- Newslink Global Insurance Trends-The Week
- EIOPA announces results of 2018 Stress Test-on aggregate, the sector is adequately capitalised to absorb the prescribed shocks
- EIOPA publishes report on the Evaluation of the Structure of Insurance Intermediaries Markets in Europe in accordance with Article 41(5) of the Insurance Distribution Directive(IDD)
- Fire and explosion incidents cause the largest claims for insurers and the businesses they cover, according to new research from Allianz Global Corporate & Specialty(AGCS)
- CII expands communications team with two new appointments
- LIIBA welcomes proposed Bilateral Agreement between the US and the UK on Prudential Measures Regarding Insurance and Reinsurance (US-UK Covered Agreement)
- LIIBA CEO says“The number of risks bound by brokers through PPL has risen by 350% in the last 12 months” expired
- London Market Group(LMG) announces that all managing agents involved in live delegated authority business have signed up for its Delegated Authority: Submission, Access and Transformation Solution(DA SATS) expired
- London Market Group (LMG) announces launch of the Future Workforce Think Tank expired
- Slice Labs announces availability of Insurance Cloud Services(ICS) in the UK and EU-Legal & General first customer expired
- MAPFRE reorganizes its management in Brazil and MAPFRE Asistencia, and reinforces its digitisation push expired
- QBE completes Group’s portfolio simplification expired
11th November 2018
Novidea breaking the mould
Insurance Newslink dropped in recently to Novidea’s office in the City of London to be shown a demonstration of the company’s customer-centric platform which is in active and most effective use with significant clients. Ben Potts, manager UK, said that Novidea were targeting the top 5O brokers, but the distribution solution is equally appropriate for smaller brokers, MGA’s, speciality carriers, insurers, and bancassurers. The solution is at present servicing more than 12 million policies in 10 countries including the UK and US, with even a life application in Israel-significant progress for a company only nine years old.
The self-service portal is most impressive, providing comprehensive and slick customer management-Novidea calls it “Actionable Intelligence”, turning data into more revenue per customer and higher margins. Some key features are the timing of sessions and meetings at customer level, comparing costs against premiums and commissions ready for renewal negotiation, and automatic identification of sales opportunities for a specific size and type of customer.
There is no better proof of effectiveness than a client’s achievements through use of the modular cloud-based portal. Reviewing two years data at major user Howden Broking Group, improvements included painless user adoption, over 63% more policy sales, 40% increase in cross sales, and 30% more renewals. Data accuracy was also up by over 25%.
The portal demonstration has to be seen to be believed-simplicity itself but effective in bringing every aspect of customer management together. It is built around Salesforce CRM, and Salesforce Ventures are a Novidea investor.
Novidea are certainly a company to watch and Insurance Newslink will be keeping in touch with progress.
Novidea Trends(2 articles)