Novidea’s New Product Release Offers New Features for its Insurance Management Platform for Customers in all Markets

March 19, 2024 at 08:00 AM EDT

--News Direct--

Novidea, creator of the cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs, wholesalers, and carriers, today announced its latest product release with key enhancements for customers across all markets served by Novidea.

The most recent iteration of the Novidea insurance management platform brings forth advancements in policy management, claims administration, billing, accounting, document and file management, and other key areas.

Novidea delivers on its commitment to continually invest in innovation and maintain its competitive edge for its global customer base.

Some highlights of these new features include:

Policy Management – The release brings forward key enhancements to features, including vertical placement allowing to record policies with differing premiums per carrier without splitting the placement into separate policies. Additionally, bordereau file ingestion is now supported, providing automation of policy creation and management for binder/lineslips where a 3rd party (e.g. coverholder) is providing risk or premium information through a bordereau. Enhanced functionality also includes upgrades to the deductions and taxes functionality and much more.
Claims Management – Brokers can now experience a streamlined approach to linking claims that were raised for the same incident or share common attributes, to a group or a Lloyd’s catastrophe. Furthermore, CLASS (Claims Loss Advice and Settlement System) messaging is now available, enabling brokers to load claim data and supporting information so that insurers can agree, query and reject claims 'online'.
Insurance Business Accounting (IBA) – New functionality includes a ledger view, allowing users to change parameters dynamically and perform advanced actions. Additionally, support for the different brokerage movement types deliver better transparency and reporting of brokerage movements between booked, earned and realized brokerage.
Line-of-Business (LOB) Management – The release introduces several LOB enhancements including the incorporation of state-specific sections following the ACORD standard. Additionally, the submission workflow has been improved to provide efficient creation and management of the submission process, an improved visibility into open quotes, related lines of business, and packages, as well as seamless advanced editing capabilities.
Documents and Filing Management – The platform’s core file management module now allows advanced auto-filing functionality. Additionally, filed content can now be associated with a specific Legal Entity (LE) as defined and selected by the user.

“Our recent release demonstrates our commitment to continuously innovate and provide improved customer experience,” said Erez Nissim, CTO of Novidea. "We are confident that our data-driven insurance management platform will continue to provide insurance organizations the technology and tools they need to manage complex transactions, drive efficiencies and fuel business growth.”

Novidea is sponsoring Insurtech Insights Europe at the InterContinental London – The O2 – on March 20-21 in the panel discussion: “Breaking Down Silos: How digital transformation can unify your company under one vision,” and experts will be available in Stand A4.

About Novidea

Novidea is the leading Insurtech provider of a cloud-native, data-driven insurance management system. Using an open API architecture, Novidea’s software platform enables brokers, agents, MGAs, and carriers to modernize and manage the customer insurance journey, end-to-end, and drive growth across the entire insurance distribution lifecycle. The Novidea platform, built to leverage the power of Salesforce’s Big Technology, provides a complete ecosystem spanning every aspect of an insurance business, including a 360-degree view of the customer and all stakeholders, enabling full integration between customer-facing policy transactions and the middle and back offices. Brokers, agencies, and MGAs extract more value from their customer and policy data with actionable intelligence from any device, anywhere. Novidea supports more than 100 customers across 22 countries.