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Insurtech firm Novidea is foraying into the South East Asian market to broaden 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 acknowledged that regardless of its measurement, South East Asia’s insurance coverage sector is difficult 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 searching for specialist digitalisation options to stay aggressive and worthwhile.”
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By GlobalData
Citing GlobalData, Novidea mentioned infrastructure tasks and personal well being would drive 7.2% progress in Singapore’s normal insurance coverage market by 2026.
In response to estimates, the area’s business 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 corporations have a lot of difficulties with their present expertise.
The commonest are the excessive set up and upkeep prices, information silos and inflated costs.
Novidea UK and worldwide MD and accountable for South East Asia Ben Potts mentioned: “There are a lot of expertise suppliers within the South East Asia area; nevertheless, there are only a few international insurance coverage administration platforms that assist companies throughout borders whereas protecting your entire buyer journey, end-to-end, and providing an built-in entrance, center and back-office in a single platform.”
In Could this yr, Novidea raised $50m in a Sequence 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 could use the funding to broaden throughout goal markets within the US, the UK, Europe, the Center East and Africa (EMEA), and Asia-Pacific.
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