Novidea looking to grow internationally following specialist broker on-boarding
Novidea is targeting commercial non-commoditised business.
Insurance software provider Novidea is looking to grow internationally and expand its customer base following the on-boarding of London Market broker – Specialist Risk Group (SRG). Its target customer is commercial non-commoditised business which makes up most of the Lloyd’s of London Market.
In September, the global provider of cloud-based software for the insurance sector – Novidea counted approximately 90 customers in 21 countries.
And Ben Potts, managing director at Novidea told Insurance Times: “We are really growing. We are implementing across South East Asia, Dubai, Turkey, mainland Europe and the US.” He pointed out that international figure heads tend to look to the London Market when buying technology platforms. He gave an example of one of Novidea’s customers Hyperion.
Last month SRG revealed its plans to transform its back-office operations by deploying WNS as its implementation partner and Novidea as its broker platform provider.
Driving good decisions
Potts continued: “The London Market is a really important growth area for us” as it still transforming technologically, and he believes that Novidea offers something different such as data analytics.
“Premiums have been falling and fees have been falling for brokers for a very long time, so the only way that they can generate more revenue is by providing more value to their customers. The difficulty is that providing money to your customers costs money and people’s time.”
This means that not all clients get “star service” as it’s impossible to provide this consistently to everyone. Novidea however can reduce people time by creating reports to free up broker’s diaries.
Potts believes that: “If people [brokers] are given information at the point they need; they can make better decisions.
“The higher value the service, the bigger your commission.” And this signals a change in broking, with brokers becoming more of an advisor. He also pointed out that claims can be managed more effectively with better data.
Back office transformations
Speaking about the transformation of its back office, SRG’s group chief executive officer Lee Anderson said: “Working together we will ensure that SRG is at the forefront of digital transformation in the London Market, in line with Lloyd’s recently announced Blueprint two.
“We have a set criterion for our acquisition pipeline, which includes the full integration of all acquired businesses into our group. Novidea and WNS enable us to do this seamlessly.”
Potts added that SRG wanted a secure cloud-based platform that it could consolidate businesses on quickly and get around the problem of legacy systems.