Novidea

Overview

Novidea is a cloud insurance management and distribution platform built on Salesforce, addressed to insurance brokers, agencies, wholesalers, MGAs and coverholders, including firms in the London Market. It covers the front, middle and back office in one system, from leads and submissions through quoting and policy administration to claims and accounting. The vendor site publishes no prices and points to booking a meeting.

Key Facts

Features

Clients and policies

After binding, a policy is created automatically with its documents, and endorsements, mid-term adjustments, renewals and claims are handled in the same system; claims management covers reserves, movements and settlement, with each customer's claim history on a dashboard

Lines of business and markets

Over 20 pre-built agency lines of business, with new lines added per customer, across P&C, specialty, retail and wholesale; the vendor addresses brokers, MGAs, coverholders and the London Market

Comparative rating and quoting

A built-in rating and rules engine prices risks from a panel, part of a complex risk can be placed with MGAs and binders, and the platform integrates with carrier platforms, pricing solutions and market and broker trading platforms

Carrier downloads and connectivity

Submission to trading platforms and direct integration with carrier platforms; a risk can be placed across multiple markets with fees, premium terms, cover levels and declination reasons

Sales pipeline and renewals

Lead management with assignment across teams, scheduled targeted email campaigns, a cross-sell and upsell module that suggests products based on similar customers, and renewal tracking with reminder alerts

Commissions and agency accounting

A dual-entry ledger for insurance transactions with currency conversion, cash matching and pre-built reports such as client money calculation, trial balance and account statements, plus premium collections, settlements, month-end close and general ledger integration; dashboards show brokers and agents their sales and commissions

Client portal and certificates

A customer portal designed to match the firm's website, where clients see policies, renewals, claims, quotes and agent contact details and can request self-service changes such as endorsements, with the team notified of each request

Compliance records and audit trail

Finalized premium and claims bordereaux can be rolled back with automated contract creation to keep an audit trail; built on Salesforce, with multi-factor authentication and Salesforce user privilege options, and the vendor cites Salesforce's SOC 1, SOC 2, SOC 3, ISO 27001, ISO 27017 and ISO 27018 certifications

Reports and exports

Over 500 ready-made report templates, custom reports from any data field, and role-specific dashboards with permission-based access

Integrations and API

Open API framework and the Salesforce ecosystem for connecting other applications and trading partners, plus Docomotion document generation with a Microsoft Word add-in and REST APIs (Docomotion Connect)

Integrations

• Salesforce
• Microsoft Word

Deployment and Support

Deployment

• Cloud (SaaS)

Pros and Cons

Pricing

Alternatives and Comparisons

What users say

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