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

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Tom McFarland

About this talk

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 Firstly, internal factors such as outdated legacy systems hinder modern working practices, including remote and agile work.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.
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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.