Novidea to provide insurance giant Gallagher with insurance management platform
The deal is expected to generate tens of millions of dollars in revenue for the Israeli startup
Insurance giant Gallagher has partnered with Israeli startup Novidea to implement and tailor its insurance broking platform for its specialty client base. The platform will cover every stage of the broking lifecycle, from enquiry and quotation to policy issuance, claims, and settlement.
According to estimates, the deal is expected to generate tens of millions of dollars in revenue for Novidea over the next few years.
Novidea’s insurance management platform provides a data-driven, cloud-based solution built on Salesforce that standardizes and automates processes to improve efficiency and deliver an enhanced user experience. The platform has a self-service portal that gives clients secure access from any device to key information including renewals, policies, claims, and analytics.
Gallagher’s investment in this platform reflects the important need for alignment to digital solutions in the specialty market and will enable the firm to take full advantage of the Lloyd’s Blueprint Two digital strategy. It will allow Gallagher to integrate seamlessly into existing digital solutions in the marketplace, such as PPL, and future developments that provide value to its customers.
“Many brokers are looking to find a way to transform their business and we are thrilled to partner with such an industry-leading organization,” said Roi Agababa, CEO of Novidea. “By working together and using our cloud-native data-driven insurance management platform, Gallagher will be able to easily turn data into insights to enable better-informed business decisions, as well as benefit from greater efficiencies, and deliver an outstanding client experience.”
Nick Williams-Walker, COO of Gallagher’s Specialty division said: “The specialty insurance market needs to provide better technology tools to its clients so we are very excited to partner with Novidea to implement a platform that will make a real difference. Implementing this platform demonstrates our aim to be at the forefront of digital solutions, providing clients and insurers with market-leading insight and data.”
Gallagher is a global insurance broker, risk management services, and consulting firm headquartered in Rolling Meadows, Illinois. The company offers client service capabilities in more than 130 countries around the world and currently has a market cap of over $38 billion.