INTERVIEW WITH ...
Q . IF THERE ’ S ONE PIECE OF TECHNOLOGY YOU COULDN ’ T LIVE WITHOUT ( BESIDES YOUR MOBILE PHONE ), WHAT WOULD IT BE ?
» Spotify – I ’ m a music junky . It ’ s an opportunity ( and a necessity ) and provides a way to relax and de-stress . I can ’ t imagine living without music .
“ The pandemic was a moment for the industry to rise to the occasion , and for the most part , it did so ”
Q . DO YOU HAVE ANY INSIGHTS INTO HOW MUCH TIME OR MONEY IS WASTED WHEN BUSINESSES DON ’ T MODERNISE QUICKLY ENOUGH ?
» A client of ours recently built their own algorithm to measure the ROI of digitising its agency , and more specifically , automating certain processes . It discovered that for every process that wasn ’ t automated and required an employee to intervene , it was costing them US $ 1.3m per minute .
In this highly competitive landscape , no broker or agent can afford to lose that kind of money . The goal is to maximise efficiencies and streamline every workflow and aspect of your operations . Unfortunately , those who are too slow to adapt will not be able to compete .
Q . HOW DO YOU ASSESS THE RATE OF DIGITISATION IN THE INSURANCE MARKET ? IT ’ S USUALLY ACCUSED OF DRAGGING ITS FEET TOO MUCH – IS THAT FAIR ?
» It ’ s fair to say that the industry as a whole has been notoriously slow to adapt when it comes to technology . However , based on what we have seen , that is changing , and we have the pandemic to thank for that .
The sudden need to support agents and brokers as they shifted to remote work forced everyone in the insurance space to accelerate when it comes to digital .
It moved quickly from a far-off goal that was regarded as a competitive edge to a top priority to keep businesses functional .
Some estimates suggest that in 2020 , the insurance industry advanced the equivalent of seven years in its digital transformation initiatives .
The pandemic was a moment for the industry to rise to the occasion , and for the most part , it did so . But there ’ s still a lot of work to be done .
Q . WHAT IS NOVIDEA CURRENTLY WORKING ON – WHAT IS THE STRATEGIC FOCUS AT THE MINUTE ?
» We recently announced a US $ 50m round of Series C funding led by Battery Ventures , a new partner for us .
With that funding , we have been focused on the further development of our platform , including new enhancements that better support low-code / no-code software and help our customers expand into new lines of business .
We ’ re also augmenting our customer success infrastructure and expanding our offices across all target markets in the US , UK , EMEA , and APAC .
Q . WHAT ARE YOUR AMBITIONS FOR GROWTH ?
» I feel like I ’ m in the exact role I want to be . I love technology . It ’ s challenging . It fills me with the ability to influence and make a difference . The combination
22 September 2023