Name: Why Insurance Agencies Shouldn’t Be Afraid to Embrace Change
Start: 2022-11-07T17:18:00Z
End: 2022-11-07T17:18:35.000Z
Location: BrightTALK

Novidea is the creator of the only born-in-the-cloud, data-driven insurance platform that enables brokers, agents, and MGAs 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. The platform’s AI technology provides a 360-degree view of the customer and all stakeholders, enabling full integration between customer-facing policy transactions and the middle and back office. Brokers, agencies, and MGAs extract more value from their customer and policy data with actionable intelligence from any device, anywhere. Novidea turns data into insight at the point of need, enabling better-informed decisions and delivering greater customer value through products and services tailored to individual needs. Novidea supports more than 100 customers, including agents, brokers, MGAs, and the London market, managing tens of millions of policies across 22 countries.

In this video, Novidea Chief Revenue Officer Jeff Heine and Pathpoint CEO Alex Bargmann explored the potential and pitfalls of E&S growth. This conversation answered the following questions:

What is driving all of the increased demand in this market? 

What are some of the barriers and pitfalls that E&S agents, brokers, and carriers need to be aware of?

 Is it possible that the E&S boom could overwhelm the segment and become a case of “too fast, too soon?” 

What are customer expectations in this segment?

Most importantly, what should E&S organizations do now to seize this opportunity?

What kind of technology is available on the market today?

Should I build, buy, or both?

Powering E&S Growth through Strategic Tech Investments

Jeff discusses how cloud transformation and data analytics are reshaping the insurance industry, particularly in the E&S market. Learn how technology is helping reduce operating costs, enable faster MGA program launches, and improve risk assessment through AI-assisted submissions processing.

Key Topics:
- How cloud platforms reduce legacy system costs
- Using AI to augment (not replace) human work
- Unlocking value from unused submission data  
- Gaining 360° portfolio visibility
- E&S market growth outpacing P&C insurance
- Building better carrier/reinsurer relationships

About Jeff:
Jeff is Chief Revenue Officer at Novidea, bringing deep expertise in insurance technology transformation and market growth strategies.

Spotlight On the US Insurance Industry

Join LMF CEO Roger A. Oldham as he interviews Paul Richmond, Head of Customer Success at Novidea, for an insightful discussion on leveraging data to transform customer relationships in the London insurance market.

In this episode, discover:

How data-driven strategies can enhance customer relationships
Actionable insights for improving client outcomes
Best practices for aligning business processes with data management
Practical takeaways for insurance professionals

The Importance Of Data In Delivering Excellence In Customer Success

In this in-depth discussion, "Revamping the Core: Transforming Systems for Amplified Revenue Growth," industry leaders explore the critical need for insurance companies to modernize their core systems to remain competitive and drive business growth. As technology and customer expectations evolve, the panel addresses the challenges and opportunities in transforming legacy systems, balancing innovation with operational efficiency, and ensuring seamless integration with emerging technologies.

The video features insights from experts across the globe, including those from major insurers and technology providers, who share their experiences and recommendations on how to approach large-scale transformation projects. Key topics include the importance of aligning technology with business goals, the role of customer-centric design, and the necessity of change management in successful implementations.

Whether you’re in the insurance industry or interested in digital transformation, this video offers valuable lessons on how to navigate the complexities of core system modernization and achieve long-term success.

Key Topics:

The challenges of modernizing legacy systems in the insurance industry.
Strategies for aligning core technology with business objectives.
The role of customer experience in system transformation.
Best practices for managing change and ensuring project success.

Revamping the Core Transforming Systems for Amplified Revenue Growth

Explore the future and challenges of enterprise insurance management for global brokers in this insightful video. As the insurance landscape evolves, large brokers, particularly in the U.S., are shifting focus from traditional commercial broking to more profitable segments like MGA and program business. This video delves into how brokers are adapting to these changes and the pivotal role technology, people, and processes play in this transformation.

Learn how Novidea, with its Salesforce-based enterprise insurance management system, is uniquely positioned to support the diverse needs of global brokers. Whether it’s retail, wholesale, MGA, specialty, or soon, reinsurance, Novidea’s global reach and deep industry expertise enable brokers to manage multiple business units across different regions seamlessly.

Discover the strategic initiatives on the horizon, including exciting plans to launch a reinsurance product in partnership with one of the world’s largest reinsurers and the start of Novidea’s inorganic growth strategy through acquisitions. This video is a must-watch for anyone involved in the global insurance market, offering valuable insights into the future direction of the industry.

The Future and Challenges of US Enterprise Insurance Management for Global Brokers

In this compelling video, "Transformation Today, For Tomorrow: The State of Modern Insurance Technologies," industry experts discuss the critical challenges and opportunities facing the insurance sector in an era of rapid change. As new technologies, data sources, and evolving customer expectations reshape the landscape, insurance companies must not only keep up but take the lead in driving innovation.

The conversation highlights the pressing need to streamline workflows, reduce technical debt, and enhance business agility. With many organizations struggling under the weight of outdated systems and slow implementation processes, the experts emphasize the importance of adopting a fully cloud-enabled platform. Such a platform serves as the backbone of future capabilities, enabling insurers to be proactive in the market, quickly deliver new products, and seamlessly integrate with broader ecosystems.

Unlocking the Power of Data to Drive Results For Your Insurance Business - Paul Richmond

Discover how Novidea's cutting-edge insurance management platform is transforming the industry in this insightful video featuring Tom McFarland, London Market Practice Lead at Novidea.

Tom shares his expertise on how Novidea's comprehensive solution addresses the unique challenges faced by brokers, MGAs, coverholders, and carriers across various markets, from retail to commercial, wholesale, and reinsurance.

Key topics covered:
00:00 Introduction
00:29 Overview of Novidea's latest release and key functionalities
01:30 How Novidea captures complexity and improves operational efficiency
02:13 Internal and external challenges faced by brokers in the UK
03:36 Novidea's role in technological integration and interoperability in the London Market
04:00 What sets Novidea apart in the insurance industry
05:06 Novidea's future roadmap and focus on ecosystem integration

Learn how Novidea's platform offers an end-to-end solution for the entire insurance lifecycle, with a modular "Lego brick" approach that allows customization for each client's specific needs. 

Discover how Novidea's open API architecture enables seamless integration with both internal and external systems, addressing the challenges of data exchange and interoperability.

Stay up-to-date with Novidea's future plans, including their involvement in the Blueprint Two initiative and their commitment to driving innovation and efficiency in the London Market.

Whether you're a broker, MGA, coverholder, or carrier, this video will provide valuable insights into how Novidea can help you streamline your operations, enhance your capabilities, and stay ahead in the rapidly evolving insurance landscape.

R3 Release Offers New Features for its Insurance Management Platform for Customers in all Markets

Unlock the power of data to drive results for your insurance business in this insightful talk by Paul Richmond, Head of Operations at Novidea. In this video, Paul dives into how Novidea leverages cutting-edge technology to integrate business units seamlessly across geographies and territories. Discover the key strategies that help prioritize customer needs and enhance their experience through cloud infrastructure, open API architecture, and, most importantly, a dynamic data architecture.

Paul shares valuable insights from a 2023 survey commissioned by Novidea, where 330 executive-level decision-makers revealed their top pain points and aspirations. With 72% planning to change their insurance management platform by 2025, this video explores the opportunities and challenges in the industry, including the significant barriers of cost and customer adoption

In today's rapidly evolving insurance landscape, digital transformation has become essential for organizations to stay competitive and meet customer expectations. One of the key challenges in this journey is breaking down organizational silos and fostering a unified vision.
Don't miss this panel "Breaking Down Silos: How Digital Transformation Can Unify Your Company Under One Vision" to learn from real-world experiences and gain actionable insights to drive successful digital transformation in your insurance organization.

Breaking Down Silos: How Digital Transformation Can Unify Your Company Under One Vision

igital Transformation is a long-standing term in the insurance industry, but its definition and implications can still be unclear to some stakeholders. This is especially true when it comes to successfully transitioning to a digital business and to the identifications of new digital drivers. Don't miss out on our panel "Transformation Demystified-Driving Digitalisation" where experts will debunk common myths about digitalization and explain what it really means for businesses.

Panel speakers:

Jon Ford, Former Global Head of Partnerships, APAC @ Zurich
Marc Sofer, Head of Product Development and Strategic Solutions, Hong Kong & High Net Worth Markets @ RGA
Ben Potts, Managing Director @ Novidea
Nicholas Chen, Managing Director @ Accenture

Transformation Demystified - Driving Digitalisation in South East Asia

Novidea Releases New Product Features to Support Customers Globally

Ralph Blust, President & Chief Revenue Officer of Pathpoint, describes how Novidea has been critical to their company's growth and success.

Blust explains Pathpoint's mission to make it easier for insurance agents to place non-admitted commercial policies 24/7.

 He then discusses how Novidea provides them with a combined CRM and agency management system to capture the entire client relationship in one platform.

Key benefits highlighted include:

- Robust customization abilities
- Powerful reporting from having CRM + AMS integrated
- Task management for sales team efficiency
- Scalability to support 20%+ monthly growth without limitations
- A complete solution so no other vendor needed

Blust emphasizes Novidea's simplicity, usability, and completeness as the key differentiators. He believes firms that don't use Novidea are hurting themselves.

For Pathpoint, Novidea handles all accounting, sales, client management, and account management processes while their Pathpoint platform focuses specifically on underwriting engine and carrier API integration.

Blust credits Novidea as instrumental in enabling Pathpoint's successful growth by providing efficiency, task management, and robustness to scale rapidly without constraints.

Innovative MGA, Pathpoint, and Novidea Success Story

Eric Ayala, Managing Director of the Americas at Novidea, provides an overview of how Novidea serves the insurance industry by consolidating data into a single platform.

Built on Salesforce, Novidea leverages enterprise infrastructure like cloud architecture and databases so they can focus on building insurance-specific modules. These modules are configurable via low-code/no-code tools to meet each client’s needs, whether they are an agency, broker, MGA, MGU, wholesaler or carrier.

Key benefits highlighted include:

Data consolidation for easy reporting/analytics
Insurance objects like policy admin and claims combined with vertical objects like rating engines
Open API architecture to integrate with any external tech per client preference
Global capabilities
Novidea stands out by serving a diverse range of insurance clients and geographies. As everything becomes more data-driven, they provide the flexible, cloud-based solutions modern insurers need to enable digital transformation

Novidea - A Modern Platform Built for Global Insurance Operations

Novidea's CEO Roi Agababa spotlights our self-service policyholder portal for enabling exceptional customer experiences in insurance.

By empowering end-insured customers to independently access and manage policies online, Novidea allows for support without relying on an agent or broker for basic needs.

Key policyholder self-service capabilities highlighted include:

Obtaining quotes
Binding coverage
Downloading documents
Filing claims
Communicating updates

This on-demand convenience facilitates unmatched customer service with rapid response times that strengthen engagement between insurers and distributors.

Listen to the full conversation to learn more about how Novidea’s portal technology removes friction across the customer journey for next-generation digital experiences that today’s insurance buyers expect.

By blending ease, speed and independence, Novidea enables insurers and brokers to deliver differentiated value long after the initial policy transaction.

How Novidea Drives Unique Customer Experiences

Novidea's CEO Roi Agababa explains how our insurance software is architected to serve users across the spectrum of digital transformation.

By providing integrated front, middle and back-office capabilities, Novidea forms a foundational system of record across the entire policy lifecycle.

But we take it a step further by leveraging an open API architecture that welcomes seamless integration of third-party solutions to enrich functionality over time. This enables incorporating innovative digital capabilities like AI-powered chatbots when an organization is ready.

With robust core features as standard plus flexibility to plug into emerging insurtech based on needs, Novidea is positioned as a modular platform. It can grow in sophistication along with the digital maturity curve of insurers, MGAs, brokers and more by removing traditional integration hurdles.

Watch the full conversation to understand how Novidea democratizes digital transformation in insurance by meeting users at their current stage while providing an upgradable path to the future.

Novidea’s Platform is Designed for Users at Every Digital Maturity Stage

Novidea's CEO, Roi Agababa explains how our insurance software platform is designed to readily accommodate complex regulatory requirements for insurers and brokers across territories.

By leveraging flexible metadata configuration layers, Novidea allows businesses to rapidly adjust to evolving compliance regulations through simple adjustments rather than extensive software development projects. This enables efficient adherence as regulations change.

Capabilities highlighted include:

User interface adjustments
Transaction processing logic changes
Reporting and dashboard modifications
Document generation customization
Workflow alterations

With Novidea's built-in compliance adaptability, insurance distribution partners can enter new markets faster, save on change costs, focus on revenue growth opportunities rather than regulation, and ensure continued legal alignment no matter the location.

Watch the full video to learn more about how Novidea provides insurers, coverholders and MGAs with an efficient, reliable platform to meet insurance regulations worldwide while accelerating speed to revenue.

How Novidea's Insurance Platform Secures Regulatory Compliance

The CDR standardisation will enable the Lloyd’s market to significantly improve operations, reduce the cost and effort of doing business, and deliver a better service to customers. In this 30 minute webinar, industry veteran, Paul Evans, London Market SME, Novidea will discuss:
- The benefits of digitisation and standardisation
- How Lloyd’s brokers can prepare for CDR
- Why these changes are being implemented and how they can advance the London market
- The potential role of technology, and why selecting the right vendor is critical

On Demand- CDR: How Brokers Can Prepare and What it Means for the Lloyd's Market

Over in Barcelona for the ITC DIA Europe 2023 event, FF News caught up with Mike Scott, Sales Manager at Novidea, to learn more about the company’s operations.

Novidea is a leading global provider of advanced insurance agency management software. Their innovative technology platform empowers insurance brokers and agencies to streamline operations, enhance customer experiences, and drive business growth through digital transformation.

“We moved to the UK in 2018. Since then, we’ve been in a phase of hypergrowth and have acquired some incredible names in the market, something which allows us to springboard onto the next stage of our growth.”

“As we move forward, we’re going to see more disintermediation of roles from the backend to the frontend of the market as broker technicians get more involved in the front office, and our platform allows that to happen, especially with the acquisition of new data streams and new data sources.”

Revolutionising the Insurance Management Landscape

When the industry is constantly changing, understanding the forces driving new change can make all the difference. Listen to this episode for insights on: 
- Why the line between “tech companies” and any other is disappearing
- The difference between truly innovating and merely going digital
- What agents need to focus on today to thrive in the very near future

Why Insurance Agencies Shouldn’t Be Afraid to Embrace Change

Insurtech

Insurance

Digital Transformation

Cloud computing has exploded over the past few years, delivering a previously unimagined level of workplace mobility and flexibility. The cloud computing community on BrightTALK is made up of thousands of engaged professionals learning from the latest cloud computing research and resources. Join the community to expand your cloud computing knowledge and have your questions answered in live sessions with industry experts and vendor representatives.

Cloud Computing

Enterprise applications have become a crucial piece of infrastructure for many businesses. The enterprise applications community on BrightTALK features the latest insights in enterprise application integration, enterprise application architecture and EAS software. Join the community to gain access to thousands of videos and webinars presented by recognized enterprise information systems experts and arm yourself with the knowledge you need to succeed.

Enterprise Applications

As an IT professional, many of the problems you face are multifaceted, complex and don’t lend themselves to simple solutions. The information technology community features useful and free information technology resources. Join to browse thousands of videos and webinars on ITIL best practices, IT security strategy and more presented by leading CTOs, CIOs and other technology experts.

Information Technology

Get powerful banking and treasury insights for your business. Connect with experts and colleagues to get the most up-to-date knowledge on hot topics such as digital banking, payments disruption and non-bank competition. Learn how the latest treasury management strategies are helping to mitigate operational, financial and reputational risk.

Banking and Treasury

Join this new, vibrant community to learn and connect with top thought leaders, startups and banks who are disrupting the financial services industry. Keep up with the latest news and trends in Fintech and take part in lively debates on topical issues and challenges.

Fintech

The accounting and finance community on BrightTALK features presentations from leading accountants and finance professionals. The accounting community includes tax planning strategies, QuickBooks webinars and other accounting webinars, while the finance community features presentations on financial capital regulations and forensic data analytics. Join the conversation by attending live financial and accounting presentations and connecting with industry thought leaders.

Why Insurance Agencies Shouldn’t Be Afraid to Embrace Change

Presented by

About this talk

Novidea (insurance management platform)