Novidea Enhances its Insurance Management Platform to Drive Operational Efficiency

Key Takeaways

• Novidea, the creator of a cloud-based, data-driven enterprise insurance management platform, has announced significant enhancements to its insurance management software.
• The upgraded platform empowers agents, brokers, managing general agents (MGAs), managing general underwriters (MGUs), and wholesalers to streamline processes such as policy quote to bind, billing, payments processing, and more.
• Novidea’s latest system upgrades improve quote to bind efficiency, claims management options, invoicing, billing, and commission statement reconciliation, providing a seamless digital experience and reducing costs for the insurance industry.

Introduction

Novidea, the provider of a cloud-based and data-driven enterprise insurance management platform, has unveiled substantial enhancements to its award-winning insurance management software. The upgraded platform aims to increase operational efficiency for agents, brokers, managing general agents (MGAs), managing general underwriters (MGUs), and wholesalers by streamlining processes related to policy quote to bind, invoicing, payments processing, and more.

Driving Efficiency Throughout the Insurance Policy Lifecycle

The distribution of insurance policies involves numerous processes, including policy quote to bind, billing, payment transactions, policy renewals, policy endorsements, and claims management. Novidea’s latest system upgrades significantly improve the quote to bind process and offer an expanding range of options for claims management, invoicing, and billing. These enhancements include commission statement reconciliation, Direct Bill Commission Download (DBCD), and multi-entity billing.

According to Sharone Volk, VP Product at Novidea, there is a growing industry-wide emphasis on improving efficiencies while meeting the demands of today’s customers for a fast and seamless digital experience. The automated technology incorporated into Novidea’s latest version of insurance management software reduces costs, eliminates repetitive tasks, and accelerates the delivery of excellent service in an increasingly competitive landscape. Novidea aims to provide an innovative cloud-based solution that revolutionizes how brokers, agents, and MGAs manage existing policies, maintain customer loyalty, and expand into new lines of business.

Key Enhancements

Novidea’s enhanced insurance management platform introduces several key enhancements:

1. Faster digital quote to bind process: The platform improves usability, user experience, and data processing efficiency with its new ‘Copy Quote’ action. Users can clone an existing quotation record into a new quotation, eliminating the need for data re-entry and expediting the process.
2. Enhanced insurance business accounting (IBA) functions: Novidea improves the policy payments experience by introducing a new bank reconciliation screen and processes, enhanced client money calculation, base currency support, and Bankers’ Automated Clearing System (BACS) exporting.
3. Improved line of business (LOB) management: Agents and brokers can quickly enter new markets and add new revenue streams, benefiting the agency’s bottom line.
4. IVANS enhancements in the US: Novidea’s platform provides better support for downloads and helps identify and resolve discrepancies between existing data and IVANS files, ensuring accurate alignment of policy data with IVANS content.
5. Billing and commission improvements in the US: Novidea streamlines the approval and disapproval of commission statements processing to ensure precise compensation distribution. Additionally, support for multi-entity billing is now available.
6. Enhanced claims management: The platform offers greater visibility and tracking of claims data, leading to an improved claims management process. The rule engine in Novidea’s robust system supports bespoke customer needs, resulting in reduced manual labor for claim handlers and faster claims resolution times for customers.

About Novidea

Novidea is the leading Insurtech provider of a cloud-native and data-driven insurance management system. Its software platform, built on Salesforce’s Big Technology, enables brokers, agents, MGAs, and carriers to modernize and manage the customer insurance journey end-to-end, driving growth across the entire insurance distribution lifecycle.

With Novidea’s platform, brokers, agencies, and MGAs can extract actionable intelligence from customer and policy data, empowering them with valuable insights accessible from any device, anywhere. The platform supports over 100 customers across 22 countries.