Novidea has announced its expansion into the Southeast Asian market, beginning with Hong Kong and Singapore. This move aligns with Novidea's objective to become a leading provider of core platforms for insurance organizations globally.
The Southeast Asian insurance market, characterised by fragmentation and complexity, presents a significant opportunity for global brokers and carriers. These entities require new age, cloud-based systems with a global-first approach, accommodating multiple languages, currencies, compliances, and workflows within the region.
Novidea's insurance management platform offers a technological advancement opportunity for brokers and carriers in the region, the company said.
Figures from GlobalData forecast a growth of 7.2% in Singapore’s general insurance industry by 2026, driven by private health and major infrastructure projects. The market is expected to expand from US$3.5 billion in 2021 to US$5.1 billion in 2026.
A recent global survey commissioned by Novidea indicated that insurance organizations in Singapore face challenges with existing technology, including upgrade costs, data silos, and high implementation and maintenance expenses.
Ben Potts (pictured above), Novidea's UK and International MD leading the Southeast Asian initiative, remarked on the scarcity of global insurance management platforms in the region that offer comprehensive customer journey support, integrating front-, middle-, and back-office functionalities.
“Whilst the initial demand for Novidea’s platform came from global brokers who need a more efficient way to integrate their operations, both worldwide and between markets, we also support carriers, regional brokers and larger MGAs looking to accelerate their growth,” Potts said.
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