Mar 01, 2023

Novidea hits growth milestones in 2022

Insurtech provider Novidea has announced that it achieved several significant growth milestones in 2022. In particular, the company reported 90% year-over-year business growth, winning deals with customers from leading brokers, MGAs and insurance agencies.

Novidea’s momentum indicates an increased demand for cloud-native services that help insurance agencies, MGAs and brokers digitally transform their businesses, Novidea said.

“We continue to see global insurance agents, brokers, MGAs, and MGUs accelerate their digital transformations to serve their policyholders better, navigate market disruptions, and empower their people,” said Roi Agababa, CEO of Novidea. “The ability to access real-time data is the key to transformation for these organisations – financial, operational, and customer data. The Novidea platform brings all these data sources together in one place, giving our customers a single source of truth from which they can gain a deeper understanding of their business. In the coming years, Novidea is looking forward to providing even more value to our customers as they continue to transform their organisations.”

Other 2022 milestones for the company included:

  • Strong customer retention: The company posted a 139% net customer retention rate for 2022
  • New offices: The company added dozens of employees to its headquarters, took new office space in London, and significantly strengthened research and development teams in Eastern Europe
  • Strengthened senior leadership: Novidea made several strategic hires in 2022, including chief financial officer Eran Ben Ezer, chief customer officer Yaniv Cohen, and vice president of human resources Merav Levin-Gadot
  • Onboarding prominent insurance players: Novidea closed deals with some of the industry’s leading players in 2022. With the increase in new customers and employee headcount, the Novidea platform now manages more than 25 million insurance policies worldwide
  • Awards and recognition: During 2022, Novidea was recognised for:
    • Outstanding contribution to technology and innovation from the London Market Forum
    • Most innovative insurtech company from both Insurtech100 and AIFintech 100