(Image credit: Loganfrick/Wikipedia.)
Novidea (London/Boston), the creator of a cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs, wholesalers, and carriers, announced at the Insuretech Connect conference in Las Vegas a major new release with significant enhancements to its insurance management platform. The new release impacts multiple areas of the platform, delivering improvements and new efficiencies for users in every market served by the Novidea insurance management solution, according to a vendor statement. The latest version of the Novidea platform includes enhancements to claims, billing, accounting, document management, quoting, submissions, UI/UX, and more, the statement says.
Erez Nissim, CTO, Novidea.
With this new release, Novidea says it is delivering on its commitment to continually invest in innovation and maintain its competitive edge. To support this goal, the company says it has focused on significant talent acquisition, growing its employee count by 50 percent in the last twelve months. Novidea describes this latest release of its platform as future-forward and highly scalable, designed to help insurance organizations grow their businesses, expand into new lines of business, reach new markets, and deliver a more competitive customer experience.
Some highlights of the release’s new features include the following, as described by Novidea:
Multi Legal Entity Enhancements – Data can be structured and organized in the platform with improved permissions and relevant access. With a single unified account, users can choose the relevant legal entity and use the system fully, enabling multiple businesses and divisions to operate on a single platform.
Enhanced Policy Management Functionality – The platform has been enhanced with a more comprehensive quote-to-bind process. It now supports subjectivity management, processing of complex subscription market arrangements, premium payment warranty capture, creation of policy territory schedules, and an improved user journey for deduction & tax processing.
Claims Management Enhancements – Including claim processing for various binder policy types, claims management has enhanced flexibility, enabling individual claim processing, providing direct settlement options, and enhancing claim financials for binder claims.
User Experience Enhancements – A new, editable grid-based interface accelerates time-to-action for agents and brokers. This is a core component allowing users to edit values in-line, add and remove entries, all while leveraging smart calculations, and actions with every change.
Dynamic Questionnaire – Insurance organizations can easily configure interactive forms to quickly and accurately capture customer data directly on their websites and build in new lines of business. These flexible questionnaires are based on rules and logic to best address simple or complex form requirements.
Enhanced Insurance Business Accounting (IBA) Functions – This release brings more efficient management of financial activities, including ad-hoc account statements, business query management, and automatic payment request process.
Improved Line-of-Business (LOB) Management – The Direct Bill Statement Report now offers a simple, single-click report option to view all relevant commission data within a unified view, highlighting agency and policy information and commission tracking.
IVANS Enhancements – Additional support for lines of business using IVANS policy and commission downloads greatly enhancing efficiency for insurance agencies.
New Filing Module – The new release provides enhanced features to associate documents (such as files, emails, images, videos, etc.) to records, query for them and apply meta-data tagging, all within the Novidea platform. It offers seamless Outlook integration, and robust connectivity to customers’ document management systems.
“Our latest release is the result of our continuous collaboration with our customers in advancing the insurance distribution industry into the digital age,” comments Erez Nissim, CTO, Novidea. “We’re confident that our cloud-based, data-driven insurance platform will provide organizations with the technology and tools they need to manage complex transactions, stay ahead of the competition, build customer loyalty, and achieve growth.”