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Press

November 24, 2020

By Lianne Trantz

InsurTech platform provider Novidea secures $15 million in Series B financing to support global growth

Proceeds will enable the expansion of operations in the US, UK, and international markets, and accelerate product innovation as Novidea further engages with large, enterprise insurance firms

Novidea, a leading global provider of the data-driven, cloud-based platform that enables brokers, agents, and MGAs to drive operational efficiencies and growth across the entire distribution lifecycle, today announces the successful completion of $15 million in Series B financing. The round was led by JAL Ventures Fund II, with the participation of existing investors including KT Squared LLC and 2B Angels.

Many insurance businesses are encumbered by legacy systems that are limited, inflexible, and expensive to update. With Novidea, customers benefit from a cloud-based platform that makes it possible to work from any device, anywhere. This enables accelerated growth and profitability through enhanced sales and customer service, and improved operational efficiency.

Looking ahead, Novidea’s data-driven, cloud-based solution, which has already gained significant traction with more than 85 brokers, agents, and MGAs worldwide, including the US, UK, EMEA, and APAC, is set to continue to make a huge impact on the insurance sector.

 

About Novidea

Novidea is a leading global provider of the data-driven platform that enables brokers, agents, and MGAs to drive operational efficiencies and growth across the entire distribution lifecycle.

The Novidea platform, built to leverage the power of Salesforce Big Technology, provides a complete ecosystem that covers every aspect of an insurance business, including a 360-degree view of all management information, an integrated front- middle and back office, and automated workflows that streamline every phase of the customer journey.

Using cloud-based technology, brokers, and MGAs have instant access to all customer data, with actionable intelligence, from any device, anywhere. This enables them to make better-informed decisions and deliver greater customer value as true risk consultants through products and services tailored to individual needs. Novidea supports more than 85 customers, including agents, brokers, MGAs, and the London market, managing more than 20 million policies across 17 countries, worldwide.

For more information: www.novideasoft.com

 About JAL Ventures Fund

JAL Ventures is a venture capital firm that provides expansion capital to fast-growing, revenue-generating technology companies. JAL invests across several technology sectors including Enterprise software, Cybersecurity and Fintech.  Founded in 2016, JAL is now deploying its second Fund. For more information on JAL Ventures and its investments, visit www.jalventures.com

For more information: www.jalventures.com

 

For further information contact:

Simon Hayes, M.D.

NextGen Communications

simon@nextgencomms.com

M: +44 (0)7771 516544

Case Study

A Platform For Growth and Efficiency

A key priority for PNP was to use technology to become agile, so broking teams could be more responsive and offer greater value at every stage of the client journey.
Novidea’s cloud-based platform means that PNP will be able to work any time, any place, with instant access to all customer data and analysis, to help them make better decisions, and win more business.

Learn more