As big insurers cope with the reality of home based working for their thousands of staff next year (and for the foreseeable future), the opportunity is there for smaller MGAs and brokers to deliver new insurance products, via apps, voice tech and online channels. But you need an IT system that is powered by data and lets consumers and business partners manage their own admin. The race is on to change insurance and make it a true utility product, something you can switch on and off like a tap. Here’s news from one of many companies building the future;
Novidea, a leading global provider of the data-driven, cloud-based platform that enables brokers, agents, and MGAs to drive operational efficiencies and growth across the entire distribution lifecycle, today announces the successful completion of $15 million in Series B financing. The round was led by JAL Ventures Fund II, with the participation of existing investors including KT Squared LLC and 2B Angels.
“We are excited to partner with JAL Ventures, as a highly valued new investor, and appreciate the continued trust of our existing investors, who have demonstrated their confidence in our strategy and market-leading product,” said Roi Agababa, Novidea CEO.
“We are seeing growing demand for our smart data-driven platform, with its powerful analytical capabilities and actionable intelligence. This investment will enable Novidea to meet this demand and continue its exponential global growth, while expanding its operations in the US, UK, and international markets. It will also accelerate product innovation to further engage with large, enterprise insurance firms and grow our team with a key focus on our customers’ success.”
Yair Elbaz, Partner of JAL Ventures Fund, said: “Novidea is capitalising on two unstoppable trends: cloud migration and the increasing use of data-driven insights. Covid-19 has accelerated the adoption of cloud-based services and, five years from now, all insurance distribution will use this technology. Novidea is truly leading the way.”
Many insurance businesses are encumbered by legacy systems that are limited, inflexible, and expensive to update. With Novidea, customers benefit from a cloud-based platform that makes it possible to work from any device, anywhere. This enables accelerated growth and profitability through enhanced sales and customer service, and improved operational efficiency.
Looking ahead, Novidea’s data-driven, cloud-based solution, which has already gained significant traction with more than 85 brokers, agents, and MGAs worldwide, including the US, UK, EMEA, and APAC, is set to continue to make a huge impact on the insurance sector.