Press Releases Archives - Novidea Global

AIB selects Novidea’s insurance platform to support its Lloyd’s Coverholder growth strategy for the Caribbean

21 March 2023 – Boston, US, and London, UK – Novidea today announces that it has been chosen by Jamaica-based insurance broker Allied Insurance Brokers Ltd. (AIB) to implement its born-in-the-cloud, data-driven insurance management platform for Managing General Agents (MGAs).

The platform will fully automate AIB’s end-to-end Coverholder processes from Jamaica to the London Market, while satisfying all data capture, exchange, processing, compliance, and reporting requirements. This will increase efficiency and productivity for AIB, while lowering overheads and providing analytics and reporting to help fuel the company’s growth across the Caribbean as a Lloyd’s Coverholder.

AIB became an authorised Lloyd’s Coverholder in 2013. That part of the business recently rebranded to A+ Insurance Solutions and provides General Liability, Medical Malpractice, and Personal Accident, including reinsurance coverage on behalf of Lloyd’s syndicates to clients in Jamaica, Antigua, Bahamas, Barbados, Grenada, St. Lucia, Turks and Caicos, and other territories within the Caribbean. They also provide solutions for Directors & Officers Liability, Professional Indemnity, Cyber insurance, and other classes of insurance that are not typically sold by local market insurers.

Camile Coore, Technical Manager, AIB, shared: “We are excited about this new partnership and the efficiency and growth potential it will bring to A+ Insurance Solutions. The team will have access to prebuilt reporting and insurance analytics tools that will enhance the visibility of our business and customers.

“Additionally, we will be able to focus on value-added tasks instead of utilising a significant portion of our time in cumbersome manual processes, such as data verification and validation.”

Ben Potts, Managing Director, UK, Novidea, said: “We’re delighted to be selected by AIB and look forward to working in partnership to implement our platform to support their London Market needs and global operations, and to streamline business processes.

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.

Further Group selects Novidea’s insurance platform to deliver on its global growth strategy

7^th March 2023 – London, UK – Novidea, creator of the data-driven, cloud-native insurance platform that enables brokers, agents, and MGAs to reduce costs and drive growth across the distribution lifecycle, today 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.

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.”

Novidea celebrates continued global momentum in 2022 with 90 percent YoY business growth and achieves 139 percent net customer retention

Boston and London – February 21, 2023 – Novidea, creator of the data-driven, cloud-native insurance platform that enables brokers, agents, and MGAs to reduce costs and drive growth across the distribution lifecycle, today announced the achievement of several significant growth milestones in 2022. In 2022, Novidea experienced 90% Year over Year (YoY) business growth, winning deals with top-tier customers from the ranks of the leading brokers and agencies in the world. The momentum indicates the increased demand for cloud-native core solutions that help insurance agencies, MGAs, and brokers digitally transform their businesses to get in front of the competition.

“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 organizations — financial, operational, and customer data. The Novidea platform brings all of 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 organizations.”

Other key 2022 milestones for the company include:

Strong customer retention: Companies who work with Novidea tend to stay with them for the long term, which is reflected in Novidea’s 139% net customer retention rate.
New offices to support employee hypergrowth: 2022 was a year of scale for Novidea, as it increased employee headcount in many sites worldwide. The company added dozens of employees to its headquarters, took new office space in The Gherkin in the heart of the insurance industry in London, and significantly bolstered its research and development (R&D) teams in Eastern Europe.
Strengthened senior leadership team: Novidea made multiple strategic hires in 2022, including new CFO Eran Ben Ezer, formerly of Imperva; Chief Customer Officer Yaniv Cohen, formerly of Verint; and Merav Levin-Gadot, VP of Human Resources from Amdocs.
Onboarding prominent global insurance players: Novidea closed deals with some of the industry’s biggest names. With the increase in new customers and employee headcount, the Novidea platform is now seamlessly managing more than 25 million insurance policies worldwide.
Recognition as a leader from industry forums and organizations: During 2022, Novidea won accolades as:
- Excellence in Technology for Insurance Distribution from Insurance Times
- Outstanding Contribution to Technology & Innovation from the London Market Forum
- Most Innovative Insurtech Company from both Insurtech100 and AIFintech100

Novidea Hires Former Imperva Finance Director as Chief Financial Officer

Boston and London – January 31, 2023 – Novidea, creator of the data-driven, cloud-native insurance platform that enables brokers, agents, and MGAs to reduce costs and drive growth across the distribution lifecycle, today announced the appointment of Eran Ben Ezer as Chief Financial Officer (CFO). Ben Ezer brings 20 years of financial management expertise to the role as Novidea augments its senior executive team to prepare for its next stage of global growth.

Ben Ezer has a successful track record in taking fast-growth companies from privately held to thriving global public companies. He has extensive experience in fundraising, Initial Public Offerings, (IPOs), and M&A transactions. As CFO, Ben Ezer will lead Novidea’s financial activities, including accounting and controllership, financial planning and analysis, taxes, and overall budgets across all territories. He will also lead audit, legal, procurement, and logistics across the company and its subsidiaries globally.

“We are excited to have Eran join Novidea. He brings a strong track record of working with companies to drive results and accelerate growth and will complement our strong leadership team. His extensive background and expertise makes him the right choice to lead our finance organization globally,” said Roi Agababa, CEO of Novidea.

Before joining Novidea, Ben Ezer served as the vice president of finance at Drivenets, a fast-growing software company. He led three financing rounds totalling more than $500 million during his tenure, with the last round at a valuation above $3 billion. Before Drivenets, Eran spent a decade as a financial executive at Imperva (NASDAQ: IMPV), a leading global cyber security company, where he held several roles and supported the company through its IPO.

“I was drawn to Novidea because of the opportunity to play a significant role in supporting its continued hypergrowth,” said Eran Ben Ezer. “I look forward to working side-by-side with this impressive executive team as we expand into new global markets and focus on our next financial milestones.”

Novidea Adds Yaniv Cohen as Chief Customer Officer to Strengthen Scale-Up of Customer Support and Service Delivery

Boston and London – January 24, 2023 – Novidea, creator of the data-driven, cloud-native insurance platform that enables brokers, agents, and MGAs to reduce costs and drive growth across the distribution lifecycle, has appointed Yaniv Cohen as Chief Customer Officer (CCO). With the company’s global scale-up, Cohen leads Novidea’s implementation and customer success strategy, ensuring smooth delivery of Novidea’s insurance management platform across the entire customer journey, from onboarding to contract renewal

Cohen brings 20 years of experience in professional services, operations, and customer success to the position. He joins Novidea after spending six years as Corporate Vice President of Global Professional Services at Ex Libris, a SaaS and mobile solutions provider for the higher education market. Prior to Ex Libris, Yaniv spent over a decade at Verint Systems, a leading customer engagement platform. He held multiple senior roles at Verint, including COO, VP of Business Development, and VP of Customer Care. Yaniv also previously held executive positions at Emblaze Systems.

“With the fast growth of Novidea’s business and the increase in our customer base, Novidea prioritizes its commitment to working closely with our customers at every step of their digital transformation. Yaniv’s depth of experience in professional services and customer care was a key factor in choosing him for the role,” said Roi Agababa, CEO of Novidea. “As Novidea continues to grow, I am confident in Yaniv’s ability to refine and scale our delivery and implementation processes, so we can empower our global customers to transform and digitalize their businesses seamlessly.”

“It’s an honor to join this exceptional team and lead Novidea’s customer success initiatives on a global scale,” said Cohen. “I’ve already seen firsthand the company’s deep obligation to its international customer base—it influences every decision they make. I aim to ensure that each customer extracts maximum value from the Novidea platform, now and in the future.”

Novidea hires Matt Richards as Head of UK Delivery to meet scale-up demand for its end-to-end insurance platform

London, UK, November 15, – Novidea, the global InsurTech and creator of the data-driven, cloud-native insurance platform that enables brokers, agents, and MGAs to reduce costs and drive growth across the entire distribution lifecycle, announces the new addition of Matt Richards as Head of UK Delivery.

In his new role, Matt has overall responsibility for UK customer deliveries to ensure that Novidea consistently exceeds customer requirements – as well as its own high standards – for excellence in service and delivery for its insurance platform. Matt will also develop the UK team and delivery partners to ensure the business continues to scale on demand and to help streamline operational processes.

Commenting on the appointment, Ben Potts, UK MD of Novidea, said: “At Novidea, we are bringing in top talent to support our London market and UK regional customers. Matt brings a wealth of experience to ensure the smooth running of our project delivery and the implementation of our data-driven, cloud-native insurance platform, which is s enabling our customers to transform and digitise their businesses.”

Matt is a specialist in Client Delivery, Project Management, and Account Management, having previously worked as Professional Services Director at Eurobase, an international software and service provider. Before this, he worked NIIT (Room Solutions) as a senior project manager.

The appointment follows a series of others at Novidea, including Peter Gregory from SSP Worldwide, Paul Richmond, previously at broker Price Forbes, and insurance IT firm DXC, Tom McFarland, formerly of AON and Sequel.

Matt commented on his appointment, saying: “Novidea is on a fast track to success. Its data-driven platform is transformational for businesses looking for the most effective ways to remain competitive as the industry starts to truly embrace digitalisation.”

Novidea’s insurance distribution platform is built on Salesforce and was created specifically for the global insurance market, including brokers, MGAs, and coverholders. The end-to-end platform turns data into actionable insights, with real-time visibility across the business, with powerful analytics tools to drive more sales and improve customer relationships.

Encore Insurance Builds Future-Forward, Digital-First Independent Agency with Novidea

Michigan-based Agency Creates a Centralized System of Record to Improve Customer and Employee Experience

Las Vegas — InsureTech Connect 2022 — September 21, 2022 – Encore Insurance, a digital-native independent insurance agency specializing in personal lines, has selected Novidea’s cloud-native, data-driven agency management system (AMS) to scale and create a better customer experience. By putting real-time customer data at every employee’s fingertip, regardless of where they choose to work, Encore can now boost conversions, resolve customer disputes more quickly, and make better-informed business decisions.

“As a modern, digital-first independent agency, we have a future goal to scale beyond Michigan and service clients across all 50 states. To accomplish this, we knew we needed an agency management system that could support us as we grow,” said Peter Vitale, Founder and CEO of Encore. “Novidea empowered us to revamp how we manage and assign incoming business opportunities and how agents use data to create a great customer experience. For the first time, we can evaluate our new business closure rate and determine whether we’re spending too much on the leads we acquire. The solution’s API architecture enabled us to create a singular, secure, and centralized system of record where all our prospect and customer data is accessible in real-time when agents need it most.”

Today’s independent agents must provide a seamless, digital-first customer experience or risk losing business to more tech-savvy competitors. Customer expectations have shifted towards real-time, self-service workflows across multiple channels; however, agents must balance this with support from a human when customers need it. Only Novidea’s agency management system enables self-service customer portals while supporting customer contact agents who need instant access to policy information. Independent agents, brokers, and MGAs can optimize every step of the insurance policy distribution lifecycle, from quote to policy binding and servicing to claims processing and renewals. All this makes Encore’s sales team more efficient with each customer interaction, resulting in a more satisfying work experience for employees who feel empowered and supported.

“Encore understands that giving customers multichannel choices and a seamless experience is no longer a ‘nice to have,’ but a means of fueling growth and sustainability for independent agencies,” said Eric Ayala, Senior Vice President and General Manager, North America for Novidea. “We’re proud to partner with Encore as they strive to build out a customer-focused digital agency of the future. We’re looking forward to supporting Encore as they find new ways to leverage their configurable Novidea solution to solve more challenges and remove more barriers in their quest to become a national agency.”

The Novidea platform enabled Encore to unify its tech stack and create a highly customized, centralized system of record in which all customer data resides. Built on Salesforce Big Technology with an open API architecture, Novidea’s configurable software made it easy for Encore to integrate its digital communications technology, third-party lead bidding, and customer contact centers into the management console. Novidea serves as the data collection and analysis hub where Peter and his team can pull data from connected applications and create reports on his sales team’s customer call performance, prospect conversion rates, and much more. Vitale and his team can leverage the insights of the end-to-end Novidea system to measure Encore’s return on investment (ROI) on its business development spending. Novidea even provides a record of customer interaction across channels, from emails to phone calls and text messages, so agents can refer to that history the next time they speak with a customer.

Learn more about the Novidea agency management platform live at InsureTech Connect 2022, September 20-22 at Mandalay Bay, Las Vegas – Booth #2422.

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

Las Vegas — InsureTech Connect 2022 — September 20, 2022 — Novidea, the creator of the cloud-native, data-driven insurance Agency Management System (AMS), today 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.

Each insurance policy transaction involves multiple functions and processes that carry out specific tasks across an MGA’s or agency’s front, middle and back offices. Each of these tasks involves rules, regulations, and agency policies that drive decision-making for agents and their customers. Novidea’s newest system upgrade includes dynamic questionnaires based on the specific rules for each customer, enabling agents to reduce manual intervention. This low-code approach to automation results in less time on repetitive tasks for agents so they can focus on what they do best: servicing clients and finding more ways to maximize profits for the business.

With the new rules engine update, the Novidea platform:
Calculates premiums and assesses risk based on responses to the dynamic questionnaire and generates a quote
Streamlines the quote and bind process, saving time and costs for agents
Provides dynamic accounting behavior enabling agencies to tailor their specific financial workflows to address their bespoke processes

“Speed to market is vital for insurance businesses to stay competitive. Embracing automated technology improves efficiency and allows them to match digital experiences with carriers,” said Sharone Volk, Novidea VP Product. “This, combined with our open API architecture built on Salesforce, delivers a cloud-based agency management solution that transforms how agents manage the insurance distribution lifecycle.”

Learn more about the Novidea agency management platform live at InsureTech Connect 2022, September 20-22 at the Mandalay Bay, Las Vegas – Booth #2422.

Gallagher to partner with Novidea to launch digital platform to transform service for specialty client base

1 September 2022 – London, UK – Gallagher has partnered with Novidea to implement and tailor its insurance broking platform for its specialty client base. The platform will be pioneering in the market, revolutionising client service, and covering every stage of the broking lifecycle, from enquiry and quotation to policy issuance, claims, and settlement.

Novidea’s insurance management platform provides a data-driven, cloud-based solution on Salesforce that standardises and automates processes to improve efficiency and deliver an enhanced user experience. The platform has a self-service portal which gives clients secure access from any device to key information including renewals, policies, claims and analytics.

Gallagher’s investment in this platform reflects the important need for alignment to digital solutions in the specialty market and will enable the firm to take full advantage of the Lloyd’s Blueprint Two digital strategy. It will allow Gallagher to integrate seamlessly into existing digital solutions in the marketplace, such as PPL and future developments that provide value to its customers.

Nick Williams-Walker, COO of Gallagher’s Specialty division said: “The specialty insurance market needs to provide better technology tools to its clients so we are very excited to partner with Novidea to implement a platform that will make a real difference. Implementing this platform demonstrates our aim to be at the forefront of digital solutions, providing clients and insurers with market leading insight and data.”

Roi Agababa, CEO of Novidea, added: “We are delighted to embark on this digital transformation journey with Gallagher. Many brokers are looking to find a way to transform their business and we are thrilled to partner with such an industry-leading organisation. By working together and using our cloud-native data-driven insurance management platform, Gallagher will be able to easily turn data into insights to enable better informed business decisions, as well as benefit from greater efficiencies, and deliver an outstanding client experience.”

About Novidea

Novidea is a global provider of an innovative, data-driven insurance platform that enables brokers, agents, and MGAs to manage the customer journey, end-to-end, and drive growth across the entire distribution lifecycle. With Novidea, the insurance industry has a trusted partner that can help them move their business with ease into the digital era.

The Novidea platform, built to leverage the power of Salesforce’s Big Technology, provides a complete ecosystem that covers every aspect of an insurance business, including a 360-degree view of all Management Information, an integrated front- and back-office, and automated workflows that streamline every phase of the insurance journey.

Using cloud-first technology, brokers and MGAs have instant access to all customer data, with actionable intelligence, from any device, anywhere. Novidea customers have the power to make better-informed decisions and deliver greater customer value as true risk consultants through products and services tailored to individual needs. Novidea supports more than 100 customers, including agents, brokers, MGAs, and the London market, managing more than 20 million policies across 20 countries, worldwide.

In June 2021, Novidea raised $30 Million in a Series B round of fundraising. In August 2021, the company joined the ACORD Solutions Group to help shape the future of the insurance market. In October 2021, it was named to the FinTech Global’s InsurTech100 list for two consecutive years. Novidea also won the prestigious ‘Technology & Innovation Supplier of the Year’ award at the Market People Awards in April 2022.

For further Novidea information contact

Simon Hayes, Managing Director
NextGen Communication
M: +44 (0)777 1516544
E: simon@nextgencomms.com

About Gallagher

Gallagher is the brand name of Arthur J. Gallagher & Co. (NYSE: AJG) — the global insurance broker, risk management services and consulting firm headquartered in Rolling Meadows, Illinois. Gallagher offers client service capabilities in more than 130 countries around the world.

In the UK, Gallagher has 7000 employees specialising in risk management, and (re)insurance solutions, for corporate, commercial and personal customers. Through a regional network of branches based in communities across the UK, and its specialty London market operations, Gallagher offers tailored insurance programmes and coverage for both UK and international clients.

It is also one of the UK’s leading employee benefit and reward, employee communication and financial planning consultancies and is dedicated to providing local service and support to businesses, backed up by national industry specialism and global reach.

For further information, please visit www.ajg.com/uk or contact Emma Banks
+44 7894 158605

Novidea hires Peter Gregory to drive new business development in UK broker market

27 July 2022 – London, UK – Novidea, the global InsurTech and creator of the data-driven, cloud-native insurance platform that enables brokers, agents, and MGAs to reduce costs and drive growth across the entire distribution lifecycle, announces the new addition of Peter Gregory as Sales Manager.

Peter is a respected specialist in new business development, marketing, sales process, and account management. Previously, Peter spent 22 years working for SSP Worldwide, where he held various roles in Sales and Marketing, before becoming the firm’s Director of Broking. Before this, he was Call Centre Manager and Branch Manager at Colonnade Insurance Brokers, and at Hill House Hammond Insurance Brokers in a variety of roles.

Commenting on the appointment, Ben Potts, UK MD of Novidea, said: “Novidea is scaling up fast to support brokers, carriers, and MGAs as they look for the best solutions to implement their digitalisation strategies. The market is becoming increasingly aware of how Novidea’s technology enables greater efficiency and growth, especially as hybrid working accelerates the need to be able to work from anywhere, anytime in a cloud-based environment.

“Demand is high, which is why we are bringing the best talent on board. With his broad experience in the insurance technology sector, Peter will be a valuable addition to our team by helping to expand our UK broker customer base and drive further implementation of the Novidea platform.”

The appointment follows a series of others at Novidea, including Adam Glasby, formerly of Lloyd’s underwriter Beazley, Paul Richmond, previously at broker Price Forbes, and insurance IT firm DXC, Tom McFarland, formerly of AON and Sequel, Jamie McDonnell, formerly of Marsh and Cytora, and Lesley Townsend, formerly of Miller.

Peter also commented on his appointment, saying: “Novidea’s solutions are truly next generation, providing a 360-degree view of the business and driving efficiencies across every aspect of the insurance journey. I am very excited and proud to be a part of such a dynamic team at the cutting edge of a new digital era for the insurance market.”

Novidea’s insurance platform is built on Salesforce and was created specifically for the global insurance market, including brokers, MGAs, and carriers. The Novidea platform covers the entire insurance life cycle. Workflow driven, the Novidea platform automates and streamlines processes to gain operational efficiencies. Advanced real-time analytics turns data into actionable insights, with real-time visibility across the business, and powerful analytics tools to improve customer relationships and drive revenue growth.

About Novidea

Novidea news

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For further information contact

Simon Hayes, Managing Director
NextGen Communication
M: +44 (0)777 1516544
E: simon@nextgencomms.com