Novidea Software Overview
Novidea's end-to-end platform provides real-time business intelligence and seamless workflow management for brokers, agents, MGAs, bancassurance, and corporate risk management. Designed specifically for insurance distribution, Novidea's cloud-based platform provides a single view for managing the entire insurance distribution lifecycle across all lines of business. It promotes service excellence, simplifies regulatory compliance, and provides secure data access from any device. By consolidating all front and back-office data and workflows from leads, to quotes, to policy administration Novidea's integrated solution delivers full visibility into the entire customer journey and actionable insights to help increase sales, profitability, and productivity.
Cumulative Funding Raised Over Time ($)
$30.0MApr 2024
$45.0MMay 2021
$95.0MMay 2023
$110.0MNov 2020
$118.0MOct 2018
Latest News
חברת Novidea רוכשת את הסטארטאפ הישראלי Docomotion
growth-positive
Novidea raises additional $30m from HarbourVest Partners - Reinsurance News
Insurtech company Novidea has raised an additional $30 million in a Series C funding round from HarbourVest Partners, bringing the total round to $80 million. The funds will be used for organic expansion to additional territories, product innovation, and support of Novidea’s inorganic growth strategy. The company has recently made changes to its senior leadership, including the appointments of a new CFO, CCO, CTO, and CRO. Novidea plans to use the investment to refine its product, expand operations into new territories, and explore potential strategic acquisitions.
InvestmentExpandManagement Changes
growth-positive
נובידאה תשבור את השוק? הפלטפורמה הגלובלית בדרך למהפך
Insurance tech company Novidea has launched a new version of its data-driven cloud-based platform for managing insurance agencies, brokers, insurance companies, and MGAs. The updated version includes significant improvements in policy lifecycle management, claims, and user experience. The company has also doubled its staff in the last 12 months to support its goal of continued product innovation and maintaining its competitive edge. The new version is designed to accommodate significant growth in the number of users and to help insurance bodies increase their business activity, enter new areas of activity, penetrate new markets, and provide a more competitive customer experience.
CustomersExpand
growth-positive
Novidea's Insurance Distribution Platform Selected by Mivtach Simon as Part of Digital Transformation Strategy
Novidea has been chosen by Mivtach Simon, a subsidiary of Migdal Insurance Agencies, as a technology partner to implement its insurance distribution platform. This partnership is an expansion of a series of strategic collaborations between Novidea and Migdal Insurance Agencies. The collaboration will centralize operational and service processes, boost efficiencies, turn data into actionable insights, and enhance customer services. The goal is to improve customer service, shorten work processes, and provide a better experience for customers and employers. The partnership will also allow Mivtach Simon to easily and efficiently turn data into insights and make informed business decisions. The collaboration is part of Mivtach Simons comprehensive technology upgrade plan.
Partners
growth-positive
Insurtech startup Novidea raises $50 million Series C | CTech
Novidea, an insurance software company, has raised $50 million in Series C funding. The funding round was led by Battery Ventures and included participation from Cross Creek, as well as existing investors Israel Growth Partners (IGP), KT Squared, and JAL Ventures. Novidea has developed a cloud-native, data-driven insurance management system that allows brokers, agents, and MGAs to modernize and manage the customer insurance journey. The company has experienced a 90% year-over-year growth rate and has increased its workforce by 70%. Novidea currently serves over 100 customers across 22 countries. The CEO of Novidea, Roi Agababa, stated that the companys growth is driven by the demand to modernize the insurance distribution lifecycle and provide a better digital experience.
InvestmentExpand
| Sector | Fintech & Insurtech |
Funding
| Total funding | $118M |
| Last funding | $30M |
| Stage | C |
| Rounds | 5 |
| Investors | 8 |
Team Members
5
Employees: 201-500
Web & Social Links
| Website | novidea.com |
| Careers | Careers page |
Locations
Arieh Regev St 4, Netanya, Israel
175 Varick St, New York, NY 10013, USA
Avenida de la Palmera, 28b, 41012 Sevilla, Espaa
99 Bishopsgate, City of London, London EC2M 3XD, England, UK
Photos & Videos
4 item(s)
Novidea Software Business
Business models
B2B
Product stage
Released
Employees
201-500
Sector
Fintech & InsurtechInsurtechBusiness SoftwareIT, R&D & Data SolutionsSoftware Development ToolsTarget Customer
Financial ServicesFinancial ProductsInsuranceCore Technology
Data StorageCDNCloudPlatforms & InterfacesWebTags (17)
salesproductivitysaasinsurance-companiesbrokersback-officefintechenterprise-solutionsinsurtechbig-data-analyticssoftware-applicationsportfolio-managementunderwritingrisk-managementcompliancemanagement-solutionsbusiness-intelligenceGeographic Markets
United KingdomUnited StatesNovidea Software Financials
$118M
Total funding
Undisclosed
Capital raised
$30M
Last funding
C
Funding stage
5
Total rounds
8
Investors
Cumulative Funding Raised Over Time ($)
$30.0MApr 2024
$45.0MMay 2021
$95.0MMay 2023
$110.0MNov 2020
$118.0MOct 2018
Private Equity Funding
C Round
Apr 2024
$30M
Cross Creek, IGP - Israel Growth Partners, HarbourVest Partners, JAL Ventures, Battery Ventures, KT Squared LLC
C Round
May 2023
$50M
Battery Ventures (Lead), Cross Creek (Lead)
,
IGP - Israel Growth Partners, JAL Ventures, KT Squared LLC
B Round
May 2021
$15M
IGP - Israel Growth Partners (Lead)
,
JAL Ventures, KT Squared LLC, 2B.VC
B Round
Nov 2020
$15M
JAL Ventures (Lead)
,
Salesforce Ventures, KT Squared LLC, 2B.VC
A Round
Oct 2018
$8M
KT Squared LLC, 2B.VC, Salesforce Ventures
Mergers & Acquisitions
MNAEvent
Jul 2024
Undisclosed
Novidea Software Lifecycle
Cumulative Funding Raised Over Time
$30.0MApr 2024
$45.0MMay 2021
$95.0MMay 2023
$110.0MNov 2020
$118.0MOct 2018
All Events
C Round
Apr 2024
$30M
Cross Creek, IGP - Israel Growth Partners, HarbourVest Partners, JAL Ventures, Battery Ventures, KT Squared LLC
C Round
May 2023
$50M
Battery Ventures (Lead), Cross Creek (Lead)
,
IGP - Israel Growth Partners, JAL Ventures, KT Squared LLC
B Round
May 2021
$15M
IGP - Israel Growth Partners (Lead)
,
JAL Ventures, KT Squared LLC, 2B.VC
B Round
Nov 2020
$15M
JAL Ventures (Lead)
,
Salesforce Ventures, KT Squared LLC, 2B.VC
A Round
Oct 2018
$8M
KT Squared LLC, 2B.VC, Salesforce Ventures
MNAEvent
Jul 2024
Undisclosed
Novidea Software News
12 articlesחברת Novidea רוכשת את הסטארטאפ הישראלי Docomotion
growth-positive
Novidea raises additional $30m from HarbourVest Partners - Reinsurance News
Insurtech company Novidea has raised an additional $30 million in a Series C funding round from HarbourVest Partners, bringing the total round to $80 million. The funds will be used for organic expansion to additional territories, product innovation, and support of Novidea’s inorganic growth strategy. The company has recently made changes to its senior leadership, including the appointments of a new CFO, CCO, CTO, and CRO. Novidea plans to use the investment to refine its product, expand operations into new territories, and explore potential strategic acquisitions.
InvestmentExpandManagement Changes
growth-positive
נובידאה תשבור את השוק? הפלטפורמה הגלובלית בדרך למהפך
Insurance tech company Novidea has launched a new version of its data-driven cloud-based platform for managing insurance agencies, brokers, insurance companies, and MGAs. The updated version includes significant improvements in policy lifecycle management, claims, and user experience. The company has also doubled its staff in the last 12 months to support its goal of continued product innovation and maintaining its competitive edge. The new version is designed to accommodate significant growth in the number of users and to help insurance bodies increase their business activity, enter new areas of activity, penetrate new markets, and provide a more competitive customer experience.
CustomersExpand
growth-positive
Novidea's Insurance Distribution Platform Selected by Mivtach Simon as Part of Digital Transformation Strategy
Novidea has been chosen by Mivtach Simon, a subsidiary of Migdal Insurance Agencies, as a technology partner to implement its insurance distribution platform. This partnership is an expansion of a series of strategic collaborations between Novidea and Migdal Insurance Agencies. The collaboration will centralize operational and service processes, boost efficiencies, turn data into actionable insights, and enhance customer services. The goal is to improve customer service, shorten work processes, and provide a better experience for customers and employers. The partnership will also allow Mivtach Simon to easily and efficiently turn data into insights and make informed business decisions. The collaboration is part of Mivtach Simons comprehensive technology upgrade plan.
Partners
growth-positive
Insurtech startup Novidea raises $50 million Series C | CTech
Novidea, an insurance software company, has raised $50 million in Series C funding. The funding round was led by Battery Ventures and included participation from Cross Creek, as well as existing investors Israel Growth Partners (IGP), KT Squared, and JAL Ventures. Novidea has developed a cloud-native, data-driven insurance management system that allows brokers, agents, and MGAs to modernize and manage the customer insurance journey. The company has experienced a 90% year-over-year growth rate and has increased its workforce by 70%. Novidea currently serves over 100 customers across 22 countries. The CEO of Novidea, Roi Agababa, stated that the companys growth is driven by the demand to modernize the insurance distribution lifecycle and provide a better digital experience.
InvestmentExpand
growth-positive
משבר? נובידאה הישראלית חונכת משרדים חדשים ומחפשת עובדים
Novidea Software, an Israeli insurtech company, has announced the opening of new offices in Israel and the UK and plans to hire dozens of employees in the coming years. The company has rented new office spaces in Netanya, Israel and London, UK. Novidea Software has raised $38 million in funding so far and provides cloud-based insurance services. The companys CEO, Roi Agababa, stated that the companys expansion is driven by its growing revenue and customer base. Novidea Software aims to continue its future growth and plans to recruit more employees.
Expand
growth-positive
Novidea secures additional $15 million from IGP, bringing total series B to $30 million
Novidea, an insurtech company, has raised an additional $15 million, bringing its total series B round to $30 million. The funding will be used to expand the companys operations in the US and Europe. Novidea aims to provide a cloud-based insurance platform that offers policy sales growth, increased profits, and improved efficiency through new analytical tools and real-time business insights. The company plans to respond to the growing demand for its products, accelerate its product roadmap, and focus on global expansion. The funding round was led by Israel Growth Partners (IGP) and included participation from JAL Ventures, KT Squared, and 2B Angels. Novidea was founded by Roi Agababa and Rolan Shkolnik.
InvestmentExpand
growth-positive
Insurtech startup Novidea raises $15 million in series B round
Israeli insurtech company Novidea has raised $15 million in a series B funding round led by JAL Ventures Fund II. The funding will be used to accelerate Novideas R&D and innovative activity, expand the team, and emphasize the success of their customer base. Novidea has raised a total of $23 million to date. The company aims to meet the growing demand for a smart platform that translates insurance data into business insights in real-time. The investment will also support Novideas global growth and expansion in the U.S., Europe, and other markets. Yair Elbaz, a partner at JAL Ventures, believes that cloud-based services will be adopted by all insurance groups within five years.
Investment
growth-positive
Novidea Partners with ePayPolicy to Bring Digital Payments to Their Users
Novideas SMART AMS integrates with ePayPolicy to provide e-payment capabilities to users of the agency management system. This integration allows independent insurance agencies to collect payments instantly via credit card and ACH, streamlining their accounting and payment processes. Novideas open API architecture enables easy integration with technology-driven agency management systems, showcasing their vision to help agencies scale by automating processes. ePayPolicys integration with popular agency management systems aligns with their growth strategy. The article highlights the convenience and efficiency of digital payment in agency/customer transactions.
Partners
growth-positive
Novidea partners with Xceedance
Novidea has announced a partnership with Xceedance to expand its global reach and meet growing demand. Novidea provides a cloud-based platform that connects insurance distributors to a digital insurance ecosystem using the Salesforce Cloud and artificial intelligence. The partnership with Xceedance, a provider of insurance consulting and technology services, will help Novidea scale up its operations and change the insurance distribution process. The collaboration will leverage Xceedances expertise in using and configuring Salesforce to ease challenges such as data migration and integration.
Partners
Growth-Positive
https://www.fintechmagazine.com/banking/md-novidea-future-lloyds-broker
Novideas MD, Ben Potts, discusses the future of the Lloyd’s Broker in the London Insurance Market. He notes that the rise of insurtechs is changing the insurance landscape, with many aiming to alter the broker-insurer relationship or enable clients to bypass brokers entirely. To remain indispensable, brokers must become indispensable advisors and leverage technology to improve customer service. Potts emphasizes the importance of utilizing customer data effectively to identify cross and upsell opportunities and improve the customer experience. He also highlights the benefits of a single tech platform that allows data access from any device, enabling brokers to respond to queries or update clients instantly.
CustomersExpand
growth-positive
Novidea Among the 20 Most Promising Insurance Technology Solution Providers of 2016 by CIOReview
Novidea, a cloud-based technology provider focused on the needs of insurance brokers and agencies, has been selected as one of the 20 Most Promising Insurance Technology Solution Providers of 2016 by CIOReview. The companys groundbreaking solution offers automation, visibility, and actionable BI to drive revenue, efficiency, productivity, and profitability for insurance brokers. Novideas technology is deployed globally and allows brokers to easily grow their business. The company is committed to customer needs and developing solutions that redefine the insurance landscape. The recognition from CIOReview highlights Novideas commitment to excellence and industry credibility.
Customers
Novidea Software Team
Employee Info
| Employees (range) | 201-500 |
| Exact count | 242 |
| Team members | 5 |
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Novidea Software Internal
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Admin Info
| Confidence | 92/100 |
| Missing | markets, not claimed |
| BI Verification | Yanina Wainscheinker |
| Registrar ID | 514232073 |
| Crunchbase | novidea-software-aka-novo-idea-software-ltd |
| Phone | +972747038300 |
| Last updater | Jenny Sotnik-Talisman |
| Updater email | jenny.sotnik@sncentral.org |
| Last update | 2023-10-08T00:00:00.000Z |
| Created | 2014-11-05T00:00:00.000Z |