Novidea, the global leader in cloud-native insurance management platforms, announced its latest product release which will enable users to reduce manual rework, improve data integrity, and accelerate high-volume processing across policy, bordereaux, claims and broker accounting workflows.
Highlights of the Release
- Quote-to-Bind – To further accelerate the Quote-to-Bind process, brokers can now also manage multiple quote versions for different markets and select multiple markets under an open submission in a single action. Market selection is optimized by division-specific preferred market lists and Business Unit-level facility restrictions, ensuring front-office teams engage only with relevant and compliant capacity providers.
- Policy Administration – Policy administration capabilities have also been expanded to better handle complex financial terms. Organizations can now establish bespoke instalment schedules for each carrier on Open Market policies, and utilize BiPar Groups for granular control over shared financial terms across participant markets. Additionally, comprehensive lifecycle support for Notices of Cancellation has been directly integrated into the platform to automatically flag impacted installments and postings.
- Claims – Claims handlers benefit from a new Movement Summary dashboard that delivers real-time, multi-currency financial visualizations directly on the claim movement record. Teams can now efficiently move open claims between policy versions without losing data and natively manage Loss Funds directly from binder sections.
- Bordereaux – Bordereaux production and correction processes have also been significantly enhanced. A new cross-facility dashboard allows users to generate bordereaux files across multiple facility versions and sections simultaneously. When corrections are required, users can now efficiently roll back finalized premium and claims bordereaux with automated contract creation to maintain a strict audit trail.
- Accounting and Finance – The platform reduces manual reconciliation work to an even greater extent. Finance teams can execute multiple write-offs within a single dynamic allocation and process payment requests in soft currencies without needing a corresponding destination bank account. To further streamline period closes, the system now automatically matches bank statement debits to payment requests and generates automated contra postings for cancellation and replacement transactions.
Specialty Premium Automation for Complex Schedules
Brokers often process specialty placements at a summary level due to limitations of legacy platforms, and their ability to manage the high volume of scheduled data and necessary processing automation. Novidea’s new import capability automatically creates the schedule and loads premium terms per carrier for each vessel, aircraft, or property. Premiums are then generated automatically, including the applicable number of LPANs. This structured data remains available throughout the policy lifecycle to support endorsements and is seamlessly transferred upon renewal.
By capturing this granular placement data earlier in the process, the Novidea platform further strengthens automation for premium processing in complex specialty business, enabling cleaner downstream bordereaux, transactions, and reporting.
“Customers are asking for both speed at volume, and tighter control in complex, regulated workflows,” said Ido Peled, SVP Product at Novidea. “This release focuses on practical improvements that remove friction, strengthen data integrity, and help teams handle sophisticated placements, bordereaux and financial processing with confidence. It is part of Novidea’s continuous innovation strategy, delivering frequent, customer-driven enhancements that keep insurance organisations future-ready as market complexity grows.”
