May 11, 2022
TH March partners with Novidea to drive digital transformation with end-to-end, cloud-based broker platform
UK’s leading jewellery broker will benefit from Novidea’s ‘one platform’ solution for both retail and wholesale customers, including a new, cutting-edge online portal
11 May 2022 – London, UK – Novidea today announces that it has partnered with the UK’s leading jewellery insurance broker, TH March, to implement its born-in-the-cloud, data-driven insurance platform. The platform will manage their complete end-to-end customer journeys for both high volume personal lines and large complex commercial risks placed into the London Market, all on one platform, with an integrated customer self-service portal.
Further, around two thirds of TH March’s growing personal jewellery insurance products are currently arranged by its call centre and a third via online enquiries. The new Novidea online portal will invert this to two thirds portal and one third call centre, so that TH March’s professional team can focus their efforts on High Net Worth and more complex accounts, with enhanced customer experience and operational efficiencies for both existing personal and business customers.
Andrew Alcock, Chief Operating Officer, TH March said: “We selected Novidea as we were keen to work with tomorrow’s technology. Looking ahead, Novidea’s cloud-based customer service portal will give us the edge to ensure we retain our market-leading position, by giving both our personal lines and business customers a much- enhanced customer experience and more efficient service, which is so important in today’s on-demand world.
“Although we were established in 1887, we have always been an innovative business. Novidea’s platform will be transformational, with all our six UK offices moving away from siloed legacy systems to one shared, data- driven platform, with integrated customer and business data and Management Information.”
Ben Potts, MD, UK, Novidea said: “Historically, the insurance market has been encumbered by legacy systems that are difficult and expensive to update, with limited access to real-time Management Information. Today, forward- looking businesses, like TH March, are increasingly moving to cloud-based platforms that enable them to automate processes, reduce costs, add agility, and boost customer service standards.”
The portal will ultimately enable TH March customers buying their March Plus product to manage all aspects of their insurances securely online, including policy information, mid-term adjustments, claims, renewals, contact details, and more. The portal will seamlessly integrate with Novidea’s end-to-end insurance platform, so that TH March’s team has access to live customer data from first enquiry to quote and bind, and claims.
Further, Novidea has partnered with Polaris, whose imarket product and digital trading standards are used market-wide by insurers, brokers, and software houses. This will enable TH March to offer major customers a one-stop shop for all their insurance needs, complimenting complex jewellers block risks placed via Lloyd’s and the London Market with e-traded cyber business insurance products.
Novidea is a leading provider of the only born-on-the-cloud, data-driven insurance platform that enables brokers, agents, and MGAs to manage the customer insurance journey, end-to-end, and drive growth across the entire insurance distribution lifecycle.
The Novidea platform, built to leverage the power of Salesforce’s Big Technology, provides a complete ecosystem spanning every aspect of an insurance business, including a 360-degree view of the customer and all stakeholders, an integrated front-, middle-, and back-office, as well as seamless automated workflows that streamline every phase of the insurance journey.
Brokers, agencies, and MGAs have instant access to all customer and policy data, with actionable intelligence, from any device, anywhere. Novidea turns data into insight at the point of need, enabling better-informed decisions and delivering greater customer value through products and services tailored to individual needs.
During 2021, Novidea gained series B funding of $30 million to accelerate product innovation with a growing global team to meet increased customer demand worldwide, including an increased focus on the UK broker market, which is crying out for digitalisation and e-trading to remain competitive and profitable.
Novidea supports more than 100 customers, including agents, brokers, MGAs, and the London Market, managing more than 22 million policies across 20 countries, worldwide.
About TH March
TH March is the largest firm of specialist jewellery insurance brokers in the UK and they have been looking after jewellers and their customers since 1887. They are experts in insuring jewellery and valuables for both HNW individuals and jewellers. As the jewellery insurance experts, they understand the trade and have the know how regarding claims. TH March is an Insurance Age “UK Top 100 Independent Insurance Broker.”
The company has satisfied rigorous criteria relating to professionalism, capability, and ethics and as such have been awarded the prestigious status of Chartered Insurance Broker, the industry’s gold standard award.
While TH March is the jewellery industry’s leading insurance broker, the firm also arranges a range of bespoke insurance products for businesses and individuals. These range from specialist commercial insurance to cover for high value items and home and life insurance.
With a head office in London, TH March also has offices in Plymouth, Birmingham, Manchester, Sevenoaks, and Glasgow, and employs more than 120 staff.
For more information, please go to: www.thmarch.co.uk
For further information contact
Simon Hayes, M.D.
M: +44 (0)7771 516544
T: +1 (603) 809-2748