Novidea, creator of the cloud-based, data-driven enterprise insurance management platform for brokers, agents, MGAs/MGUs, and carriers, has announced the launch into the Southeast Asian market, starting in Hong Kong and Singapore.
The geographical expansion supports Novidea’s strategy to become the leading provider of core platforms for insurance organisations, worldwide and will meet the region’s escalating demand for digital transformation.
According to analytics specialist GlobalData, Singapore’s general insurance industry is set to grow by 7.2% by 2026, fuelled by private health and major infrastructure projects. The firm forecasts that the industry in the region will grow from US$3.5bn in 2021 to US$5.1bn in 2026.
“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.
He continued: “Southeast Asia is embracing digital transformation in terms of insurance technology, and many businesses are seeking specialist digitalisation solutions to remain competitive and profitable.”
Findings from a global survey commissioned by Novidea this quarter demonstrate that Singapore insurance organisations 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.”
He added: “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 regional brokers and larger MGAs looking to accelerate their growth.”
The insurance market in Southeast Asia is vast, yet characterised by fragmentation and complexity. Global brokers and carriers require access to new age cloud-based systems with a global first approach supporting multi language, currency, compliance and workflows within the region.
This underscores a significant opportunity for global brokers and carriers to elevate their technological capabilities, leveraging the advantages offered by Novidea’s insurance management platform.