Novidea recently hit the headlines following its latest Series C funding drive which saw a $50 million raise and solid investor support.
A leading insurtech provider of a cloud-native, data-driven insurance management system, the company was founded in 2009 by its dynamic CEO, Roi Agababa, and has seen impressive, consistent growth in recent years, mainly because of its unique set of offerings.
Novidea uses open API architecture on its software platform, and this enables brokers, agents, MGAs, and carriers to modernise and manage the customer insurance journey, end-to-end, and drive growth across the entire insurance distribution lifecycle.
Built to leverage the power of Salesforce’s Big Technology, Novidea also provides a complete ecosystem, spanning every aspect of an insurance business, including a 360-degree view of the customer and all stakeholders, an integrated customer-facing policy transactions, and the middle-and-back-office.
Novidea currently supports more than 100 customers across 22 countries.
Why did you decide to launch Novidea in 2009? What motivated you – especially so early on in the insurtech race?
We identified a need in the insurance space, which was actually the last of the large sectors to move into the digital world. We wanted to create a platform to replace legacy systems that seamlessly connects all departments, gets rid of silos, and enables our customers to obtain insights and actionable intelligence from data across the business.
We’re seeing lots of dynamic insurtech startups and unicorns emerge from Israel. Why is that? Are there certain factors that are helping to drive this particular market?
Israel is a hotbed for innovation – in all spaces really – from cyber to biotech, and telecommunication to aerospace, due to our excellent educational system and dynamic entrepreneurial culture. It is no surprise, therefore, that insurtech companies have emerged successfully as well, globally.
Novidea recently raised US$50 million despite the tough, economic climate. Can you tell us how that came about, and what strategies have proved most successful in attracting funding?
We have been in hyper-growth mode consistently in recent years. We have built a diversified customer base and signed multiyear contracts with leading players in the market who view Novidea as a partner for the future. The attention we received from Tier 1 investors is a testament to our innovative insurance platform, our customer success, and our predicted steady, consistent growth.
What’s your opinion on the current insurtech investment climate? Are things starting to get better?
I believe that InsurTech companies showing solid growth and viable products addressing real customer pain points will still be able to secure funding.
What inspires you in insurtech today?
Insurance is an industry that’s long overdue for moving into the modern world of cloud, data, and digitalisation. It is exciting to see our customers motivated to adopt technology that changes the way brokers, MGAs, and agents work on a daily basis.
Novidea’s insurance platform enables our customers to automate repetitive processes, drive operational efficiencies, and increase business resilience to stay competitive and provide a better customer experience.
It is exciting when we witness our customers moving away from disparate legacy software systems that don’t talk to each other and welcome an era where a platform can create an ecosystem that dynamically addresses their business needs.
