COMPANY PROFILE

Novidea

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Leading Insurtech provider of a cloud-native, data-driven insurance management system

Netanya, IsraelFounded 2009Fintech

Valuation $250–500M Last recorded · 2024

Revenue $50–100M Latest reported FY

Headcount 100–500 Current team size

Total funding $100–500M Disclosed equity funding

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About Novidea

Novidea is a tech startup that operates in the insurance industry, providing a data-driven insurance distribution platform. This platform is designed to help insurance brokers, Managing General Agents (MGAs), and coverholders access real-time data, enabling them to make informed decisions to grow their business and provide better value to their customers. The platform integrates front, middle, and back office operations, providing actionable intelligence for business growth.

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Novidea's platform is cloud-native, allowing users to access customer data from anywhere, on any device. This flexibility is particularly beneficial for businesses looking to scale, as it eliminates the need for managing servers, updating insurance management software, or worrying about backups. The platform also offers API à la carte, enabling businesses to add functionality, capabilities, and services as needed.

The company's business model is based on providing a comprehensive insurance management system that supports all operational entities in the insurance distribution chain, from brokers to MGAs and coverholders. This system is easy to deploy, with seamless migration and integration, and supports multi-legal entities. It also leverages the full power of Salesforce, a leading customer relationship management platform.

Novidea's platform has demonstrated measurable results, including a 40% increase in cross-selling, a 30% increase in renewals, a 75% faster client onboarding process, a 63% increase in policy sales, a 60% increase in back office efficiency, and a 24% increase in claims capacity.

In summary, Novidea is a cloud-native, data-driven insurance distribution platform that helps insurance businesses streamline their operations, make informed decisions, and grow.

Source: Dealroom company data