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 normal brokers (MGAs) and managing normal 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 difficult and fragmented, presenting a major alternative.
Novidea CEO Roi Agababa stated: “At Novidea, we’re seeing an pressing demand from world brokers in South East Asia for a single built-in, world, cloud-based insurance coverage administration platform.
“South East Asia is embracing digital transformation by way of insurance coverage know-how, and lots of companies are searching for specialist digitalisation options to stay aggressive and worthwhile.”
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Citing GlobalData, Novidea stated infrastructure tasks and personal well being would drive 7.2% development in Singapore’s normal insurance coverage market by 2026.
In response to estimates, the area’s trade will develop from $3.5bn in 2021 to $5.1bn in 2026.
Outcomes from a world survey commissioned by Novidea present that Singaporean insurance coverage firms have a variety of difficulties with their present know-how.
The most typical are the excessive set up and upkeep prices, knowledge silos and inflated costs.
Novidea UK and worldwide MD and in control of South East Asia Ben Potts stated: “There are numerous know-how suppliers within the South East Asia area; nevertheless, there are only a few world insurance coverage administration platforms that assist companies throughout borders whereas overlaying all the buyer journey, end-to-end, and providing an built-in entrance, center and back-office in a single platform.”
In Could this 12 months, Novidea raised $50m in a Sequence C funding spherical led by Battery Ventures, with participation from Cross Creek, Israel Progress Companions, KT Squared and JAL Ventures
On the time, the insurtech firm stated 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.