Novidea Releases Updated Version Of Its Insurance Management Platform With Significant Enhancements Across Policy Administration, Bordereaux, Claims And Accounting

Novidea, the global leader in cloud-native insurance management platforms, announced its latest product release which will enable users to reduce manual rework, improve data integrity, and accelerate high-volume processing across policy, bordereaux, claims and broker accounting workflows.

Highlights of the Release

Quote-to-Bind – To further accelerate the Quote-to-Bind process, brokers can now also manage multiple quote versions for different markets and select multiple markets under an open submission in a single action. Market selection is optimized by division-specific preferred market lists and Business Unit-level facility restrictions, ensuring front-office teams engage only with relevant and compliant capacity providers. Policy Administration – Policy administration capabilities have also been expanded to better handle complex financial terms. Organizations can now establish bespoke instalment schedules for each carrier on Open Market policies, and utilize BiPar Groups for granular control over shared financial terms across participant markets. Additionally, comprehensive lifecycle support for Notices of Cancellation has been directly integrated into the platform to automatically flag impacted installments and postings. Claims – Claims handlers benefit from a new Movement Summary dashboard that delivers real-time, multi-currency financial visualizations directly on the claim movement record. Teams can now efficiently move open claims between policy versions without losing data and natively manage Loss Funds directly from binder sections. Bordereaux – Bordereaux production and correction processes have also been significantly enhanced. A new cross-facility dashboard allows users to generate bordereaux files across multiple facility versions and sections simultaneously. When corrections are required, users can now efficiently roll back finalized premium and claims bordereaux with automated contract creation to maintain a strict audit trail. Accounting and Finance – The platform reduces manual reconciliation work to an even greater extent. Finance teams can execute multiple write-offs within a single dynamic allocation and process payment requests in soft currencies without needing a corresponding destination bank account. To further streamline period closes, the system now automatically matches bank statement debits to payment requests and generates automated contra postings for cancellation and replacement transactions.

Specialty Premium Automation for Complex Schedules

Brokers often process specialty placements at a summary level due to limitations of legacy platforms, and their ability to manage the high volume of scheduled data and necessary processing automation. Novidea's new import capability automatically creates the schedule and loads premium terms per carrier for each vessel, aircraft, or property. Premiums are then generated automatically, including the applicable number of LPANs. This structured data remains available throughout the policy lifecycle to support endorsements and is seamlessly transferred upon renewal.

By capturing this granular placement data earlier in the process, the Novidea platform further strengthens automation for premium processing in complex specialty business, enabling cleaner downstream bordereaux, transactions, and reporting.

About Novidea

Novidea is the leading Insurtech provider of a cloud-native, data-driven insurance management system. With its open API architecture, Novidea enables brokers, agents, MGAs, MGUs and carriers to modernize and manage the customer journey end-to-end and drive growth across the entire insurance distribution lifecycle. Novidea's streamlined and automated platform fully integrates front, middle, and back offices. The Novidea platform boosts operational efficiency while providing a seamless digital experience for team members and customers alike. Insurance businesses benefit from a 360-degree view of customers and policies and can access data and actionable insights anytime, anywhere, and on any device. In 2024, Novidea acquired Docomotion, a leading Document Generation platform. The company currently serves more than 350 customers worldwide.

For more information, please go to:

Elliot Lane
[email protected]
Michelle Barry
[email protected]

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