Name: InsurTech Spring Conference 2023: The Zero-Sum vs The Win Win Philosophy
Start: 2023-06-30T14:14:00Z
End: 2023-06-30T14:14:06.000Z
Location: BrightTALK
Rating: 0

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.

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

Paul Richmond, Product Manager at Novidea provides insights into Novidea's data-driven distribution platform for the Broking and MGA community across global markets. In this video, Paul focuses on the UK retail market, where he works closely with clients to develop the roadmap and deliver functionalities tailored to their needs.

Learn how Novidea's platform unifies brokers dealing with end-insured clients, whether they are purchasing policies through portals, contacting call centers, or maintaining face-to-face relationships in regional offices. The goal is to ensure all stakeholders are on one platform, eliminating disparate systems and providing a seamless end-to-end journey for their business operations.

Discover a real-life example of how Novidea assists clients, where an end policy holder visits a branded website for a quote and bind journey, accessing policy documentation. Behind the scenes, Novidea's clients handle policy administration, while underwriting functions are based in London. The Novidea platform comprises flexible outward-facing products for customers, a powerful backend engine for rating and product management, and a financial element for efficient policy processing and transaction management while communicating with underwriters.

At Novidea, continuous development is a priority, with a focus on incorporating client feedback and suggestions to improve the platform. Paul's personal passion lies in ESG (Environmental, Social, and Governance), and Novidea aims to support clients in driving their ESG agenda. Through partnerships with third parties, Novidea strives to assist with Scope 1 and Scope 2 emissions, elevate the ESG movement, and act as responsible citizens.

"Unify Your Retail Brokerage Operations with Novidea" - Paul Richmond, Novidea

Tom McFarland, UK Product Manager at Novidea, provides insights into Novidea's Born in the Cloud API enabled full end-to-end policy management systems. With a strong presence in various geographies and markets, Novidea specializes in addressing the challenges faced by brokers and MGAs.

Tom's expertise lies in the UK London market, where he identifies two major areas of concern. Firstly, internal factors such as outdated legacy systems hinder modern working practices, including remote and agile work. Secondly, externally enforced issues pose additional challenges for operations in the industry.

Novidea's primary goal is to streamline the distribution channel, both internally and externally. Internally, brokers often deal with multiple disconnected systems, resulting in inefficiencies and rekeying. Novidea aims to optimize these processes, allowing brokers to focus on benefiting their customers.

Within the London market and the broader distribution cycle, Novidea primarily serves MGAs and brokers. To contribute to market modernization efforts, Novidea actively engages with initiatives like Blueprint Two and collaborates with organizations like the Accord Solutions Group. Their objective is to ensure that customer desires and needs are at the forefront of these transformational endeavors.

"How to Streamline Policy Management with Novidea" - Tom McFarland, Novidea

Novidea's UK MD, Ben Potts, talks about our journey and plans for the future at BIBA Conference 2023.

Ben Potts (UK MD of Novidea) speaking to Insure TV at BIBA conference

Novidea's Eric Ayala talks about the challenges MGA's / MGU's face with their current insurance distribution life cycle and the importance of modern architecture in future-proofing organizations. Eric touches on several key growth related topics:
- Ways insurers are being bogged down by legacy systems
- The fast pace of change in the insurance space
- The evolution of insurance ecosystems
- How API's help support future-proofing efforts
- Novidea's modern architecture leadership

The critical role of architecture in a constantly changing insurance marketplace

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

Your questions answered: How to drive efficiency in the insurance distribution lifecycle using technology

How to drive efficiency in the insurance distribution lifecycle using technology

The 5 main challenges when it comes to legacy insurance management systems.

Do You Love Your Legacy Insurance Management Technology? Thought Not.

Hear executives from 3 global insurance companies discuss their experiences with the Novidea platform. End-to-end visibility, automated data integration, value demonstration, global adaptability, and much more – at the convenience of your fingertips. Learn more at https://www.novideasoft.com

Novidea Customer Success Cases - Howden, Hyperion & Leaderim

Eric Ayala (US MD of Novidea), discusses how Novidea is operating in over 122 countries and partners with brokers, MGAs, MGUs, and carriers, serving major companies like Howden, Hyperion, and AJ Gallagher. Eric shares insights on how to successfully implement new technology and displace legacy systems (including the best characteristics and behaviours of internal ‘champions’ help drive adoption and change across the organisation). Eric also discusses the challenges of hiring talent with the right skills in legacy technology while balancing the culture of a start up, as well as talent that has worked on existing products, versus creating new products.

InsurTech Spring Conference 2023: The Zero-Sum vs The Win Win Philosophy

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InsurTech Spring Conference 2023: The Zero-Sum vs The Win Win Philosophy

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