InsurTech Novidea, a leading provider of a cloud-based, data-driven platform that enables brokers, agents, and MGAs to drive operational efficiencies and growth across the entire distribution lifecycle, today announced that it has secured $30 million in Series B financing, led by Israel Growth Partners (IGP) and joined by JAL Ventures, KT Squared, and 2B Angels.
The global insurance market is undergoing radical transformation, including the entry of new players, consolidation of existing players, and regulatory changes. Insurers are encumbered by legacy systems that are limited, inflexible, and expensive to update. These challenges are accompanied by customers’ increased demand for an enhanced service experience, requiring insurance players to pursue digital transformation.
At the same time, numerous insurance companies are overwhelmed by the gap between the current requirements and the outdated, rigid, and overpriced technologies available to date. Novidea’s customers benefit from an advanced insurance platform that allows for policy sales growth, increased profitability, and enhanced operating efficiency with analytical tools, unique information analyses, and business insights accessible in real-time.
“Novidea is witnessing an increased global demand for its cloud-based insurance platform that translates insurance parameters into real-time business insights with advanced analytic capabilities and actionable information,” said Roi Agababa, CEO of Novidea. “We are excited about the partnership with IGP and their trust in our vision. The additional investment will enable Novidea to respond to the growing demand for our products, to accelerate our product roadmap, and to double-down on our global expansion.”
Assaf Harel, General Partner at IGP added: “While innovative direct-to-consumer business models are making waves in the market and forcing carriers to adapt, the traditional insurance agency ecosystem is significant and growing, but still very conservative and relies primarily on software systems written 15-20 years ago, as well as manual work. Novidea aims to lead the digitalization of the insurance distribution industry with an innovative cloud based insurance platform that couples end-to-end management with actionable insights to enable customers to dramatically increase operational efficiencies and revenue and gain an unfair advantage in their respective markets.”