Global insurtech Novidea has announced the launch of its insurance management platform in Southeast Asia to meet escalating demand for digital transformation in the region.
With its open API architecture, Novidea enables brokers, agents, MGAs/MGUs, and carriers to modernise and manage the customer journey end-to-end and drive growth across the entire insurance distribution lifecycle.
According to the announcement, the insurtech will start the launch of its platform in Hong Kong and Singapore.
“At Novidea, we are seeing an urgent demand from global brokers in Southeast Asia for a single integrated, global, cloud-based insurance management platform,” said Roi Agababa, CEO, Novidea. “Southeast Asia is embracing digital transformation in terms of insurance technology, and many businesses are seeking specialist digitalisation solutions to remain competitive and profitable.”
Set to grow by 7.2% by 2026, Singapore’s general insurance industry is fuelled by private health and major infrastructure projects, according to GlobalData. It is forecasted that the industry in the region will grow from US$3.5bn in 2021 to US$5.1bn in 2026.
Findings from a global survey commissioned by Novidea this quarter revealed that insurance organisations in Singapore experience challenges with their existing technology, the most prevalent being the cost of upgrades, data silos, and high implementation and maintenance costs.
Ben Potts, UK and International MD, Novidea, who is leading the charge in Southeast Asia, said: “There are many technology suppliers in the Southeast Asia region, however there are very few global insurance management platforms that support businesses across borders, while covering the entire customer journey, end-to-end and offering an integrated front-, middle-, and back-office in a single platform.
“Whilst the initial demand for Novidea’s platform came from global brokers who need a more efficient way to integrate their operations, both worldwide and between markets, we also support carriers, regional brokers and larger MGAs looking to accelerate their growth.”
The insurance market in Southeast Asia is vast, yet characterised by fragmentation and complexity, Novidea highlighted.
Global brokers and carriers require access to new age cloud-based systems with a global first approach supporting multiple languages, currencies, compliances, and workflows within the region.
This marks a significant opportunity for global brokers and carriers to elevate their technological capabilities. Novidea believes this can be achieved with the advantages offered by its insurance management platform.