Latest Insurance
- Newslink Global Insurance Trends-Editor's Weekly Overview
- The UK Supreme Court substantially allowed FCA’s appeal on behalf of policyholders regarding BI claims test case
- Lloyd's receive regulatory nod to set up new multi Insurance Special Purpose Vehicle(mISPV)
- Allianz sets climate targets for specific asset classes in the insured portfolio and strategically expands sustainability
- Insurance Europe publishes response to IAIS on supervision of climate-related risks
- UK car insurance premiums fell by 6% in 2020
- US life insurance activity hits record growth in 2020 reports MIB Life Index expired
- MetLife Gulf partners with Munich Re Automation Solutions to support ongoing digital transformation expired
- SCOR develops cyber risk management tool through innovative partnership with CyberCube expired
- Conduit reports progress and new appointments expired
- Dale Underwriting Partners appoints Active Underwriter expired
- Willis Towers Watson adds Shanghai to its Global Markets P&C Hub expired
11th November 2018
Novidea breaking the mould
Interview
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)
