Insurtech Novidea has announced its launch into the Southeast Asian market, starting in Hong Kong and Singapore.
The company created a cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs and carriers.
“At Novidea, we are seeing an urgent demand from global brokers in Southeast Asia for a single integrated, global, cloud-based insurance management platform,” said Roi Agababa, CEO, Novidea. “Southeast Asia is embracing digital transformation in terms of insurance technology, and many businesses are seeking specialist digitalisation solutions to remain competitive and profitable.”
Findings from a recent global survey commissioned by the insurtech demonstrate that Singapore insurance organisations are experiencing challenges with their existing technology, the most prevalent being the cost of upgrades, data silos, and high implementation and maintenance costs.
Ben Potts, UK and International MD, Novidea, who is leading the expansion in Southeast Asia, said: “There are many technology suppliers in the Southeast Asia region, however there are very few global insurance management platforms that support businesses across borders, while covering the entire customer journey, end-to-end and offering an integrated front-, middle-, and back-office in a single platform.
“Whilst the initial demand for Novidea’s platform came from global brokers who need a more efficient way to integrate their operations, both worldwide and between markets, we also support carriers, regional brokers and larger MGAs looking to accelerate their growth.”
Global brokers and carriers require access to new age cloud-based systems with a global first approach supporting multiple languages, currencies, compliances, and workflows within the region.