- Newslink Global Insurance Trends-The Week
- Swiss Re Sigma reports natural catastrophes accounted for $40bn economic losses in H1 2019- down from $45bn a year earlier-insured losses were $19bn($26bn)
- Global reinsurance experts urge investment in open-source risk models as part of climate adaptation strategy
- J.D. Power latest study says Small US business owners have never been more satisfied with their insurance providers
- Marsh research indicates that warranty and indemnity (W&I) claims notifications across EMEA have increased significantly since 2016
- "Treat artificial intelligence(AI) with caution" says Pega's Tarquini
- AIR Worldwide estimates insured losses in China from Typhoon Lekima to exceed CNY6bn expired
- Prudential Asian growth continues as it prepares for demerger expired
- M&GPrudential intends to list shares under M&G plc after the demerger from Prudential plc expired
- Admiral CEO Stevens comments on latest financials expired
- AIG appoints Olsen from Munich Re as Chief Actuary, General Insurance expired
- Aspen's Cloutier comments “We continue to see improvement in our underwriting performance" at half way 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)