Member Spotlight: Novidea
Can you give a brief description of Novidea?
Novidea is the creator of a cloud-based, data-driven broker management platform that enables brokers, agents, and MGAs to modernise and manage end-to-end customer insurance journeys worldwide.
The platform is built on Salesforce, providing a complete front-, middle- and back-office solution for the entire distribution lifecycle, with a flexible open-API architecture. Real-time analytics and management information can help businesses optimise customer interactions, drive greater customer value, and reveal new opportunities to support future growth.
What does your role as UK Managing Director at Novidea involve?
I oversee Novidea’s customer service, innovation and business growth in the UK and internationally. I am also focused on expanding the Novidea team and our partner community as we develop new services and technologies for expanding our customer base.
How are your customers using Novidea?
When customers come to us, they have often been using legacy siloed systems with manual processes across different departments for many years. Customers have also been sitting on vast quantities of customer data for decades, with no clear, actionable understanding of how to maximise its value.
With the Novidea platform, users gain a complete overview of customer information all in one place, with data-driven insights such as risk management advice and an end-to-end platform that supports the entire insurance lifecycle. Additionally, the platform is fully cloud-based, which enables customers to access the information they need from anywhere, at any time.
Which insurance customers/ MGAs are you working with?
Novidea supports more than 100 customers, including brokers, MGAs and carriers in 22 countries, including the London market. Customers we can name include Marsh, Hyperion, Howden, SRG, as well as many other well-known businesses, particularly in Israel and the US. Novidea also have a strong pipeline of new prospects, with some big announcements coming soon!
How does Novidea decide who to partner alongside?
We tend to partner with established, innovative organisations such as ACORD, CGI, IVANS, Web Connectivity, WNS and Xceedance. A vital element of choosing which solution providers to collaborate with is ensuring that they are easy to integrate as additional capabilities. This ensures that the commercial value of the partnership goes quickly and directly to our customers.
How does Novidea differentiate itself from its competitors, particularly in the UK?
Many firms in the market have been held back by legacy technology. Novidea is the only cloud-based, insurance-specific solution built on Salesforce’s Big Technology, adaptable via API integrations to match customers’ precise needs.
Novidea’s platform delivers integration across the entire insurance distribution lifecycle with single data input. This enables Novidea’s customers to reduce rekeying across their business and incorporate more effective workflow-driven processes. Operating costs are reduced, and greater efficiency can be achieved. Clients also have greater visibility of customer data and Management Information across their business.
Where do you think the biggest opportunities lie for Novidea?
Novidea is already working with some of the world’s biggest brokers, MGAs, carriers, US agencies and coverholders. We expect to see the adoption of the Novidea platform continue to grow, especially amongst Tier 1 brokers and carriers.
We have also seen increasing interest from the larger UK regional brokers, who are keen to digitise their businesses. This is particularly true in the new world of hybrid working, where broking on the move requires relevant data to be accessed in real-time, regardless of location or device being used.
In addition to this, Novidea is focusing on the fast-growing MGA market. MGAs can benefit from our legacy-free, cloud-based administration system with features that can help them drive great competitive advantage, such as fully integrated, self-service customer portals.
Why has Novidea joined InsTech?
Novidea has been working with InsTech since the organisation was founded. Our team already knew the founders and shared their passion for insurance and technology. We are also keen to ensure that the InsTech community and wider market understand the unique value our solutions deliver in the UK and beyond.