News Category: In the News

Further Group Selects Novidea’s Insurance Platform to Deliver on Its Global Growth Strategy

InsurTech Novidea, announces that it has partnered with the Further Group (Further), a leading global specialist in the design and development of health insurance products and service solutions, to implement its born-in-the-cloud, end-to-end, data-driven insurance management platform to support its global growth.

Founded in 2012 and headquartered in Madrid, Further has successfully established itself as a leading, high growth company in its specialty healthcare area, with business in over 30 countries and partnerships with more than 300 insurers and employer groups.

Historically, the business operated using a number of IT systems with limited integration across the platforms. To pave the way for its ambitious growth strategy, Further turned to Novidea to integrate its business processes on one data-driven platform, to drive greater operational efficiency, improve communication, and provide a single source of truth for stakeholders.

Tatiana Macías, Chief of Staff, Further, said: “To grow to the next level, it is imperative we have the right technology and systems in place that can manage the complexities of our business. We chose Novidea because of their exceptional expertise in delivering global solutions within the insurance industry, as well as for their platform’s outstanding end-to-end capabilities, built on Salesforce.”

Ben Potts, MD, UK, Novidea, said: “We see many insurance organisations encumbered by disparate legacy systems that limit their potential. Today, forward-looking businesses like Further are increasingly utilising cloud-based platforms that enable them to turn data into insights at the point of need, enabling better-informed decisions, greater operational efficiencies, and enhanced client service.

“Novidea’s platform will contribute to the futureproofing of their business and enable them to accelerate their international growth strategy, with what they need to stay competitive, customer-focused, and agile.”

With more than 100 customers in 22 countries, Novidea, the creator and provider of the only born-on-the-cloud, data-driven insurance platform, built on Salesforce, is truly global. Its platform enables brokers, agents, and MGA Coverholders to manage the customer insurance journey, end-to-end, and drive growth across the entire insurance distribution lifecycle.

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

Novidea Enhances Low-Code Automation Features to Empower Insurance Agencies, Brokers, MGAs and Wholesalers to Deliver Seamless Digital Experience for Customers

Novidea, the creator of the cloud-native, data-driven insurance Agency Management System (AMS), announced significant new enhancements to its low-code automation rules engine. These enhancements will empower independent agents, brokers, managing general agents (MGAs) and wholesalers to work smarter and more efficiently, while providing a great customer experience.