The firms customers include Marsh and Hyperion Insurance Group

Data-driven platform provider for the insurance industry, Novidea has announced that it has opened a London office as it has “significantly exapanded its operations.”

Salesforce Ventures invested in Novidea to accelerate its expansion, but the platform provider has also received investment from KT Squared and existing Novidea shareholders.

The firm said it is leading change in insurance distribution. Its customers include Hyperion Insurance Group and Marsh.

Roi Agababa, founder and chief executive at Novidea, explained: “The insurance sector is under increased pressure to drive revenue and increase profitability, which is no easy task given the growing competitive landscape and frequent changes in regulation. However, a key way that brokers can differentiate themselves and future proof their business is through investing in the right technology.”

Novidea claims to consolidate all functions and workflows across the entire journey, multiple business lines and front and back office operations enabling brokers to create “data driven and customer centric” businesses.

It offers brokers the capability of a 360-degree view of their business highlighting areas of potential growth.

Its “breakthrough data-driven platform” provides a single solution for brokers, agents, MGAs and insurers to monetise data, profitability.

The firm’s managing director Ben Potts recently commented on the Miller Insurance acquisition of Alston Gayler and Co. He said that the “race for scale” in the broking space continues, citing technology as a “top priority” for brokers to make fast acquisitions.

Agababa, added: “By implementing a modern broker management system, such as Novidea, brokers are able to put data at the heart of their business and take a customer-led approach to both front and back office operations. As a result, they can expect greater customer satisfaction and increased revenue across all areas of the business.”

Novidea is a global, end-to-end broker management platform designed for insurance distribution, it provides a complete front and back office, cloud-based solution that covers the entire insurance lifecycle.