Novidea reports on The State of Modern Insurance Technology
Insurance software solution specialist Novidea is the creator of the first born-in-the-cloud, data-driven insurance platform that enables brokers, agents and MGAs to manage the customer insurance journey end-to-end and 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. Novidea’s more than 100 customers across 22 counties benefit from a 360-degree view of customers and policies and can access data and actionable insights anytime, anywhere, and on any device.
The company’s new report, Legacy Out, Digitalization In: The State of Modern Insurance Technologies 2024, is based on data collected in a 2023 survey of 330 full-time, C-level insurance leaders across eight countries, and reveals that 75% of insurance organisations worldwide will change insurance management technology platforms by 2025.
Digitisation of insurance
"Insurance leaders are making more strategic decisions about their core management systems based on the ability to provide more value for customers. 41% of the leaders we surveyed said this was their number one priority, and 46% said it was their second-highest priority. Self-service and accessibility are vital to creating more customer value,” Eric Ayala, Managing Director of Novidea, told InsurTech Digital.
“Right now, only 32% of insurance organisations say their current technology empowers customers to access all their information from anywhere, at any time. That leaves 68% with either no access or limited access. However, the good news is that a majority of the leaders we surveyed already have a plan in place to move beyond legacy tools, consolidate their fragmented tech stacks, and focus on modern solutions that help create value, reduce friction, and increase accessibility.”
Ayala joined Novidea in 2019, having previously held high level positions at Fugue, Ready4, Fortify Venture Capital Fund and Cypress. He studied at Stanford University and gained his MBA from The Fuqua School of Business, Duke University.
“The data shows that insurance leaders are ready to make future-forward decisions about the technological shift required to better meet customers’ expectations of a modern, digital-first experience. As the survey shows, there is a clear acknowledgment that current systems are aging, disconnected, and do not support today’s digital demands,” said Roi Agababa, CEO of Novidea.
“At the same time, leaders are optimistic about the future and will be taking steps to make significant upgrades to their legacy tech stacks. They understand the challenges and opportunities at stake. That is encouraging news as the insurance industry heads into 2024.”
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