Novidea, the creator of the cloud-native, data-driven insurance Agency Management System (AMS), today announced significant new enhancements to its low-code automation rules engine. These enhancements will empower independent agents, brokers, managing general agents (MGAs) and wholesalers to work smarter and more efficiently, while providing a great customer experience.
Each insurance policy transaction involves multiple functions and processes that carry out specific tasks across an MGA’s or agency’s front, middle and back offices. Each of these tasks involves rules, regulations, and agency policies that drive decision-making for agents and their customers. Novidea’s newest system upgrade includes dynamic questionnaires based on the specific rules for each customer, enabling agents to reduce manual intervention. This low-code approach to automation results in less time on repetitive tasks for agents so they can focus on what they do best: servicing clients and finding more ways to maximize profits for the business.
With the new rules engine update, the Novidea platform:
- Calculates premiums and assesses risk based on responses to the dynamic questionnaire and generates a quote
- Streamlines the quote and bind process, saving time and costs for agents
- Provides dynamic accounting behavior enabling agencies to tailor their specific financial workflows to address their bespoke processes
“Speed to market is vital for insurance businesses to stay competitive. Embracing automated technology improves efficiency and allows them to match digital experiences with carriers,” said Sharone Volk, Novidea VP Product. “This, combined with our open API architecture built on Salesforce, delivers a cloud-based agency management solution that transforms how agents manage the insurance distribution lifecycle.”
Learn more about the Novidea agency management platform live at InsureTech Connect 2022, September 20-22 at the Mandalay Bay, Las Vegas – Booth #2422.
Novidea is a leading provider of the first born-on-the-cloud, data-driven insurance platform that enables brokers, agents, and MGAs to modernize and manage the customer insurance journey end-to-end and drive growth across the entire insurance distribution lifecycle. The Novidea platform, built to leverage the power of Salesforce’s Big Technology, provides a complete ecosystem spanning every aspect of an insurance business. The platform’s technology provides a 360-degree view of the customer and all stakeholders, enabling full integration between customer-facing policy transactions and the middle and back office. Brokers, agencies, and MGAs extract more value from customer and policy data with actionable intelligence from any device, anywhere. Novidea turns data into insight at the point of need, enabling better-informed decisions and delivering greater customer value through products and services tailored to individual needs. Novidea, a member of MGAA and an ACORD partner, supports more than 100 customers, including agents, brokers, MGAs, and the London market, managing tens of millions of policies across 22 countries.