Novidea: Cloud Technology That Boosts Sales, Productivity & Profitability for Insurance Brokers & Agents
Insurance distribution channels are witnessing a tremendous increase in competitionas well as shrinking commissions. Brokers and Agents are losing valuable business data that is buried inside antiquated systems while fragmented technology stacks are limiting their growth. This has led brokers to look for an innovation that will help them generate new business, grow their current book of business and give them real-time insight on the KPIs of their organization.
Novidea developed a cloud based end-to-end solution to help brokers become more customer centric. Novidea’s technology DNA is focused on insurance brokers growing policy sales, renewals, profitability and productivity. Leading insurance brokers are now using this innovative platform in over ten countries. “Offering global best practices in distribution, we are able to show our brokers a clear ROI from our technology. Novidea provides a level of automation, visibility, and actionable BI that the insurance distribution channel never had before,” exclaims Roi Agababa, CEO, Novidea.
Historically, brokers used systems that gave them snapshots of the business. This data was difficult to get, incomplete and outdated. “One of our clients referred to it as driving a car with only a rear-view mirror. No windshield and no dashboard to help you navigate. With Novidea, management always know where the business is headed and can make educated decisions, with our real-time visibility. In today’s marketplace, data is king and data driven business stay ahead of the curve,” says Agababa.
With this in mind, Novidea developed a robust platform for regional and global brokers.
Providing HQ and management with real-time data and accurate analytics across product, team, offices and countries.
Our solution provides a level of automation, visibility, and actionable BI that redefines the insurance distribution landscape
Novidea developed a profiled-based and automated push reporting that can aggregate data from multiple sources into a true 360o view. “In the past, management at the brokerage did not trust the data and did not have the needed visibility. With Novidea’s drill down BI, management can now easily get their arms around the business. Global brokers can now benefit from having a common language across the organization. Novidea gives the broker the ability to operate locally and report globally to HQ,” delineates Agababa.
“The brokers’ end-customers are demanding a value added personal relationship, and have an accurate and real-time access to their insurance portfolio anywhere and on any device. Our customer intelligence algorithm gives the broker the ability to anticipate customer’s preferences and needs for the future. Whether accessing the system through a desktop, tablet or mobile phone the system provides a straightforward access to data, process and analytics,” says Agababa.
Capitalizing on innovative technology, Agababa adds, “For our customers who are expanding into a new location or product-line, Novidea makes this seamless. No longer is the technology a barrier for growth, now it is an enabler of growth. Customers can now move fast and act on new opportunities and trends in the market. Growing either via M&A or organically, Novidea’s platform can easily scale and integrate the broker’s new books of business.”
Howden Broking Group, a global provider of a range of specialist insurances, leverages Novidea’s platform in order simplify the workflow across multiple offices in Europe, Middle East, and Asia. “Novidea’s Brokerage Management Platform enabled us to revolutionize our working patterns. It has helped streamline policy lifecycle management and control of every aspect of our business. It is a holistic solution that enables us to grow our business without growing in human resources,” says Shay Simkin ACII, Managing Director in Howden.
“We believe that enterprise software should be easy to implement and even easier to use. Novidea has heavily invested in creating a platform that offers customization capabilities to support each broker’s workflow so employees embrace the new technology faster and they see an immediate spike in sales, profitability and productivity,” concludes Agababa.