The London-based insurtech has introduced an innovative insurance management service aimed at addressing the challenges posed. The CDR is a bold initiative aimed at streamlining and standardising the collection of critical transaction data to enhance operational efficiency.
While the CDR promises numerous benefits, its implementation requires a complete overhaul of back-office data structures, a process that is both costly and labor-intensive. Moreover, this transition places greater responsibility for risk management on brokers, as accuracy and comprehensiveness must meet the highest standards.
Brokerage companies are now tasked with ensuring the accurate capture and entry of data from clients into the Market Reform Contract, making them pivotal players in the adoption of the CDR standard.
In response to this pressing need, the Novidea platform has emerged as a potential game-changer. Built on Salesforce with automated workflows and open API architecture, Novidea’s technology is perfectly suited to capture, validate, and update the data required by the CDR standard. This capability not only ensures compliance but also empowers brokerages to navigate the digitalization revolution seamlessly.
Beyond compliance, Novidea’s data analytics offer both micro and macro views of businesses, providing invaluable insights for better decision-making.
As the mandate for CDR compliance looms large, scheduled for Q3 of 2024, Novidea is poised to lead London market brokers into a more efficient and future-ready era. With its comprehensive solution and cutting-edge technology, Novidea stands ready to propel the InsurTech industry towards a more streamlined and competitive landscape.
Source: Fintech Global
