Novidea, a creator of the data-driven, cloud-native insurance platform that enables brokers, agents, and MGAs to reduce costs and drive growth across the distribution lifecycle, has achieved significant growth milestones in 2022.
Novidea’s insurance management platform offers a data-driven, cloud-based solution that is built on Salesforce, which standardises and automates processes to improve efficiency and deliver an enhanced user experience.
Its platform has a self-service portal which gives clients secure access from any device to key information including renewals, policies, claims, and analytics.
In 2022, Novidea said it experienced 90% Year over Year (YoY) business growth, winning deals with top-tier customers from the ranks of the leading brokers and agencies in the world.
This momentum, according to Novidea, indicates the increased demand for cloud-native core solutions that help insurance agencies, MGAs, and brokers digitally transform their businesses to get in front of the competition.
The company also boasted a 139% net customer retention rate for the year, as well as a series of strategic hires to strengthen its leadership team.
Roi Agababa, CEO of Novidea, said, “We continue to see global insurance agents, brokers, MGAs, and MGUs accelerate their digital transformations to serve their policyholders better, navigate market disruptions, and empower their people.
“The ability to access real-time data is the key to transformation for these organisations — financial, operational, and customer data. The Novidea platform brings all of these data sources together in one place, giving our customers a single source of truth from which they can gain a deeper understanding of their business. In the coming years, Novidea is looking forward to providing even more value to our customers as they continue to transform their organisations.”
Last year, Global insurance broker Gallagher picked InsurTech company Novidea to implement and tailor its insurance broking platform for its specialty client base.
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