Solving the Toughest Challenges Faced By Insurance Distribution Businesses: Novidea

In today’s technological era, data is nothing without the ability to translate into action. However, with current technology resources, turning data into knowledge and action is next to impossible. So, to thrive in this space, agents, brokers, and insurers need to leverage actionable intelligence as it will be the key to growth and staying relevant in the market.

Years of aggregating data from fragmented systems have left insurance professionals without a clear, unified source of the truth, and without actionable insights to make informed decisions or even just the ability to evaluate the health of the business at any point in time. Data is in abundance but unfortunately, the systems currently in widespread use — such as spreadsheets and manual data entry —not only bleed agents’ coffers through lost business and inefficiency but are also wholly incapable of meeting modern customers’ expectations for a better customer journey.

But it’s not just integrated systems, automated workflows and visibility that’s needed – it’s also the power of real-time customer intelligence and predictive analytics to connect the dots and uncover hidden opportunities. It was abundantly clear that there was a need that was not being addressed.

With that in mind, Roi Agababa, CEO, founded Novidea to deliver a data-driven insurance management system with actionable intelligence to surmount evolving pain points. Novidea allows agents, brokers, carriers, and MGA’s globally to manage the entire insurance journey across all lines of business using real-time data to inform every business decision, cross-sell, and up-sell. With a single integrated management platform, Novidea delivers a 360-degree business view for analyzing, reporting and interpreting data to guide decisions, increase profitability and grow the business.

The Novidea platform comes with automated policy management capabilities that allow brokers and agents to handle end-to-end processes while enhancing new policy sales by 60 percent and renewal rates by 30 percent or more. Further, Novidea’s advanced profitability optimization provides management extensive dashboards and reports, and the insights readily available at their fingertips to monitor how the different lines of insurance are performing and identify non-profitable customers. This helps them to make informed business decisions that ultimately maximize bottom line profitability.

As in other industries, the trend in insurance technology is also to focus more on the customer experience and the ability to offer tailored advice. This is what will save insurance distribution from being taken over by growing competition from direct insurers, peer-peer insurance and others.

Insurance organizations need to be able to engage more personally with clients and offer tailored advice informed by aggregated customer data. This is their value added service. With advanced Customer Intelligence, Novidea turns customer and policy data into fuel for improved cross-sell, up-sell, renewals and overall business opportunities.

Leaping Over the Hurdles

Every company has to go through challenges and hurdles when it starts out and Novidea was no exception.

Cloud computing has been a hot topic for several years, but while startups have been quick to adopt cloud computing, many corporates, large insurance organizations, in particular, have been more cautious to make the switch. And it was one of the challenges for Novidea; to educate customers, change the age-old mind-set, and help them understand the long-term advantages of moving to a cloud-based system.

With insurance executives wholly focused on risk in their everyday operations, Novidea had to find the right strategy to reduce the fear factor in order to succeed. Novidea partnered with Salesforce, the global leader in CRM, and built the Novidea platform on force.com. This means that Novidea automatically derives the benefits of Salesforce’s highest standards of security, redundancy, disaster recovery and compliance across their global data centers.

The deep insurance functionality that Novidea developed leveraging the Salesforce technology stack provides its global customers a future-proof solution for all their insurance distribution requirements -the ability to easily add new channels, new lines of business, new territories, new revenue streams with multi-language and multi-currency support, in a short time and with low cost.

Staying Ahead Of the Curve

Designed for the insurance industry by a strong leadership team of forward-thinking technology professionals who are laser focused on product innovation and customer service, Novidea has earned the trust of its customers globally by going over and above. It understands that building a strong reputation takes time but it also ensures it lives up to its promises. The company focuses on building strong bonds with its customers and has proven that word of mouth is one of the best drivers of sales and competitive advantage.

To fuel its own company growth, Novidea has received investment from Salesforce Ventures, the corporate investment group of Salesforce, as well as participation from existing Novidea shareholders.

Today, with the customer-centric culture and its global data-driven platform that truly services the needs of the modern insurance distribution business, Novidea has proved that it is breaking the mold and is one of the leading companies in the industry.

A Happy Customer:

“My experience with Novidea is that every single person that I’ve dealt with is so approachable, so willing to help, has tremendous insight, and really understands what we want… they really want to go the extra mile and do everything they can to make sure our expectations are met.”

- M&N Insurance, UK

The Future Vision

Looking into the future, Novidea wants to continue to help its customers become truly customer centric and make actionable intelligence the foundation for all decision making.

With offices in the US, UK, and an R&D Center in Israel, the company is investing in its global footprint at the right time with a unique and innovative technology solution for the insurance distribution industry to evolve and grow their business.

Meet the Chief

Roi Agababa, Founder and CEO: Roi has a long and distinguished career in business intelligence and software integration for global organizations. Prior to Novidea, he was a senior executive with SRL software group, where he held a number of senior management positions, most notably as the global Vice President for Research and Development and the Managing Director of SRL Tech.

“Our commitment is to transform the insurance distribution industry by giving agents, brokers, and insurers the solution they need to take the quantum leap in growth by monetizing the wealth of opportunities that lie in the data they have and provide an optimized experience for their customers at every point in the journey.”