Revolutionizing Insurance: How Mivtach Simon Is Leveraging Novidea’s Digital Prowess

August 26, 2023
by
Novidea: The Leading Insurance Distribution Platform

Key Takeaways

  • Mivtach Simon, a subsidiary of Migdal Insurance Agencies, has partnered with Novidea for an extensive digital transformation.
  • The collaboration aims to centralize operational and service processes, and turn data into actionable insights.
  • This marks an expansion in Novidea’s series of strategic collaborations with Migdal Insurance Agencies, and it now extends to several types of insurance.

About Mivtach Simon

Mivtach Simon is Israel’s premier insurance, pension, and financial planning company. Owned by Migdal Insurance Company Ltd., it specializes in various lines of business such as managing pension plans, health insurance, and investments. With an estimated annual collection revenue of NIS 8 billion, the company services around 400,000 policyholders and approximately 6,000 employers, organizations, and companies that contribute to the Israeli economy.

About Novidea

Novidea is a leading Insurtech provider, specializing in a cloud-based, data-driven insurance management system. Operating on an open API architecture, Novidea’s software enables a wide range of insurance stakeholders—from brokers and agents to MGAs and carriers—to modernize and manage the entire customer insurance journey. Currently, the platform supports over 100 customers across 22 countries.

A New Era of Digital Transformation

Mivtach Simon is setting a benchmark in the insurance industry by embarking on a comprehensive digital transformation journey. The project is led by Ilanit Hazan, Chief Information Officer at Migdal Insurance Agencies, who said, “We are excited to strengthen and deepen the cooperation with Novidea. Its advanced platform allows us to promote a complete digital transformation of all the organization’s systems, in a way that is adapted and fine-tuned to our specific needs. With Novidea, we will improve efficiency and operational processes throughout the entire organization.”

Streamlining Operations and Enhancing Customer Experience

Leor Raviv, CEO of Mivtach Simon, believes that this technological upgrade is a strategic move that aligns with the company’s vision for the future. “Choosing Novidea is part of a comprehensive and extensive process of technology upgrades that we are currently undertaking. Over the last year, we have formulated a strategic plan for the company based, among other things, on substantial technological advancements. The move will allow us to improve our customer service, shorten work processes, and give a much better experience to the customers and employers in our care.”

This transformation aims to centralize the operational and service processes across various agencies, thereby boosting efficiencies. Novidea’s insurance management platform will be at the core of this change, streamlining the workflows for different types of insurance, including property, casualty, and life insurance.

Turning Data into Actionable Insights

In the age of big data, actionable insights are invaluable. Novidea’s data-driven approach enables Mivtach Simon to extract meaningful information from data to make informed business decisions. Roi Agababa, CEO of Novidea, emphasized the importance of this, saying, “We are happy to embark on the digital transformation journey together with Mivtach Simon, part of the Migdal Group. This collaboration will allow Mivtach Simon to easily and efficiently turn data into insights to reach more informed business decisions, while offering an exceptional user experience for their customers.”

What Lies Ahead

The partnership between Mivtach Simon and Novidea is not an isolated event but an expansion of a series of strategic collaborations between Novidea and Migdal Insurance Agencies in recent years. The project is expected to set a new standard in the industry, acting as a model for other organizations seeking to undergo digital transformations.

Conclusion

The partnership between Mivtach Simon and Novidea is a revolutionary step in the insurance industry, setting the stage for a future where technology and data analytics are central to the customer experience and operational efficiency. In a rapidly evolving business landscape, collaborations like these not only set new standards but also act as a catalyst for industry-wide progress.

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