- Munich Re achieves first quarter result of around E600m
- Pega study -"Current customer experience will be unacceptable to our customers in two years", say insurers
- Hiscox research says cyber attacks on the rise for businesses
- Solvency II: Supervisory disclosures, the PRA’s supervisory approach and insurance regulations applicable in the UK
- EIOPA issues Opinion on the supervision of the use of climate change risk scenarios in ORSA
- Insurance Europe publishes a paper to co-legislators over telematics-based insurance products
- UK comprehensive car insurance premiums fall by14% (£87) since the first quarter of 2020 says latest Confused.com/ Willis Towers Watson survey expired
- Advent launches Ecliptic to accelerate London Market modernisation expired
- Gracechurch makes four predictions for a post-pandemic London Market expired
- ABI outlines Mental HealthTraining from Rightsteps-improving mental health support expired
- Sun Life Financial confirms draft prospectus filing for India Joint Venture IPO expired
- SiriusPoint releases Inaugural Environmental, Social and Governance (ESG) Report 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)