This latest iteration of Novidea’s insurance management platform introduces advancements across various critical areas, including policy management, claims administration, billing, accounting, and document management. These updates reinforce Novidea’s commitment to continuous innovation and maintaining its competitive edge in the global insurance market.
Key highlights of the new features include:
Policy Management: The release incorporates vital enhancements such as vertical placement, facilitating the recording of policies with varying premiums per carrier without the need to split placements. Bordereau file ingestion is now supported, enabling automated policy creation and management for binder/lineslips. Enhanced functionality also includes upgrades to deductions, taxes, and more.
Claims Management: Brokers can now benefit from a streamlined approach to linking claims related to the same incident or sharing common attributes to a group or a Lloyd’s catastrophe. The introduction of CLASS (Claims Loss Advice and Settlement System) messaging allows for efficient loading of claims data and supporting information.
Insurance Business Accounting (IBA): New features include a ledger view for dynamic parameter changes and advanced actions. Support for different brokerage movement types enhances transparency and reporting.
Line-of-Business (LOB) Management: The release introduces LOB enhancements, incorporating state-specific sections following the ACORD standard. Improved submission workflows enable efficient creation and management of submissions, enhanced visibility into open quotes, and seamless advanced editing capabilities.
Documents and Filing Management: The platform’s core file management module now offers advanced auto-filing functionality, with filed content associable with specific Legal Entities as defined by users.
“Our recent release demonstrates our commitment to continuously innovate and provide an improved customer experience,” said Erez Nissim, CTO of Novidea.
He added: “We are confident that our data-driven insurance management platform will continue to provide insurance organisations with the technology and tools they need to manage complex transactions, drive efficiencies, and fuel business growth.”
Join Novidea at Insurtech Insights Europe at the InterContinental London – The O2
Ben Potts, General Manager UK, of Novidea will be at Insurtech Insights Europe at the InterContinental London – The O2 – on March 20-21 in the panel discussion: Breaking Down Silos: How digital transformation can unify your company under one vision, and experts will be available in Stand A4.
