Insurtech firm Novidea is foraying into the South East Asian market to develop operations and meet rising demand.
The corporate provides a cloud-based, data-driven insurance coverage administration platform for carriers, brokers, brokers, managing basic brokers (MGAs) and managing basic underwriters.
Initially, Novidea will launch in Hong Kong and Singapore.
Novidea acknowledged that regardless of its measurement, South East Asia’s insurance coverage sector is difficult and fragmented, presenting a big alternative.
Novidea CEO Roi Agababa mentioned: “At Novidea, we’re seeing an pressing demand from world brokers in South East Asia for a single built-in, world, cloud-based insurance coverage administration platform.
“South East Asia is embracing digital transformation when it comes to insurance coverage expertise, and lots of companies are looking for specialist digitalisation options to stay aggressive and worthwhile.”
Entry probably the most complete Firm Profiles
in the marketplace, powered by GlobalData. Save hours of analysis. Achieve aggressive edge.
Firm Profile – free
pattern
Thanks!
Your obtain electronic mail will arrive shortly
We’re assured in regards to the
distinctive
high quality of our Firm Profiles. Nevertheless, we wish you to take advantage of
useful
resolution for your small business, so we provide a free pattern which you can obtain by
submitting the beneath kind
By GlobalData
Citing GlobalData, Novidea mentioned infrastructure tasks and personal well being would drive 7.2% development in Singapore’s basic insurance coverage market by 2026.
In line with estimates, the area’s trade will develop from $3.5bn in 2021 to $5.1bn in 2026.
Outcomes from a worldwide survey commissioned by Novidea present that Singaporean insurance coverage corporations have quite a lot of difficulties with their present expertise.
The commonest are the excessive set up and upkeep prices, information silos and inflated costs.
Novidea UK and worldwide MD and in command of South East Asia Ben Potts mentioned: “There are lots of expertise suppliers within the South East Asia area; nonetheless, there are only a few world insurance coverage administration platforms that assist companies throughout borders whereas overlaying all the buyer journey, end-to-end, and providing an built-in entrance, center and back-office in a single platform.”
In Might this yr, Novidea raised $50m in a Collection C funding spherical led by Battery Ventures, with participation from Cross Creek, Israel Development Companions, KT Squared and JAL Ventures
On the time, the insurtech firm mentioned it might use the funding to develop throughout goal markets within the US, the UK, Europe, the Center East and Africa (EMEA), and Asia-Pacific.
