Insurance Back Office Software

The global reinsurance market is an increasingly complex and regulated business, where brokers are required to meet ever-more demanding FCA requirements for their customers’ money and their own, while delivering process efficiency and cost reduction.

Why Novidea?

Working seamlessly with the Front Office, the system uses the same data to deliver a hyper-efficient, low-cost, and personalised customer service that includes all policy administration and claims handling, as well as accounting and settlement, renewal alerts, and actionable insights.

MANAGE POLICY ADMINISTRATION

Novidea’s insurance software platform simplifies document creation and management across the full insurance lifecycle and for all lines of business, from P&C, Specialty, Retail, and Wholesale through to Life Insurance.

An intuitive workflow system means information is only entered once before being automatically moved through the process, with no costly risk of human error from rekeying.

REVIEW AND RESOLVE CLAIMS WITH EASE

With powerful claims functionality, including full management of the claim, reserves, movements, and settlement process, Novidea's insurance back office software platform gives you instant access to each customer’s claim history – right down to individual claim level – through an easy-to-use, intuitive dashboard.

BOOST RENEWAL INCOMES

Typically, a third of renewals fall through the cracks because of manual processes and fragmented systems.

Novidea’s built-in functionality means you‘ll never miss a policy renewal, with an automated insurance policy management system that tracks the entire process, providing reminder alerts, and highlighting opportunities to cross- and up-sell to customers based on similar customers’ needs.

A MODEL IBA MODULE

Novidea’s out-of-the-box IBA module is fast and user-friendly, with rich functionality that is designed to manage funds between stakeholders through hyper-efficient data collection, collation, and flexible reporting in multiple currencies.

As a cloud-based solution, it is quick, easy, and cost-effective to upgrade to cover any future process developments and stay compliant with FCA regulatory changes.

INTEGRATED ACCOUNTING AND SETTLEMENT

The Novidea platform integrates your General Ledger and enables you to manage premium collections, settlements, and the month-end close process, as well as mid-term adjustments.

With an open API framework, any other functionality or integration you need can be quickly and easily plugged into your insurance back office software as and when required.

BUILT FOR BUSINESS OPTIMISATION

Why Novidea?

MANAGE POLICY ADMINISTRATION

REVIEW AND RESOLVE CLAIMS WITH EASE

BOOST RENEWAL INCOMES

A MODEL IBA MODULE

INTEGRATED ACCOUNTING AND SETTLEMENT

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