The most recent iteration of the product offers notable enhancements in a number of crucial areas, including policy management, claims administration, invoicing, accounting, document, and file management.

These improvements simplify important procedures for increased productivity and efficiency while addressing a variety of pain points experienced by insurance professionals.

Users of policy management can now take advantage of sophisticated features such vertical placement, which makes it possible to record policies with different premiums for each carrier without having to divide the placement into individual policies.

Additionally, automated bordereau file ingestion makes it easier to create and administer policies for binder/lineslips in situations where a third party uses a bordereau to supply risk or premium information.

Additionally, the latest edition streamlines claims handling, making it possible for brokers to effectively connect claims that are associated with the same occurrence or that share similar characteristics to a group or Lloyd's disaster. For insurers to efficiently handle claims online, CLASS messaging functionality makes it easier to import claims data and associated documentation.

Novidea has also brought improvements to line-of-business (LOB) management, document and filing management, and insurance business accounting (IBA). These consist of enhanced LOB management in accordance with the ACORD standard, a ledger view for advanced accounting actions, and sophisticated auto-filing capabilities for filed content linked to particular legal organizations.

“Our recent release demonstrates our commitment to continuously innovate and provide an improved customer experience,” Novidea CTO Erez Nissim said in a statement regarding the news. We have faith that our data-driven insurance management platform will keep giving insurance companies the tools and resources they require to handle intricate transactions, increase productivity, and foster expansion.