Novidea enters Southeast Asian insurance market with cloud-based platform
This move aligns with Novidea’s strategic ambition to become the premier provider of core platforms for insurance organisations worldwide.
Analysts at GlobalData predict a 7.2% growth in Singapore’s general insurance industry by 2026, spurred by private healthcare and significant infrastructure projects. The firm estimates the regional market to swell from $3.5bn in 2021 to $5.1bn by 2026.
“We’re witnessing a pressing demand from global brokers in Southeast Asia for a single, integrated, global cloud-based insurance management platform,” said Novidea CEO Roi Agababa. “Southeast Asia is embracing digitalisation in insurance technology, and businesses are actively seeking specialist solutions to remain competitive and profitable.”
Findings from a recent Novidea-commissioned global survey reveal challenges faced by Singaporean insurance organisations, with the most prevalent being the cost of upgrades, data silos, and high implementation and maintenance expenses.
Ben Potts, Novidea’s UK and international managing director spearheading the Southeast Asian initiative emphasised the platform’s differentiating factor: “There are very few global insurance management platforms that cater to cross-border operations, encompassing the entire customer journey while also offering an integrated front, middle, and back-office solution within a single platform.”
Although the initial focus is on global brokers seeking optimised operational efficiency, Novidea also extends its support to regional brokers and larger managing general agents striving for accelerated growth.
The vast but fragmented and intricate nature of the Southeast Asian insurance market presents a significant opportunity for Novidea. Its cloud-based platform, designed with a global-first approach to accommodate the region’s multi-language, currency, compliance, and workflow requirements, could empower global brokers and carriers to elevate their technological capabilities and secure a competitive edge.
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