Published On: Sun, Jun 6th, 2021

Israel’s Novidea Offers Cloud Based Solutions for the Insurance Industry

Novidea has raised $30 million.

Novidea is an Israeli company offering a cloud-based, data-driven InsurTech platform that enables brokers, agents, and MGAs to drive operational efficiencies and growth across the entire distribution lifecycle. The company has increased its funding by $15 million, led by IGP, adding to $15 million raised just several months ago. The is brings Novidea a total of $30 million in Series B funding led by Israel Growth Partners (IGP) and joined by JAL Ventures, KT Squared, and 2B Angels.

Founded in 2009, Novidea states that its end-to-end platform provides real-time business intelligence and seamless workflow management for brokers, agents, MGAs, bancassurance and corporate risk management. Novidea says that the platform is designed specifically for insurance distribution. The company boasts that the Novidea cloud-based platform gives users a single view for managing the entire insurance distribution lifecycle across all lines of business. It promotes service excellence, simplifies regulatory compliance, and gives you secure data access from any device, anytime.

“By consolidating all your front- and back-office data and workflows — from leads to quotes to policy administration — Novidea’s integrated solution delivers full visibility into the entire customer journey and actionable insights to help you increase sales, profitability and productivity.”

“Novidea is witnessing an increased global demand for its cloud-based insurance platform that translates insurance parameters into real-time business insights with advanced analytic capabilities and actionable information,” said Roi Agababa, CEO of Novidea. “We are excited about the partnership with IGP and their trust in our vision. The additional investment will enable Novidea to respond to the growing demand for our products, to accelerate our product roadmap, and to double-down on our global expansion.”

Assaf Harel, General Partner at IGP added: “While innovative direct-to-consumer business models are making waves in the market and forcing carriers to adapt, the traditional insurance agency ecosystem is significant and growing, but still very conservative and relies primarily on software systems written 15-20 years ago, as well as manual work. Novidea aims to lead the digitalization of the insurance distribution industry with an innovative cloud-based insurance platform that couples end-to-end management with actionable insights to enable customers to dramatically increase operational efficiencies and revenue and gain an unfair advantage in their respective markets.”

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