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Insurtech firm Novidea is foraying into the South East Asian market to increase operations and meet rising demand.
The corporate provides a cloud-based, data-driven insurance coverage administration platform for carriers, brokers, brokers, managing basic brokers (MGAs) and managing basic underwriters.
Initially, Novidea will launch in Hong Kong and Singapore.
Novidea said that regardless of its measurement, South East Asia’s insurance coverage sector is sophisticated and fragmented, presenting a big alternative.
Novidea CEO Roi Agababa mentioned: “At Novidea, we’re seeing an pressing demand from international brokers in South East Asia for a single built-in, international, cloud-based insurance coverage administration platform.
“South East Asia is embracing digital transformation by way of insurance coverage expertise, and lots of companies are looking for specialist digitalisation options to stay aggressive and worthwhile.”
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By GlobalData
Citing GlobalData, Novidea mentioned infrastructure initiatives and personal well being would drive 7.2% development in Singapore’s basic insurance coverage market by 2026.
Based on estimates, the area’s trade will develop from $3.5bn in 2021 to $5.1bn in 2026.
Outcomes from a worldwide survey commissioned by Novidea present that Singaporean insurance coverage firms have plenty of difficulties with their present expertise.
The commonest are the excessive set up and upkeep prices, knowledge silos and inflated costs.
Novidea UK and worldwide MD and in command of South East Asia Ben Potts mentioned: “There are a lot of expertise suppliers within the South East Asia area; nonetheless, there are only a few international insurance coverage administration platforms that help companies throughout borders whereas masking your complete buyer journey, end-to-end, and providing an built-in entrance, center and back-office in a single platform.”
In Might this yr, Novidea raised $50m in a Collection C funding spherical led by Battery Ventures, with participation from Cross Creek, Israel Development Companions, KT Squared and JAL Ventures
On the time, the insurtech firm mentioned it will use the funding to increase throughout goal markets within the US, the UK, Europe, the Center East and Africa (EMEA), and Asia-Pacific.
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