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Novidea’s insurance management platform brings enhancements in new release
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.