Novidea’s New Product Release Offers New Features for its Insurance Management Platform for Customers in all Markets

Novidea, creator of the cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs, wholesalers, and carriers, today announced its latest product release with key enhancements for customers across all markets served by Novidea. Novidea delivers on its commitment to continually invest in innovation and maintain its competitive edge for its global customer base. The most recent iteration of the Novidea insurance management platform brings forth advancements in policy management, claims administration, billing, accounting, document and file management, and other key areas. Some highlights of these new features include:

• Policy Management – The release brings forward key enhancements to features, including vertical placement, which allows users 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 3rd party (e.g. 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 claims 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 an improved customer experience,” said Erez Nissim, CTO of Novidea. "We are confident that our data-driven insurance management platform will continue to provide insurance organizations with the technology and tools they need to manage complex transactions, drive efficiencies, and fuel business growth.” Novidea is sponsoring Insurtech Insights Europe at the InterContinental London – The O2 – on March 20-21 in the panel discussion: “Breaking Down Silos: How digital transformation can unify your company under one vision,” and experts will be available in Stand A4.