Novidea, creator of a born-on-the-cloud, data-driven platform optimizing the entire insurance policy and distribution lifecycle, today announced that the company has grown over 100% YoY and doubled its operations in 2021 due to increased global demand from brokers, agents, and MGAs.
Historically, the insurance market has been encumbered by legacy systems that are difficult and expensive to scale and update, with siloed data and limited access to real-time management information. Today, forward-looking businesses are increasingly moving to cloud-based solutions that enable them to automate processes, reduce costs, and increase resilience, agility, and competitiveness. Cloud-based solutions also empower insurance agencies to support remote work by allowing secure access to customer data and policy information from anywhere, at any time.
“Novidea is witnessing an increased global demand, with over 100 customers in 20 countries, for its cloud-based insurance platform, with advanced analytic capabilities and actionable information that translates insurance parameters into real-time business insights,” said Roi Agababa, CEO of Novidea.
He added: “This clearly demonstrates that the appetite to embrace digital transformation is gathering pace among forward-thinking agencies, brokers, and MGAs. We have expanded the business globally to meet this demand, including doubling our workforce and hiring and promoting top talent, such as our new CMO Julie Shafiki, ex Kryon and Tufin, and Maayan Cyzs, who has been promoted to VP of Strategy.”
Further, over the last three years, Novidea has demonstrated an impressive Net Revenue Retention (NRR) rate of 110%, representing the percentage of recurring revenue from existing customers. This clearly confirms the value of Novidea’s cloud-first technology, which delivers visibility into policy sales growth, increased profitability, and enhanced operating efficiency with analytical tools, unique information analyses, and business insights accessible in real-time.
Roi Agababa added: “As we continue to expand our customer-base globally, we are committed to being the cloud-based insurance platform of choice. We continue to build our ecosystem with best-of-breed solution providers that enable us to easily integrate additional capabilities that meet, indeed exceed, our customers’ needs and expectations.”
Novidea is expanding its partner ecosystem, now collaborating with respected Tier-1 organizations such as ACORD, CGI, IVANS, Web Connectivity, WNS, and Xceedance.
During 2021, Novidea gained series B funding of $30 million to expand its operations in the USA and EMEA, and to accelerate product innovation to meet increased customer demand.
