Novidea, a leading provider of cloud-native insurance platforms, has unveiled a significant update aimed at minimizing manual rework, enhancing data integrity, and expediting high-volume processing across policy, claims, bordereaux, and accounting workflows.
The latest update brings a host of enhancements across the entire insurance lifecycle, with a strong emphasis on automation, scalability, and control within complex and regulated environments.
In the area of distribution, the enhancement of Quote-to-Bind functionality allows brokers to oversee multiple quote versions across various markets. This system enables the selection of several markets in a single submission, guided by specific division preferences and unit restrictions, thereby ensuring compliance and relevance throughout the process.
Further developments also extend to policy administration, where firms can now establish custom installment schedules for different carriers on open market policies. BiPar Groups have been introduced to facilitate more precise management of shared financial terms, and the platform now offers complete lifecycle support for Notices of Cancellation, which automatically flags any affected installments and postings.
The claims handling process has seen improvements with the introduction of a new Movement Summary dashboard, delivering real-time, multi-currency financial visibility. Users can transfer claims between different policy versions without losing data, and manage loss funds directly within binder sections, ensuring enhanced oversight and efficiency.
Bordereaux processing has been modernized via a cross-facility dashboard that allows users to generate files across multiple facility versions and sections. Additionally, the platform supports the rollback of finalized bordereaux with automated contract creation, which helps to maintain robust audit trails.
Enhancements to finance and accounting capabilities aim to alleviate reconciliation burdens. Teams can now process multiple write-offs within a single allocation and handle payments in soft currencies without needing destination accounts. Furthermore, the platform automates bank matching and contra postings during period closures, streamlining financial operations.
The update also introduces specialty premium automation tailored for complex risk scenarios. A new import capability allows structured schedule data for assets such as vessels, aircraft, and property, automatically generating premiums and the necessary documentation. This data remains throughout the policy lifecycle, aiding endorsements and renewals, while also enhancing downstream reporting and bordereaux quality.
Ido Peled, Senior Vice President of Product at Novidea, stated, “Our clients increasingly demand both speed at scale and tighter controls in complex regulatory environments. This release is targeted at practical improvements that eliminate friction, reinforce data integrity, and empower teams to manage sophisticated placements, bordereaux, and financial processes confidently. It reflects Novidea’s ongoing commitment to innovation, providing regular, customer-driven upgrades that keep insurance organizations agile in an ever-evolving market landscape.”