Novidea Accelerates Growth and Digitalization for MGAs with its Cloud-Native, Data-Driven Insurance Management Platform

BOSTON and LONDON, April 5, 2022 /PRNewswire/ -- Novidea, the creator of the only cloud-native, data-driven platform that optimizes the entire insurance policy distribution lifecycle, today announced that its configurable Agency Management System (AMS) is seeing high demand from Managing General Agents (MGAs) and Managing General Underwriters (MGUs). MGAs and MGUs, as well as specialty insurers, have experienced explosive growth over the past 24 months and require flexible, cloud-native agency management solutions to help them scale and support new business models.

New research from Clyde & Co. shows that the MGA market has seen a significant resurgence in Europe and the US. The report notes that the MGA market "is more popular with carriers than it has ever been – almost half (47%) believe that it provides the best environment in which to grow and develop MGA business." Further, more than two-thirds (69%) of MGAs surveyed expect partnerships with carriers will increase in 2022, a view shared by one-third (33%) of carriers.

Historically, the MGA market has been encumbered by legacy systems that are difficult and expensive to scale and update, with siloed data and limited access to real-time management information. Today, forward-looking MGAs are increasingly looking to move to cloud-based solutions that enable them to automate processes, reduce costs, and increase resilience, agility, and competitiveness.

"As insurers increasingly use MGAs as a distribution channel to expand into new territories and niche markets, MGAs must have technology that can quickly scale and deliver a great customer experience," said Eric Ayala, Senior Vice President and General Manager of Novidea Americas. "In the US and Europe, we see a significant spike in requests for our platform from MGAs. They require modern, flexible technology that enhances their customer experience and increases new business and retention."

Roi Agababa, CEO of Novidea, added: "Novidea is responding to increased global demand from MGAs, following our international success with agencies and brokerage firms, serving over 100 customers in 20 countries. Our insurance distribution platform delivers advanced analytic capabilities and actionable information that translates into real-time business insights that enable MGAs to drive growth."

With Novidea's flexible platform, MGAs, MGUs, InsurTechs, specialty line insurance agencies, and brokers can:

• Benefit from pre-built MGA/MGU business processes, automations, and workflows, which can be easily customized to the unique characteristics of their business
• Enable remote working with secure cloud-based access to customer data and policy information from anywhere, at any time, on any device
• Make better-informed business decisions about growth, retention, and profitability with reporting and dashboards
• Easily add new lines of business without incurring excessive costs or disrupting current operations with our low-code/no-code environment
• Optimize business across front, middle, and back offices with an all-in-one agency management platform
• Connect seamlessly to third-party integrations with our open-API architecture

Commenting on Novidea's unique solution, Sharon Brown, Managing Director at MGA Harbour Underwriting, said: "Due to our niche underwriting process, few other providers were able to meet our requirements. The benefits of working with Novidea are wide-reaching, and our new underwriting platform will be one of the tools that underpin the future of our business strategy."

About Novidea

Novidea is the creator of the only born-in-the-cloud, data-driven insurance platform that enables brokers, agents, and MGAs to modernize and 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. The platform's AI technology provides a 360-degree view of the customer and all stakeholders, enabling full integration between customer-facing policy transactions and the middle and back office. Brokers, agencies, and MGAs extract more value from their 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. Novidea, a member of MGAA and an ACORD partner, supports more than 100 customers, including agents, brokers, MGAs, and the London market, managing more than 22 million policies across 20 countries.

For more information, please go to: www.novideasoft.com

For further information contact

Michelle BarryChameleon Collective
Michelle.barry@chameleon.co
T: +1 (603) 809-2748

Simon Hayes, M.D.
NextGen Communications
simon@nextgencomms.com 
M: +44 (0)7771 516544

Logo - https://mma.prnewswire.com/media/1723159/Novidea_Logo

View original content to download multimedia:https://www.prnewswire.com/news-releases/novidea-accelerates-growth-and-digitalization-for-mgas-with-its-cloud-native-data-driven-insurance-management-platform-301517916.html

SOURCE Novidea