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Allied Insurance Brokers Ltd. (AIB; Kingston, Jamaica) has chosen Novidea’s (Netanya, Israel/London) cloud-based 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, according to the vendor. Novidea says this will increase efficiency and productivity for AIB while lowering overhead costs and providing analytics and reporting to help fuel the company’s growth across the Caribbean as a Lloyd’s Coverholder.
AIB became an authorized 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. The distributor 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.
“We are excited about this new partnership and the efficiency and growth potential it will bring to A+ Insurance Solutions,” comments Camile Coore, Technical Manager, AIB. “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 utilizing a significant portion of our time in cumbersome manual processes, such as data verification and validation.”
Supporting London Market Needs
“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,” comments Ben Potts, Managing Director, U.K., Novidea.
Novidea reports that it now has 100 customers in 22 countries. The vendor says 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. Novidea reports a 93 percent year-over-year growth rate in 2022. This year, Novidea made strategic hires in key growth areas for the business.
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