Novidea Acquires Document Generation Leader Docomotion
Novidea, a prominent player in the insurtech industry, has recently announced the acquisition of Docomotion, a leader in automated document generation solutions. The move aims to enhance Novidea's capabilities in providing comprehensive digital solutions for the insurance sector. The integration of Docomotion's advanced technology will allow Novidea to offer an even more robust suite of services, document-related processes and improved operational efficiency for its clients.
Digital transformation
Roi Agababa, CEO and Founder of Novidea, emphasised the significance of this acquisition in driving digital transformation within the insurance industry. "“Docomotion is a leading innovator in automated document management, an essential technology for document-heavy industries. Its unique, cloud-based document generation technology presents major technological synergies between our two companies,” said Roi Agababa, CEO of Novidea. “We are proud to welcome Docomotion’s talented team to the Novidea family and look forward to working together, leading successful digital transformation initiatives for our customers.”
Docomotion
Docomotion is renowned for its innovative solutions that enable clean document generation and automation. Their platform allows businesses to create, manage, and distribute documents with greater accuracy and speed. By incorporating Docomotion’s technology, Novidea aims to enhance its cloud-native, data-driven insurance management system, offering a more cohesive and efficient experience for brokers, agents, MGAs, and carriers.
Strengthening market position
This acquisition not only broadens Novidea's technological portfolio but also strengthens its position in the market. The combined expertise of both companies is expected to drive substantial growth and innovation in the insurtech space. Agababa highlights, "We are excited to welcome Docomotion into the Novidea family. Their expertise in document automation is unparalleled, and together, we will set new benchmarks in the industry."
Novidea has been on a consistent growth trajectory, recently securing substantial investment capital. This financial backing, coupled with strategic acquisitions like that of Docomotion, positions Novidea for accelerated growth and expansion. The company currently supports over 100 customers across 22 countries, and this acquisition is expected to further extend its global footprint.
A Customer-Centric Approach
The acquisition underscores Novidea's commitment to a customer-centric approach. By enhancing its platform with Docomotion's capabilities, Novidea aims to deliver superior value to its clients, helping them to navigate the complexities of the insurance industry with greater ease. The focus remains on enabling customers to automate repetitive processes, drive operational efficiencies, and enhance overall business resilience.
“Novidea has experienced unprecedented growth over the last few years, driven by the global trend to modernise customer experience in insurance. We share a similar vision for the evolution of the document generation industry,” said Oren Leshem, CEO and Founder of Docomotion. “By combining our powers, Docomotion and Novidea can further expand our capabilities and drive even greater value for our customers. Docomotion will continue to serve all its customers in the various verticals. Customers will benefit from access to broader resources and availability of assets as we join forces with Novidea.”
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