Novidea unveils key policy, claims and accounting enhancements in latest insurance management product release

BOSTON AND LONDON — Novidea, creator of the cloud-based, data-driven insurance management platform, announces release of a new version of its award-winning platform to further streamline processes with automation of manual processes, highlight opportunities to better sell, service, and communicate with clients, as well as deliver actionable insights for insurance organizations. Built on a flexible, cloud-based architecture, the Novidea platform delivers unmatched scalability and adaptability, ensuring brokers, agencies, MGAs and carriers can stay ahead in a competitive and ever-changing industry landscape.

Addressing challenges in insurance distribution, Novidea is focused on both global and market-specific innovations.  Customers benefit from improved compliance and financial controls, enhanced claims processing, and streamlined policy management, driving a new level of efficiency, while enabling insurance organizations to deliver a world-class customer experience.

Some highlights of the new capabilities include:

• Enhanced 360 Degree Account View – A complete real-time view of each client, including live policy information and claim statuses shared seamlessly across account teams. 
• Smarter Policy Management – New risk limits and excess functionality make handling complex policies easier, while centralized tax and deduction management reduces errors.
• Faster Claims Processing: Advanced CLASS messaging streamlines claim signing, enhances error handling, and facilitates compliance, reporting and tracking across multiple markets.
• Optimized Insurance Broker Accounting (IBA): A refined ledger view with dynamic filtering and advanced reporting enables financial oversight, faster reconciliation, and strengthens control over transactions.
• Actionable Intelligence: Real-time insights into potential exposure to losses (including CAT) by account, geography, trading partners, etc.

Additional features include comprehensive fee transaction support for broker-to-underwriter payments, which foster flexibility in financial workflows as well as the ability to handle manual aggregation of premium and claims data for more accurate financial reporting.

“Novidea maintains an innovative technology mindset and draws from our deep knowledge of the insurance industry. It is important to us to incorporate the feedback from our customers across the globe, so that we deliver a solution which addresses their challenges,” said Ido Peled, SVP Product at Novidea. “With each new version of our insurance management platform, we strive to empower our customers to make smarter, data-driven decisions, provide best-in-class customer experience, and grow their businesses.”