Novidea enhances cloud-based insurance management platform to improve efficiency

The upgrades cover various areas, including policy management, invoicing, payments processing, and more.

The latest release focuses on streamlining the quote-to-bind process and offers expanded options for claims management, invoicing, and billing. Features such as commission statement reconciliation, Direct Bill Commission Download (DBCD), and multi-entity billing provide greater flexibility and efficiency.

Sharone Volk, VP of product at Novidea, emphasises the industry-wide drive to improve efficiency and meet customers’ digital expectations.

“The automated technology we’ve built into our latest version of insurance management software reduces costs and cuts down on repetitive tasks, speeding up the ability to deliver great service in an increasingly competitive landscape,” he says.

Key enhancements include a “Copy Quote” action that enables users to clone existing quotation records, eliminating data re-entry and expediting the process. Improved insurance business accounting (IBA) functions enhance the policy payment experience, while upgraded line of business (LOB) management enables quicker market entry and revenue diversification for agents and brokers.

The upgraded platform further enhances claims management, providing better visibility and tracking of claims data. This translates into reduced manual labour for claim handlers and faster claims resolution, supported by Novidea’s rule engine for tailored claims processing.

These enhancements enable insurance professionals to operate more efficiently and effectively, aligning with the industry’s focus on digitisation and enhanced customer experiences, claims Novidea.