News Category: Press Releases

Boston, September 5, 2023 – Novidea, creator of the cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs, and wholesalers, today announced that it has joined the Wholesale and Specialty Insurance Association (WSIA), a non-profit association of professionals dedicated to the wholesale and specialty insurance distribution system. As a WSIA member, Novidea supports the organization’s dedication to developing and strengthening the industry.

“As Novidea becomes the technology provider of choice for the wholesale and specialty insurance community, it’s important for us to show our support for the ongoing growth and success of this market,” said Julie Shafiki, CMO, Novidea. “The wholesale and specialty market faces increasing challenges due to inflation, greater regulation, supply chain disruptions, and escalating natural disasters. Becoming a Wholesale and Specialty Insurance Association member is a great way for us to lead and advocate for this vital insurance sector. We look forward to joining forces with the other members of WSIA and using our industry expertise to advocate for wholesalers and specialty insurers.”

To kick off its new membership, Novidea will attend the WSIA Annual Marketplace, September 17-20 in San Diego. The Annual Marketplace is the premier wholesale, specialty and surplus lines industry event. More than 6,000 industry professionals gather at the Annual Marketplace for networking and business meetings throughout the week. Sign up here to set up an introductory meeting with Novidea at the Annual Marketplace.

About Novidea

Novidea is the leading Insurtech provider of a cloud-native, data-driven insurance management system. Using an open API architecture, Novidea’s software platform enables brokers, agents, MGAs, and carriers to modernize and manage the customer insurance journey, end-to-end, and drive growth across the entire insurance distribution lifecycle. The Novidea platform, built to leverage the power of Salesforce’s Big Technology, provides a complete ecosystem spanning every aspect of an insurance business, including a 360-degree view of the customer and all stakeholders, enabling full integration between customer-facing policy transactions and the middle and back offices. Brokers, agencies, and MGAs extract more value from their customer and policy data with actionable intelligence from any device, anywhere.  Novidea supports more than 100 customers across 22 countries.

About WSIA

WSIA is the professional organization for wholesale insurance agents, brokers and specialty insurance companies, built on a culture of strategic networking, collaboration and access to high-quality industry education, career development resources and advocacy for the wholesale, specialty and surplus lines industry. For more information, visit https://www.wsia.org/.

The project will centralize operational and service processes, boost efficiencies, turn data into actionable insights, and enhance customer services

Tel Aviv, London and Boston – August 16, 2023 – Novidea, creator of the cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs, and wholesalers, today announces that it has been chosen by Mivtach Simon, a subsidiary of Migdal Insurance Agencies in Israel, as technology partner to implement its insurance distribution platform.

Mivtach Simon is Israel’s largest insurance, pension and financial planning company, providing technological services to Migdal Insurance Agencies, including Sagi Yogev and Shacham-Orlan. As part of an extensive digital transformation program led by Chief Information Officer at Migdal Insurance Agencies, Ilanit Hazan, Novidea’s insurance management platform will centralize the agencies’ operational and services processes.

This partnership is an expansion of a series of strategic collaborations between Novidea and Migdal Insurance Agencies in recent years, and now includes property, casualty and life insurance, as well as expansion into additional agencies such as Peltours, Peltours-Berman, and Shacham-Orlan.

Leor Raviv, CEO of Mivtach Simon, said: “Choosing Novidea is part of a comprehensive and extensive process of technology upgrades that we are currently undertaking. Over the last year, we have formulated a strategic plan for the company based, among other things, on substantial technological advancements. The move will allow us to improve our customer service, shorten work processes, and give a much better experience to the customers and employers in our care.”

Roi Agababa, CEO of Novidea, said: “We are happy to embark on the digital transformation journey together with Mivtach Simon, part of the Migdal Group. This collaboration will allow Mivtach Simon to easily and efficiently turn data into insights to reach more informed business decisions, while offering an exceptional user experience for their customers.”

Ilanit Hazan, Chief Information Officer at Migdal Insurance Agencies, commented: “We are excited to strengthen and deepen the cooperation with Novidea. Its advanced platform allows us to promote a complete digital transformation of all the organization’s systems, in a way that is adapted and fine tuned to our specific needs. With Novidea, we will improve efficiency and operational processes throughout the entire organization.“

London and Boston – June 28, 2023 – Novidea, creator of the cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs, and wholesalers, today announces the appointment of Erez Nissim as Chief Technology Officer (CTO).

In his role as CTO, Erez will spearhead Novidea’s research and development (R&D) and product development, leveraging 20 years of senior technology expertise. His appointment comes as Novidea bolsters its senior executive team to drive the next phase of global growth. The company recently announced the successful completion of its recent Series C funding round.

“Erez’s extensive experience in leading complex software development projects for global companies, from inception to market analysis, requiring definition, technical system design, and product development, makes him the perfect fit to lead our technology team and keep us a step ahead of our competitors, worldwide,” said Roi Agababa, CEO of Novidea.

Prior to joining Novidea, Erez held senior positions in prominent global technology companies, where he led R&D, product, and engineering groups. Most recently, he served as EVP at Playtika, a gaming company with a valuation of $7 billion. Before that, he held senior roles at renowned, industry-leading companies such as NICE surveillance, Amdocs, and Retalix, and SAP.

“I was drawn to Novidea because of the opportunity to play a significant role in supporting its continued global growth and development. I am excited to collaborate with this excellent executive team as we expand into new markets and focus on achieving our next product development milestones,” said Erez Nissim, CTO of Novidea.

With the addition of Erez as CTO, Novidea further solidifies its leadership team, building upon a series of strategic hires made over the last 18 months. This includes the appointment of Eran Ben Ezer as CFO, previously with Imperva, Yaniv Cohen as CCO, former Verint executive, Julie Shafiki as CMO, ex-Kryon, and Merav Levin-Gadot as VP of Human Resources, from Amdocs.

These senior hires, on top of Novidea’s existing executive team, exemplify the company’s unwavering commitment to driving innovation and delivering cutting-edge solutions. By assembling a team of exceptional talent, Novidea reinforces its position as a key player in the global insurance technology landscape.

Expands quote to bind, billing, payments, and line of business functionalities for customers globally

Boston and London – June 21, 2023 – Novidea, creator of the cloud-based, data-driven enterprise insurance management platform, today announced significant new enhancements to its award-winning insurance management software. The enhanced insurance management platform empowers agents, brokers, managing general agents (MGAs), managing general underwriters (MGUs), and wholesalers to increase operational efficiency associated with adding new policies, new lines of business, invoicing, payments processing, and more.

Each point in the insurance policy distribution lifecycle requires numerous processes, from policy quote to bind, billing, payment transactions, policy renewals, policy endorsements, and claims management. Novidea’s newest system upgrades greatly improve the quote to bind process and provide an expanding number of options for claims management, invoicing, and billing, including commission statement reconciliation, Direct Bill Commission Download (DBCD), and multi-entity billing.

“Across the insurance industry, there’s a major push to improve efficiencies while providing the fast, seamless digital experience that today’s customers demand. The automated technology we’ve built into our latest version of insurance management software reduces costs and cuts down on repetitive tasks, speeding up the ability to deliver great service in an increasingly competitive landscape,” Sharone Volk, VP Product at Novidea. “Novidea is focused on delivering an innovative, cloud-based solution that transforms how brokers, agents, and MGAs manage existing policies, maintain customer loyalty, and expand into new lines of business.”

Other key enhancements include:

• Faster digital quote to bind process improves usability, user experience, and efficiency in data processing with its new ‘Copy Quote’ action. This allows users to clone an existing Quotation record into a new Quotation, preventing the re-keying of data and speeding up the process
• Enhanced insurance business accounting (IBA) functions to improve the policy payments experience with new bank reconciliation screen and processes, improved client money calculation, base currency, and BACS (Bankers’ Automated Clearing System) exporting
• Improved line of business (LOB) management so agents and brokers can enter new markets and add new revenue streams quickly, benefitting the agency’s bottom line
• Enhancements for IVANS in the US to better support downloads and help identify and resolve discrepancies between existing data and IVANS files, ensuring that policy data aligns accurately with IVANS content
• Improvements for billing and commissions in the US to help the approval and disapproval of commission statements processing to ensure precise compensation distribution. In addition, support for multi-entity billing is now available
• Enhanced claims management with greater visibility and tracking of claims data to improve claims management process. This translates into less manual labor for the claim handler and faster claims resolution times for the customer. Enhanced claims processing is now managed through Novidea’s robust rule engine to support bespoke customer needs.

Boston and London – May 3, 2023–Novidea, creator of the born-in-the-cloud, data-driven platform optimizing the entire insurance policy and distribution lifecycle, today announced that it has raised $50 Million in Series C funding. The funding round was led by Battery Ventures with participation from Cross Creek, both new investors, and the company’s existing investors, Israel Growth Partners (IGP), KT Squared, and JAL Ventures. To date, Novidea has raised $90 Million.

In recent years, the company has experienced hyper-growth, selling to insurance leaders across the globe. Novidea will leverage the investment to continue its journey to becoming an industry leader and increase international market share. Specifically, funds will go to the further development of its cloud-based, data-driven insurance platform, fortification of its customer success infrastructure, and expansion of teams and offices across all target markets in the US, UK, EMEA, and APAC.

Digital transformation is one of the most urgent pain points faced by insurance agents, brokers, MGAs, and carriers in every major market. Historically, the insurance market has been slow to evolve due to legacy systems that are expensive to scale, siloed data, and limited access to real-time management information. Novidea’s insurance platform enables insurance agents, brokers, and MGAs to automate repetitive processes, drive operational efficiencies, and increase business resilience to stay competitive and provide a better customer experience.

“While businesses globally adjust to dealing with a pronounced increase in risk—driven by geopolitical, economic, and other events—the insurance industry has generally been underserved by technology relative to other sectors,” said Shiran Shalev, Partner at Battery Ventures. “Novidea has built a modern, comprehensive software suite which currently powers some of the world’s largest and most complex insurance groups, and we are excited to partner with them for their next phase of growth.”

Shalev will join the Board of Directors at Novidea.

“Novidea has experienced unprecedented growth, driven by the demand in global markets to modernize the insurance distribution lifecycle and provide a better digital experience,” said Roi Agababa, CEO of Novidea. “We are thrilled to welcome Battery Ventures and Cross Creek as our newest partners in this round of funding, along with our existing investors. Through this transaction, Novidea will have the ability to expand our product suite, add further innovation to our platform, and deliver superior customer experience.”

In 2022, Novidea reported:

• 90% Year Over Year (YoY) growth rate.
• Net Revenue Retention (NRR) rate of 139%.
• Expansion of employee headcount in all key regions where it does business, including US, UK and EMEA.
• Bolstering of its overseas research and development (R&D) teams.
• Investment in global customer-success infrastructure to streamline service delivery in all regions.
• Expansion of its senior leadership team with multiple strategic hires in marketing, HR, finance, customer success, and technology.

Advising on legal matters around the transaction were law firms Pearl Cohen for Novidea and Meitar for Battery Ventures.

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.

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.”

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.”