Novidea Launches Latest Product Release of Insurance Management Platform

The new release includes key enhancements for customers across all markets served by the vendor.

(Image source: Novidea website.)

Novidea (London/Boston), creator of a cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs, wholesalers, and carriers, has announced its latest product release with key enhancements for customers across all markets served by the vendor.

The most recent iteration of the Novidea insurance management platform features advancements in policy management, claims administration, billing, accounting, document and file management, and other key areas.

Erez Nissim, CTO, Novidea.

Novidea characterizes the advancements in its new release as delivering on its commitment to continually invest in innovation and maintain its competitive edge for its global customer base. Some highlights of the latest Novidea release include the following, as described by the vendor:

Policy Management: The release brings forward key enhancements to features, including vertical placement allowing to record policies with differing premiums per carrier without splitting the placement into separate policies. Additionally, bordereau file ingestion is now supported, providing automation of policy creation and management for binder/lineslips where a third party (e.g., a coverholder) is providing risk or premium information through a bordereau. Enhanced functionality also includes upgrades to the deductions and taxes functionality and much more.

Claims Management: Brokers can now experience a streamlined approach to linking claims that were raised for the same incident or share common attributes, to a group or a Lloyd’s catastrophe. Furthermore, CLASS (Claims Loss Advice and Settlement System) messaging is now available, enabling brokers to load claim data and supporting information so that insurers can agree, query and reject claims online.

Insurance Business Accounting (IBA): New functionality includes a ledger view, allowing users to change parameters dynamically and perform advanced actions. Additionally, support for the different brokerage movement types deliver better transparency and reporting of brokerage movements between booked, earned and realized brokerage.

Line-of-Business (LOB) Management: The release introduces several LOB enhancements including the incorporation of state-specific sections following the ACORD standard. Additionally, the submission workflow has been improved to provide efficient creation and management of the submission process, an improved visibility into open quotes, related lines of business, and packages, as well as seamless advanced editing capabilities.

Documents and Filing Management: The platform’s core file management module now allows advanced auto-filing functionality. Additionally, filed content can now be associated with a specific Legal Entity (LE) as defined and selected by the user.

“Our recent release demonstrates our commitment to continuously innovate and provide improved customer experience,” comments Erez Nissim, CTO, Novidea. “We are confident that our data-driven insurance management platform will continue to provide organizations the technology and tools they need to manage complex transactions, drive efficiencies and fuel business growth.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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