Published by isobel.regan@dontpanicprojects.com
Published Date 12.04.2024 
Novidea, the leading Insurtech provider of a cloud-native, data-driven insurance management system, is a finalist for Global Business Tech Awards’ FinTech Company of the Year 2024. In addition, Roi Agababa, Novidea’s founder and CEO, is a finalist for Entrepreneur of the Year.
Novidea is helping insurance organizations seamlessly transition to digital to provide a better customer experience. Recent research by Novidea found that 75% of insurance organizations worldwide are preparing to embrace new management technology within the next two years. Novidea is leading that digital revolution, leveraging its innovative research and development team to build world-class solutions that help insurance organizations digitize and modernize their distribution lifecycle while scaling global operations in key regions where those solutions can make a significant impact on the evolving insurance industry.
With its open API architecture, Novidea enables brokers, agents, MGAs, and carriers to modernize and manage the customer journey end-to-end and to drive growth across the entire insurance distribution lifecycle. Novidea’s streamlined and automated platform fully integrates front, middle, and back offices, boosting operational efficiency while providing a seamless digital experience for team members and customers alike. By eliminating information silos, gathering customer data, and extracting actionable insights, Novidea equips insurance organizations to deliver greater customer value through tailored products and services. All this happens in one platform that agents and brokers can access anytime from anywhere. This remarkable technology is currently in use by more than 100 customers across 22 countries.
Novidea does not stop at delivering cutting-edge insurance management solutions; the company also stands out from other players in this space by freely and consistently sharing valuable thought leadership, industry trends, and education. By empowering insurance professionals with information they can use to solve real operational challenges, Novidea demonstrates their team’s deep industry expertise and technical knowledge, building the trust that is so key to successful collaboration with their customers.
That trust is more valuable than ever, given the recent history of technology vendors over-promising and under-delivering, leaving insurance organizations saddled with solutions that caused more problems than they solved. To repair that damage, Novidea has remained committed to delivering on its promises, operating ethically, and working closely with customers to ensure their implementation meets and exceeds their needs. Today, their customers report incredible transformations in their organizations on the strength of Novidea’s platform. They have been able to scale faster, streamline efficiencies, and even bring new risk products to market that wouldn’t have been possible before partnering with Novidea.
Entrepreneur of the Year Finalist Roi Agababa founded Novidea after seeing the need for a unified, end-to-end data driven platform designed specifically for insurance professionals. Prior to his role as Novidea’s CEO, Agababa was a senior executive with SRL software group, where he held a number of senior management positions, most notably as the global Vice President for Research and Development and the Managing Director of SRL Tech. Under Agababa’s leadership, Novidea has thrived, being recognized for outstanding contribution to technology and innovation by the London Market Forum, and being named most innovative insurtech company by both Insurtech100 and AIFintech 100.
“Being shortlisted for these prestigious awards reinforces my pride in the collective efforts of our teams,” says Agababa. “We stay busy refining our solutions and partnering with our customers to keep them ahead of the game, and this is a welcome opportunity to recognize the accumulated value of what we’re achieving together.”
Novidea shows no sign of slowing down in its mission to change the way insurance business is done. The company recently added dozens of employees to its headquarters in Israel, took new office space in London, added new sales and leadership staff in the U.S., significantly strengthened its research and development teams in Eastern Europe, and launched in Asia in late 2023. In May 2023, they completed a $50 million Series C funding round led by Battery Ventures. In September 2023, the company became a member of the Wholesale and Specialty Insurance Association, a non-profit association of professionals dedicated to the wholesale and specialty insurance distribution system. To top off a remarkable year, the company released an innovative new version of its SaaS platform in November. This updated version included enhancements to claims, billing, accounting, document management, quoting, submissions, UI/UX, and more.
To learn more about Novidea, visit https://novidea.com/.
