduct in-depth analysis and map the risks to which the business and insureds are exposed. We are then able to adjust our solutions offering, reduce expenses for our insureds and enhance customer experience and satisfaction. As insurance experts, we know how to maximize the benefits from Novidea’s platform, which is among the most advanced and successful in the world, and we heavily rely on the knowledge and experience of the company’s people.”

Roi Agababa, CEO and Founder of Novidea, stated, “Insurance organizations worldwide are dealing with outdated and disparate technologies that do not meet today’s needs. Against the backdrop of increasing competition, and with the aim of enhancing customer experience and providing an advanced digital experience, they are looking to replace their traditional systems with new generation systems. This growing demand for innovative technological solutions seeks to improve data quality and access, provide a smooth digital customer experience, and streamline processes. We are excited that Madanes has stepped into the technological forefront of the insurance industry, which will help it maintain its leadership in the market, both in terms of service and customer experience and in operational efficiency metrics.”

About Novidea

Novidea is the leading Insurtech provider of a cloud-native, data-driven insurance management system. With its open API architecture, Novidea enables brokers, agents, MGAs, and carriers to modernize and manage the customer journey end-to-end and drive growth across the entire insurance distribution lifecycle. Novidea’s streamlined and automated platform fully integrates front, middle, and back offices. The Novidea platform boosts operational efficiency while providing a seamless digital experience for team members and customers alike. Insurance businesses benefit from a 360-degree view of customers and policies and can access data and actionable insights anytime, anywhere, and on any device. Novidea supports more than 100 customers across 22 countries. For more information, visit www.novidea.com.

About Madanes 

Madanes Insurance Agency Ltd., a leading independent insurance broker, was established in 1972 by Shuki Madanes, and serves high-tech companies, medical institutions, law and accounting offices, industrial companies and more.

BOSTON and LONDON—April 9, 2024—Novidea, 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 organizations 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 organizations 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 organizations 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.

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.”

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.

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.”

Specialty Insurance Broker Replaces Three Separate Applications with a Single, End-to-End Insurance Management Platform to Improve Operational Efficiencies and Enable Seamless Access to Data

BOSTON—February 28, 2024—Novidea, 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.

Hobbled by Aging Technology, 99% of Insurance Organizations Plan on Making Significant Upgrades to their Core Management System

Boston and London–January 24, 2024 –Seventy-five percent of insurance organizations worldwide are preparing to implement new core insurance management platforms in the next two years. That’s one of the key findings in a comprehensive new 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 organizations face with aging, disparate technology that is difficult to manage, scale, and leverage to meet digital transformation needs. The average organization 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 aging, disconnected, and do not support today’s digital demands,” said Roi Agababa, CEO of Novidea. “At the same time, leaders are optimistic about the future and will be taking steps to make significant upgrades to their legacy tech stacks. They understand the challenges and opportunities at stake. That is encouraging news as the insurance industry heads into 2024.” 

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:

• 76% of enterprise insurance organizations with more than 5k employees are juggling between 6 and 10 insurance technologies or more. 
• 41% of insurance agency/broker management platforms and policy administration systems were implemented  5  to 15 years ago.
• Of the surprising 99% of global insurance organizations 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.
• In the highly regulated insurance market of the U.S., fewer than 25% of enterprise insurance organizations feel their existing technology supports them with compliance, and 77% said it only helps them “some of the time.”

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 free report here: Legacy Out, Digitalization In: The State of Modern Insurance Technologies 2024.

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.