London-based InsurTech Novidea has revealed that it will likely be increasing into the Southeast Asian market.
Beginning with Hong Kong and Singapore, the transfer continues the agency’s push to turn into perennial supplier of core platforms for insurance coverage organisations globally.
The Southeast Asian insurance coverage market is poised for substantial progress, in accordance with analytics specialist GlobalData, which claims the Singaporean sector is ready to rise by 7.2% by 2026. It’s believed that the business within the area will develop from $3.5bn in 2021 to $5.1bn in in 2026 too.
Novidea’s insurance coverage administration platform is designed to fulfill the evolving calls for of Southeast Asia’s insurance coverage sector. It gives a single built-in, world, cloud-based answer, addressing the complicated wants of brokers, brokers, MGAs/MGUs, and carriers throughout borders, whereas protecting your complete buyer journey.
The product additionally helps a number of languages, currencies, compliances, and workflows throughout the area, elevating technological capabilities for brokers and carriers.
Ben Potts, UK and Worldwide MD, Novidea, who’s main the cost in Southeast Asia, stated, “There are lots of know-how suppliers within the Southeast Asia area, nevertheless there are only a few world insurance coverage administration platforms that help companies throughout borders, whereas protecting your complete buyer journey, end-to-end and providing an built-in entrance, center, and back-office in a single platform.
“While the preliminary demand for Novidea’s platform got here from world brokers who want a extra environment friendly option to combine their operations, each worldwide and between markets, we additionally help carriers, regional brokers and bigger MGAs seeking to speed up their progress,” he continued.
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