- China to further open up its insurance and banking sectors to foreign investors with immediate effect
- US P&C net income and combined ratio worsen for first half but record surplus
- Insurance Europe publishes views on OECD proposals to develop a consensus solution to the taxation challenges arising from the digitalisation of the economy
- Insurance Europe publishes insight briefing that examines the liability questions raised by light electric vehicles and automated vehicles
- HDI Global and Schneider Electric to collaborate on the digital transformation of industrial/commercial insurance through data
- Munich Re Automation Solutions bringing its auto-underwriting expertise to the global mid-tier life insurance market with its SaaS solution ALLFINANZ SPARK
- Willis Towers Watson announces that RDT is to become the latest vendor to join its global Radar Live Collaboration programme expired
- ABI applaud Queen's Speech support for Pensions Dashboard expired
- Connecting capital markets to reinsurance risk was one of the key topics discussed at the recent annual IFTRIP conference expired
- MS Amlin cease writing aviation renewals/new business expired
- RenaissanceRe provisionally estimates losses from third quarter catastrophe events at around $155m expired
- Gallagher acquires Swedish broker Proinova expired
11th November 2018
Novidea breaking the mould
Insurance Newslink dropped in recently to Novidea’s office in the City of London to be shown a demonstration of the company’s customer-centric platform which is in active and most effective use with significant clients. Ben Potts, manager UK, said that Novidea were targeting the top 5O brokers, but the distribution solution is equally appropriate for smaller brokers, MGA’s, speciality carriers, insurers, and bancassurers. The solution is at present servicing more than 12 million policies in 10 countries including the UK and US, with even a life application in Israel-significant progress for a company only nine years old.
The self-service portal is most impressive, providing comprehensive and slick customer management-Novidea calls it “Actionable Intelligence”, turning data into more revenue per customer and higher margins. Some key features are the timing of sessions and meetings at customer level, comparing costs against premiums and commissions ready for renewal negotiation, and automatic identification of sales opportunities for a specific size and type of customer.
There is no better proof of effectiveness than a client’s achievements through use of the modular cloud-based portal. Reviewing two years data at major user Howden Broking Group, improvements included painless user adoption, over 63% more policy sales, 40% increase in cross sales, and 30% more renewals. Data accuracy was also up by over 25%.
The portal demonstration has to be seen to be believed-simplicity itself but effective in bringing every aspect of customer management together. It is built around Salesforce CRM, and Salesforce Ventures are a Novidea investor.
Novidea are certainly a company to watch and Insurance Newslink will be keeping in touch with progress.
Novidea Trends(2 articles)