Novidea has been chosen by Jamaica-based insurance broker Allied Insurance Brokers Ltd. (AIB) to implement its born-in-the-cloud, data-driven insurance management platform for Managing General Agents (MGAs).
The platform will fully automate AIB’s end-to-end Coverholder processes from Jamaica to the London Market while satisfying all data capture, exchange, processing, compliance, and reporting requirements. This will increase efficiency and productivity for AIB while lowering overhead costs and providing analytics and reporting to help fuel the company’s growth across the Caribbean as a Lloyd’s Coverholder.
AIB became an authorized Lloyd’s Coverholder in 2013. That part of the business recently rebranded to A+ Insurance Solutions and provides General Liability, Medical Malpractice, and Personal Accident, including reinsurance coverage on behalf of Lloyd’s syndicates to clients in Jamaica, Antigua, Bahamas, Barbados, Grenada, St. Lucia, Turks and Caicos, and other territories within the Caribbean. They also provide solutions for Directors & Officers Liability, Professional Indemnity, Cyber insurance, and other classes of insurance that are not typically sold by local market insurers.
Camile Coore, Technical Manager, AIB, shared: “We are excited about this new partnership and the efficiency and growth potential it will bring to A+ Insurance Solutions. The team will have access to prebuilt reporting and insurance analytics tools that will enhance the visibility of our business and customers.
“Additionally, we will be able to focus on value-added tasks instead of utilizing a significant portion of our time in cumbersome manual processes, such as data verification and validation.”
Ben Potts, Managing Director, UK, Novidea, said: “We’re delighted to be selected by AIB and look forward to working in partnership to implement our platform to support their London Market needs and global operations and to streamline business processes.”
With more than 100 customers in 22 countries, Novidea, the creator of the only born-on-the-cloud, data-driven insurance platform built on Salesforce, is truly global. Its platform enables brokers, agents, and MGA Coverholders to manage the customer insurance journey end-to-end and drive growth across the entire insurance distribution lifecycle. The company achieved a 93 percent year-over-year growth rate in 2022. In 2023, Novidea has already made strategic hires in key growth areas for the business and expanded in multiple geographic regions.
Novidea will be at the Insurtech NY 2023 Spring Conference March 29-30. Eric Ayala, managing director of North America for Novidea, will participate in a live panel discussion, “The Zero Sum: The Win-Win Partnership Philosophy," at 1:15 EDT on March 29. Mr. Ayala is available for media briefings while attending the conference.