Novidea in the News
Big technology can help brokers keep customers at the centre of their business
Survey Finds 80 Percent of Brokers Don’t Have Adequate Digital Tools
Big technology can help brokers keep customers at the centre of their business
Survey Finds 80 Percent of Brokers Don’t Have Adequate Digital Tools
INSURANCE BUSINESS UK - May 31, 2019 was one of the biggest days in British general insurance in recent years, with Germany’s Allianz revealing at 7am BST its double swoop for the entire general insurance businesses of UK-based Legal & General and LV=.Insurance Business was among the first to report on the mega deals, and now we bring you some industry reaction following the twin announcements.
“More consolidation in the market is not surprising – the race for scale continues,” asserted Novidea managing director Ben Potts. “How successful the deal is will depend in no small way on the technology landscape of the businesses and their integration.”
THE FINTECH TIMES - According to new research by Novidea, the data-driven insurance distribution platform, 80% of the brokers, insurers and MGAs surveyed do not have effective business intelligence tools in place. One in five brokers (20%) are currently using four or more different systems to manage their day to day operations. The research also showed that many are struggling to adopt the tools necessary for digital transformation.
Novidea surveyed a range of brokers, insurers and MGAs to assess the reality of technology adoption in the sector. When questioned about their current level of technology adoption, less than half of respondents had a digital system in place (42%), and even fewer had a Customer Relationship Management (CRM) platform in place (36%). Only one in five had a digital Business Intelligence (BI) system in place.
INSURANCE EDGE - According to new research by Novidea, the data-driven insurance distribution platform, 80% of the brokers, insurers and MGAs surveyed do not have effective business intelligence tools in place. One in five brokers (20%) are currently using four or more different systems to manage their day to day operations. The research also showed that many are struggling to adopt the tools necessary for digital transformation.
FINANCIAL IT - Novidea, the data-driven management platform for the insurance industry, has today launched a new report to help insurance executives maximise success following a merger or acquisition.
The report follows yet another huge bumper year for M&A activity in the insurance industry, as this model becomes an increasingly common path to business growth. In the UK in 2017 alone, the value of M&A deals totalled £22 billion, according to Deloitte.
The report highlights some of the biggest decisions that need to be made in the wake of M&A activity, from who to hire from both businesses and which parts of the business to focus resources on, to the company’s objectives for the next year and which business lines to focus on – all of which can have a significant impact on the business.Whilst brokers understand the importance of getting the deal done, post-merger or acquisition is often where the hard work begins as they get to grips with their newly integrated business.
INSURANCE TIMES - Novidea has today launched a new whitepaper to help insurance executives maximise success following a merger or acquisition.The firm’s guide highlights the main concerns and challenges that businesses face in M&A success and outlines recommendations to help brokers and agents.This approach aims to ensure that the business meets its objectives and can make the integration process a success. Download the report.
FINTECH FINANCE - Novidea, the data-driven platform provider for the insurance industry, is pleased to announce that Ben Potts has joined the company as Managing Director UK, to spearhead the company’s growth and expansion across the UK and EMEA region. Previously, Ben held various leadership and revenue-focused executive roles with Majesco, Xchanging and Jardine Lloyd Thompson (JLT).Ben brings more than 15 years of broad insurance industry knowledge, operations, sales and customer service expertise to Novidea, with a deep understanding of the Commercial, London Market, Global Speciality and Delegated Authority Business sectors
CITY A.M. - Novidea, the data-driven platform provider for the insurance industry, has announced that Ben Potts has joined the company as UK managing director, to spearhead the company's growth and expansion across the UK and EMEA region. Previously, Ben held various leadership and revenue-focused executive roles with Majesco, Xchanging and Jardine Lloyd Thompson (JLT).
THE FINTECH TIMES - Roi Agababa, CEO Novidea weighs in on the important of data quality and consistency. The insurance industry has and always will be a data-heavy industry. Insurance distribution professionals have to obtain a lot of data from their customers when writing policies, but more often than not, they do not have capabilities to turn data into profits. And the prime reason for this is usually a combination of poor data quality and not having the right tools.
INSURANCE TIMES - Technology, such as mobile and portals, is making it easier for insurers and brokers to interact with their customers, so why is buying a policy still so difficult? Customers are often asked to fill out too much information and, for those with multiple policies, are often asked the same questions over and over again. By capturing and consolidating data once, and enriching it with external sources, technology can help to streamline the whole process. 2019 will be the year that insurers ask less and deliver more to their customers.
Insurance Newslink dropped in recently to Novidea’s office in the City of London to be shown a demonstration of the company’s customer-centric platform which is in active and most effective use with significant clients. Novidea are certainly a company to watch and Insurance Newslink will be keeping in touch with progress.
FINANCIAL IT - The M&A boom continues apace. A report by Deloitte has predicted that the number of M&A deals completed in 2018 will exceed that of previous years. In the insurance sector alone, deals have already been valued at $26.8 billion and there’s no sign of it slowing down. As a result, many insurance firms are either looking to grow their business or get to grips with newly merged operations.
INSURANCE TIMES - Data-driven platform provider for the insurance industry, Novidea has announced that it has opened a London office as it has “significantly exapanded its operations.” Salesforce Ventures invested in Novidea to accelerate its expansion, but the platform provider has also received investment from KT Squared and existing Novidea shareholders.
INSURANCE TIMES - Salesforce Ventures invested in Novidea to accelerate its expansion, but the platform provider has also received investment from KT Squared and existing Novidea shareholders.
Novidea, the data-driven platform provider for the insurance industry, has today announced that it is significantly expanding its operations as it opens its first UK office, a sign of its rapid business growth. To fuel its own company growth, Novidea has received investment from KT Squared, Salesforce Ventures, the corporate investment group of Salesforce, as well as participation from existing Novidea shareholders. Built on Salesforce’s Force.com, Novidea offers tremendous scalability, security and reliability. Novidea is already being used in 10 countries.
INSURANCE TIMES - Miller Insurance announced today that it has acquired Alston Gayler and Co (AG), in a bid to strengthen its position as a London wholesale and specialist broking platform. Speaking on the acquisition, Ben Potts, Managing Director at software firm, Novidea said: “More consolidation in the broker space is not surprising – the race for scale continues. How successful the integration is will depend in no small way on the technology landscape of the businesses and their integration. Legacy technology and the ability to leverage data is one of the key reasons why insurance acquisitions don’t always deliver on their original promises.
The global M&A market is a constant flurry of activity. Barely a week goes by without a high-profile deal hitting the headlines, and the insurance sector is no different. This year we saw two mega mergers within the first three months. In January, AIG announced plans to purchase all outstanding common shares of Validus Holdings, a deal which was later dwarfed by AXA-XL agreeing to buy the rest of XL Group for $15.3 billion – in cash – in March.
But regardless of the price paid or the experience of the team, no merger or acquisition comes without challenges. Following a transaction, the acquiring board has a lot of decisions to make, and they need to get them right. Nothing erodes value like indecision. In those crucial first days post-deal, it’s vital that the right information is available to give acquirers the best chance of making the best decisions for their business.
IT PRO PORTAL - A buoyant stock market and a positive outlook for the US economy bode well for the insurance sector. Increased employment and a higher volume of real estate deals are likely to have a positive impact on agents, but the sector still has a few challenges.
GLOBAL BANKING & FINANCE REVIEW - There have been 257 deals announced in the insurance sector since January this year, collectively valued at over $26 billion according to a recent report by PwC.This clearly shows high levels of market activity, but companies need to do more than just secure a deal; they also need to make it a success as quickly as possible. Board members expect big returns on their investment almost immediately. One important part of the mix is technology, which can help to overcome many of the challenges caused by M&A, particularly in insurance.
ACTURIAL POST - In the first half of this year alone there have been over 257 M&A deals announced in the insurance sector with a disclosed value of $26.8 billion, according to a recent report by PwC. These statistics show that it has been a remarkable start to the year for this sector, and there are no signs of a slowdown anytime soon. As a result, the insurance sector is peppered with firms either looking to grow their business or get to grips with newly merged operations.
TECH BULLION - Evolving trends in technology and customer service expectations are at the core of the insurance industry, today. In order to stay in the game, brokers and agents are going to have to improve both their customer interactions and their operational efficiency sooner rather than later, or risk getting left behind.
INSURANCE BUSINESS MAG US - The insurance industry has always been rooted in tradition. And that has worked fine, until now.In the 21st Century, it isn’t that insurance is fundamentally changing, it’s actually the behavior and expectations of consumers that have changed. And these changes are making their way through everything from how leads interact with agents to customer experience expectations to how products and services are delivered.
THE INNOVATION ENTERPRISE - Another year is almost behind us. The good news is there’s plenty to look forward to in 2018. Here are the top insurance industry trends to look for in 2018.
The insurance industry has undergone massive changes over time. But none might be more important than what is happening right now with automation technologies — increasingly enabled by artificial intelligence (AI) and machine learning. Today, the organizations that embrace automation at scale have a massive competitive advantage. They can adopt machine learning to drive strategy, improve customer experiences, personalize sales, improve the back office, and take over data entry and documentation.
The recognition comes in Insurance CIO Outlook’s annual listing of global companies at the forefront of broker management solutions for the insurance sector.
The insurance industry is notorious for being reactive when it comes to, well...everything. Especially technology. Insurance businesses wait for other industries and companies to try out something before they jumpt in. They need to manage risk, which is an asset when they’re dealing with policyholder premiums. In the past, this has prevented them from making expensive mistakes, but it has also cost them profitable opportunities.
An insurance firm needs robust prospect management for identifying and qualifying new sales opportunities and nurturing existing ones. Here is how to implement data-driven insights into your sales process.
Insurance professionals collect a huge amount of data from their customers. And then, they hand it over to underwriters, who evaluate risks of insuring that person using various actuarial data, claims data, and a bunch of other techniques (some of which are proprietary to the insurer).
Insurance businesses face a new hurdle: how to become more customer centric.
“Data” this. “Analytics” that. You’re probably tired of hearing all these buzzwords. They’re just useless hype anyways, right?
Learn why it is imperative for insurance agents and brokers to start using data to upgrade their agencies.
The insurance industry is a conservative one. Conservative being code for “outdated” and not serving the agents and brokers at all. Most agencies are built on paper-and-ink processes or siloed computer systems that have trouble keeping up with the way consumers want to do business today.
Most companies know it’s easier to sell to an existing customer than it is to find a new one. With an existing customer, all the initial marketing and acquisition cost has been paid for. The customer already trusts the brand so future sales are all but guaranteed. Sadly, most insurance agencies fail to capitalize on this simple truth.
TECH BULLION - Buying habits in the insurance industry have changed in recent years. According to research from Accenture, two thirds of consumers are now open to buying insurance directly from vendors that are not insurance professionals. And, were they to offer it, 23% would even purchase from a mass market e-commerce giant such as Google or Amazon.
Insurance innovator launches new customer intelligence and interface for its breakthrough insurance distribution solution
Predictive analytics has revolutionized how companies mine data and extract actionable insights about customer behavior, but its full potential is only barely being realized in the insurance industry. But why do insurance businesses need to use predictive analytics, and how can they use it to gain an advantage over the competition?
The exponential growth of data and analytics is changing the face of how insurance professionals do business.
THE INNOVATION ENTERPRISE - An effective management platform can enhance productivity and improve the overall profitability of your business
Novidea’s groundbreaking solution provides the insurance distribution channel with a high level of automation, visibility, and actionable BI to help drive revenue, efficiency, productivity and profitability.