Novidea, a provider of cloud-based, data-driven enterprise insurance management solutions, has announced a raft of updates to its insurance management platform designed to boost its effectiveness in policy management, claims administration, billing, accounting, document and file management, and other key areas.
The move will enable the offering to achieve greater efficiency and innovation across all markets it serves.
The latest update reinforces Novidea’s commitment to innovation, ensuring it maintains a competitive edge while continuously improving its offerings for its global customer base.
Among the key updates is an enhanced policy management system that supports vertical placement, allowing policies with different premiums per carrier to be recorded without splitting them into separate policies.
Additionally, the platform now supports automated bordereau file ingestion for policy creation and binder/lineslip management.
Claims management has also been upgraded, enabling brokers to link claims related to the same incident or catastrophe seamlessly.
The system now supports CLASS (Claims Loss Advice and Settlement System) messaging, allowing brokers to upload claim data and supporting documentation for insurers to review, agree upon, or reject claims online.
Enhancements to the Insurance Business Accounting (IBA) module introduce a new ledger view, which enables users to adjust parameters dynamically and perform advanced actions. Additionally, brokerage movement types are now more transparent, allowing better tracking between booked, earned, and realised brokerage.
For line-of-business (LOB) management, the update integrates state-specific sections in line with ACORD standards and improves the submission workflow. This provides better visibility into open quotes, related lines of business, and advanced editing capabilities.
Document and file management improvements now include advanced auto-filing capabilities, along with the ability to associate filed content with a specific Legal Entity (LE) as defined by the user.
“Our recent release demonstrates our commitment to continuously innovate and provide improved customer experience,” Novidea CTO Erez Nissim said. “We are confident that our data-driven insurance management platform will continue to provide organisations the technology and tools they need to manage complex transactions, drive efficiencies and fuel business growth.”
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