Novidea will use the proceeds from the funding for global expansion and accelerating product innovation
Novidea, an insurtech platform provider, has raised $15m in a Series B financing round, led by JAL Ventures Fund II, for supporting its global growth.
The Series B round also saw the participation of existing investors such as KT Squared and 2B Angels.
Novidea is engaged in providing a data-driven, cloud-based platform to help brokers, agents, and managing general agents (MGAs) to bring in operational efficiencies and growth right through the entire distribution lifecycle.
JAL Ventures Fund partner Yair Elbaz said: “Novidea is capitalising on two unstoppable trends: cloud migration and the increasing use of data-driven insights.
“COVID-19 has accelerated adoption of cloud-based services, and five years from now all insurance distribution will use this technology.”
Novidea plans to use the proceeds from the Series B round for expanding its operations across the world. Besides, the funds will be used for accelerating product innovation with the company planning to engage further with large, enterprise insurance companies.
Novidea CEO Roi Agababa said: “We are seeing growing demand for our smart data-driven platform with its powerful analytical capabilities and actionable intelligence. This investment enables Novidea to meet this demand and continue its exponential global growth, while expanding its operations in the US, UK, and international markets.”
According to the insurtech company, several insurance businesses are burdened by legacy systems that are limited in capabilities, not flexible, and expensive to update.
Novidea claims that its cloud-based platform enables customers to work from any device, irrespective of their location, for instantly accessing all customer data, with actionable intelligence. This helps in speeding up growth and profitability by improved sales and customer service, and better operational efficiency, said the insurtech company.
Designed to make use of the Salesforce Big Technology, the insurtech platform is said to cover all the aspects of an insurance business. These include a complete view of all management information, an integrated front- middle and back office, and also automated workflows for optimising all the phases of the customer journey.
Currently, Novidea’s cloud-based solution is said to be used by more than 85 brokers, agents, and MGAs across the world.