AIB selects Novidea’s insurance platform to support its Lloyd’s Coverholder growth strategy for the Caribbean

March 22, 2023
by

Novidea today announces that it has been chosen by Jamaica-based insurance broker Allied Insurance Brokers Ltd. (AIB) to implement its born-in-the-cloud, data-driven insurance management platform for Managing General Agents (MGAs).

The platform will fully automate AIB’s end-to-end Coverholder processes from Jamaica to the London Market, while satisfying all data capture, exchange, processing, compliance, and reporting requirements. This will increase efficiency and productivity for AIB, while lowering overheads and providing analytics and reporting to help fuel the company’s growth across the Caribbean as a Lloyd’s Coverholder.

AIB became an authorised Lloyd’s Coverholder in 2013. That part of the business recently rebranded to A+ Insurance Solutions and provides General Liability, Medical Malpractice, and Personal Accident, including reinsurance coverage on behalf of Lloyd’s syndicates to clients in Jamaica, Antigua, Bahamas, Barbados, Grenada, St. Lucia, Turks and Caicos, and other territories within the Caribbean. They also provide solutions for Directors & Officers Liability, Professional Indemnity, Cyber insurance, and other classes of insurance that are not typically sold by local market insurers.

Camile Coore, Technical Manager, AIB, shared: “We are excited about this new partnership and the efficiency and growth potential it will bring to A+ Insurance Solutions. The team will have access to prebuilt reporting and insurance analytics tools that will enhance the visibility of our business and customers.Additionally, we will be able to focus on value-added tasks instead of utilising a significant portion of our time in cumbersome manual processes, such as data verification and validation.”

Ben Potts, Managing Director, UK, Novidea, said: “We’re delighted to be selected by AIB and look forward to working in partnership to implement our platform to support their London Market needs and global operations, and to streamline business processes.”

With more than 100 customers in 22 countries, Novidea, the creator and provider of the only born-on-the-cloud, data-driven insurance platform, built on Salesforce, is truly global. Its platform enables brokers, agents, and MGA Coverholders to manage the customer insurance journey, end-to-end, and drive growth across the entire insurance distribution lifecycle.

About Novidea

Novidea is the leading InsurTech provider of the only born-on-the-cloud, data-driven insurance platform that enables brokers, agents, and MGAs to manage the customer insurance journey, end-to-end, and drive growth across the entire insurance distribution lifecycle, worldwide.

The Novidea platform, built to leverage the power of Salesforce’s Big Technology, provides a complete ecosystem spanning every aspect of an insurance business, including a 360-degree view of the customer and all stakeholders, an integrated front-, middle-, and back-office, as well as seamless automated workflows that streamline every phase of the insurance journey.

Brokers, agencies, and MGAs have instant access to all 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, worldwide.

For more information, please go to: www.novidea.com

About AIB

Allied Insurance Brokers Ltd. is a Jamaica-based general insurance broker that was established in 1969. In 2013 the company became an authorized Lloyd’s Coverholder with the ability to provide insurance coverage to clients in Jamaica and the following territories within the Caribbean region: Anguilla, Antigua and Barbuda, Bahamas, Barbados, Belize, Bermuda, British Virgin Islands, Cayman Islands, Costa Rica, Dominica, Grenada, Guyana, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Trinidad and Tobago, and Turks and Caicos Islands.

Allied has identified growing the Coverholder business as one of its key growth strategies over the next decade that will drive new sources of revenue and create a larger Caribbean footprint for the firm. The company recent rebranded the Coverholder part of the business to A+ Insurance Solutions.

Headquartered in Kingston, Jamaica, Allied employs over 60 staff and is a wholly owned subsidiary of the GraceKennedy Financial Group, whose parent GraceKennedy Limited is one of Jamaica’s largest conglomerates.

For more information about AIB, visit: https://youraib.com/

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