Novidea partners with jewellery broker to drive efficiency

Exclusive: Novidea has teamed up with UK-based jewellery broker TH March to implement its cloud insurance platform and drive ”digital transformation”.

The all-in-one platform manages complete end-to-end customer journeys for both high volume personal lines and large complex risks placed into the London market.

This will enable TH March to offer major customers a “one-stop shop” for all their insurance needs, complimenting complex jewellers block risks placed via Lloyd’s and the London market with e-traded cyber business insurance products.

Novidea has also partnered with Polaris, whose imarket product and digital trading standards are used by insurers, brokers, and software houses.

Ben Potts, managing director UK at Novidea said: “Historically, the insurance market has been encumbered by legacy systems that are difficult and expensive to update, with limited access to real-time management Information.

“Today, forward-looking businesses – like TH March – are increasingly moving to cloud-based platforms that enable them to automate processes, reduce costs, add agility and boost customer service standards.”

Siloed legacy systems 

Around two-thirds of TH March’s personal jewellery insurance products are currently arranged by its call centre with the other third arranged via online enquiries. The new Novidea online portal will invert this, allowing the broker to arrange two-thirds of its business via the new portal and one-third via the call centre.

This will in turn free up the TH March’s professional team to focus efforts on its high net worth and more complex accounts for both personal and business customers.

The portal will integrate with Novidea’s end-to-end insurance platform, so that TH March’s team has access to live customer data from first enquiry to quote and bind and claims.

Andrew Alcock, chief operating officer at TH March, said: “We selected Novidea as we were keen to work with tomorrow’s technology. Looking ahead, Novidea’s cloud-based customer service portal will give us the edge to ensure we retain our market-leading position, by giving both our personal lines and business customers a much-enhanced customer experience and more efficient service, which is so important in today’s on-demand world.

“Although we were established in 1887, we have always been an innovative business. Novidea’s platform will be transformational, with all our six UK offices moving away from siloed legacy systems to one shared, data driven platform, with integrated customer and business data and management information.”