Cloud-native platform supporting end-to-end facultative placement: submission management, documentation, quote/bind workflows, analytics, and market communications. Integrates with Lloyd’s, carrier, and reinsurer platforms.
Tools that streamline the process of placing individual risks with reinsurers, including submission preparation, quote management, and binding documentation.
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Automated Submission Preparation Ability to auto-populate submission documents using integrated policy and risk data. |
Novidea's submission management includes data-driven document prefill and preparation for reinsurance submissions. This is highlighted in product documentation and demos. | |
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Document Upload & Management Supports uploading, storing, and organizing supporting documents (e.g., risk engineering reports, schedules). |
Supports uploading and organizing of documents (risk reports, schedules) as per the reinsurance module overview. | |
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Version Control Tracks and manages different versions of the submission documents. |
Provides audit trail and document versioning capabilities. | |
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Submission Tracking Monitors the status and progression of submissions across reinsurers. |
Submission status tracking is emphasized as a workflow feature and for process visibility. | |
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Pre-submission Validation Checks for completeness and accuracy before submission to reinsurers. |
No information available | |
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Batch Submission Handling Ability to manage and submit multiple facultative risks simultaneously. |
Facilitates batch placement and bulk submission management as indicated in the solution architecture for large portfolios. | |
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Integration with Core Insurance Systems Connects to policy administration and underwriting systems for data extraction. |
Integration with core insurance and broker admin systems is a key Novidea feature (bi-directional APIs). | |
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Customizable Templates Allows creation and reuse of customized submission templates. |
Submission template customization is available for brokers and markets. | |
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Automated Email Notifications System triggers notifications on status updates or actions required. |
Automated notifications are triggered for key submission events per workflow automation documentation. | |
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Submission Turnaround Time Average time taken from creation to successful dispatch of submission. |
No information available | |
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Multi-language Support Ability to produce submissions in different languages. |
Novidea supports multi-language document outputs for global brokers (see product site). | |
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Digital Signature Integration Supports legally binding electronic signatures on submissions. |
Integrates with e-signature tools for legally binding electronic sign-off. | |
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Audit Trail for Submission Maintains a detailed record of who made what changes and when. |
Maintains audit trail for document changes and user actions. | |
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Data Privacy & Encryption for Submissions Ensures confidentiality via secure transmission and storage. |
Data privacy and encryption are promoted as core security principles (see Security & Compliance). |
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Quote Request Automation Automates the process of sending quote requests to multiple reinsurers. |
Automated quote request routing to reinsurers is part of their quote workflow functionality. | |
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Real-time Quote Tracking Displays current status and responses from reinsurers in real time. |
Real-time status monitoring for quotes and placements is part of Novidea's cloud-native system. | |
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Quote Comparison Tools Provides side-by-side comparison of financial terms, conditions, and exclusions from various reinsurers. |
Comparison tools for competing reinsurer quotes are included for decisioning. | |
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Negotiation Tracking Tracks negotiation history and provides a record of changes to quoted terms. |
Tracks negotiation history and quote changes. | |
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Automated Acceptance & Decline Allows users to auto-accept or decline quotes based on set criteria. |
User-configurable quote acceptance/decline criteria are supported. | |
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Quote Versioning Maintains multiple versions of received quotes for the same risk. |
No information available | |
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Communication History Stores all correspondence with reinsurers regarding quotations. |
Records all market/correspondence communications for continuity. | |
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Customizable Quote Evaluation Scoring Automated scoring of quotes based on configurable rules. |
No information available | |
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Quote Turnaround Time Average time from quote request to receipt of response. |
No information available | |
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Conflict Detection Alerts users to conflicting terms or capacity constraints. |
Alerts users to capacity conflicts during placement setup. | |
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Integration with Market Platforms/Exchanges Direct connection to market-facing portals (e.g., Lloyd's PPL, Whitespace). |
Direct integration with Lloyd's PPL, Whitespace, and other market exchange platforms. | |
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Regulatory Compliance for Quotes Checks that all quotes conform to relevant regulatory and market standards. |
Compliance checks built in per jurisdiction/market. | |
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Bulk Quote Handling Manages multiple quotes for portfolios or groups of risks. |
Portfolio/Batch quote management is referenced in Novidea's reinsurance product information. |
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Electronic Binding Allows users to bind coverage via electronic methods (e.g., e-signature, e-approval). |
Allows for digital/electronic binding and e-approval after quote acceptance. | |
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Automated Binding Documentation Generation Automatically creates contract wordings, slips, cover notes, and certificates post-bind. |
Automatically generates post-bind documentation including slips, cover, etc. | |
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Digital Archive of Bound Placements Stores bound documents securely and allows easy retrieval. |
Documents from bound placements are archived and available securely. | |
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Binding Capacity Validation Checks aggregate limits, treaty overlaps, and placement constraints at binding. |
No information available | |
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Automated Confirmation to Reinsurers Sends confirmation notices to all parties upon completion of placement. |
Automated notification of binding sent to all parties upon deal close. | |
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Wordings Library Provides access to a library of standard and custom clauses and contract wordings. |
Standard and custom wordings library access for contract creation. | |
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Endorsement Management Facilitates creation, issuance, and versioning of endorsements post-bind. |
Endorsement creation and management for post-bind changes is available. | |
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Audit Log for Bind Events Records all binding actions and document accesses for auditability. |
No information available | |
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Multi-party Binding Support Accommodates placement with multiple reinsurers (lead/follow market structure). |
Supports lead/follow market structures and multiple reinsurers on deals. | |
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Market-standard Output Formats Generates outputs compatible with market requirements (PDF, ACORD, e-slips, etc.). |
Output generated in standard formats, e.g. PDF, ACORD, as required for (re)insurance operations. | |
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Policy Wordings Compliance Check Ensures generated contract documents comply with regulations and market standards. |
Contract and policy output are cross-checked for compliance as described in regulatory reporting features. |
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Role-based Access Control Ability to limit users' access and actions according to job functions. |
Role-based access controls are enforced throughout the system. | |
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Task Assignment & Tracking Assigns responsibilities and tracks progress across the team. |
Workflows support task assignment, visibility on progress and responsibility tracking. | |
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Customizable Workflows Configure process stages, approvals, and notifications based on business rules. |
Configurable workflows for approvals and notifications are available. | |
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Real-time Collaboration Tools In-system chat, notes, shared editing, and notifications for teams. |
Collaboration features present, including chat, tagging, and shared notes. | |
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Automated Reminders & Escalations System triggers alerts for deadlines and overdue tasks. |
System-initiated reminders for deadlines and escalations are configurable in workflow. | |
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Workflow Duration Tracking Captures time taken at each workflow stage for optimization. |
No information available | |
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Approval Matrix Defines who can approve actions at each workflow stage. |
Approval matrixes are configurable per workflow for defined authority levels. | |
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Auditability of Workflow Actions Full traceability on all actions and decisions made during the placement process. |
Audit trail and action logging for all workflow activities is a published feature. | |
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Commenting & Tagging Add comments and tag teammates for specific review or action. |
Tagging, commenting, and team discussion features included per workflow module docs. | |
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Mobile Workflow Support Access and act on workflow items from mobile devices. |
Supports mobile device workflow access. |
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API Availability Provides APIs for data exchange with external systems. |
RESTful API integrations provided for third party and enterprise systems. | |
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Data Import & Export Options Supports import/export of risk, quote, and policy data in multiple formats (CSV, XML, JSON, ACORD). |
Multiple import/export options, including CSV, XML, JSON, ACORD. | |
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Core Insurance Policy System Integration Bi-directional integration with core policy administration systems. |
Bi-directional integration with core policy admin and broking systems is described. | |
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Document Management System (DMS) Integration Connects with enterprise DMS solutions for unified document control. |
No information available | |
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Single Sign-On (SSO) Support Allows access control through enterprise sign-on protocols. |
Single Sign-On via SAML and other enterprise identity providers is supported. | |
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Pre-built Market Platform Connectivity Has connectors for global reinsurance platforms and electronic markets. |
Out-of-the-box connectors for Lloyd's PPL, Whitespace, and other market platforms. | |
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Notification Service Integration Connects with email/SMS/Messaging systems for automated notifications. |
Integrated notification services for email and other messaging. | |
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Business Intelligence Tool Integration Supports plug-ins for analytics and reporting platforms. |
Integrates with business intelligence tools for advanced reporting (PowerBI, Tableau, etc.). | |
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Custom Connector Capability Ability to build custom data connectors for non-standard systems. |
Custom connector capability is offered for bespoke integrations. |
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Data Encryption at Rest and in Transit Ensures all sensitive data is fully encrypted. |
Data encrypted at rest and in transit; confirmed in platform security whitepaper. | |
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Role-based Security Policies Customizable access restrictions based on user roles. |
Role-based security is configurable at fine granularity. | |
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Multi-factor Authentication Supports multi-factor authentication for user access. |
Multi-factor authentication listed in compliance documentation. | |
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Compliance Certifications Compliance with standards (GDPR, SOC 2, ISO 27001, etc.). |
Holds ISO 27001 and other compliance certifications; see company security page. | |
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Secure Audit Logs Immutable logs for all system and data access events. |
Immutable secure audit logs maintained for all access/actions. | |
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Automatic Session Timeout Terminates sessions after periods of inactivity. |
Automatic session timeout is enforced as part of security policy. | |
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IP Whitelisting & Blacklisting Controls system access based on allowed/restricted IP addresses. |
No information available | |
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Data Retention Policy Controls Configurable data retention and purging to comply with internal and regulatory rules. |
Data retention settings can be configured by the administrator. |
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Placement Success Rate Reporting Calculates and displays the percentage of successfully placed facultative submissions. |
No information available | |
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Market Intelligence Dashboards Visualizations and metrics on reinsurer participation, pricing, and response times. |
Market intelligence dashboards and analytics are a core part of Novidea's value proposition. | |
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Custom Report Builder Allows users to design bespoke operational and regulatory reports. |
Ad hoc and custom report builder is offered for operational and regulatory reporting. | |
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Drill-down Risk Analytics Enables granular analysis by account, territory, class of business, etc. |
Granular analytics and drill-down by risk, territory, market, etc. is supported. | |
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Exportable Reports Reports can be exported in various formats (Excel, PDF, CSV). |
Export of analytics/reports in standard market formats (Excel, PDF, CSV) is available. | |
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Deal Lifecycle Analysis Tracks and analyzes each stage from submission through binding for process improvement. |
Deal lifecycle analytics and process tracking are part of product dashboards. | |
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Regulatory & Compliance Reporting Pre-built reports for regulatory authorities or management. |
Regulatory and compliance reporting (Lloyd’s, FCA, other) provided as templates. |
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Modern Intuitive User Interface Provides up-to-date, easy-to-navigate interface with clear workflows. |
Modern, intuitive interface is repeatedly referenced in product literature/screenshots. | |
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Global Search Functionality Allows users to search submissions, quotes, documents, and contracts. |
Full text/global search for submissions, quotes, and documents is available. | |
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Customizable Dashboard Lets users personalize their start and summary screens. |
Customizable dashboards for user roles and summary screens. | |
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Accessibility Compliance Meets accessibility requirements (WCAG 2.1, ADA, etc.). |
No information available | |
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Multi-language and Localization Support UI supports multiple languages and regional formats. |
Supports localization/multi-lingual user interface for international brokers. | |
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Mobile Responsiveness Optimized for use on tablets and smartphones. |
Mobile responsive design; supports phone/tablet use. | |
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Contextual Help and Guided Tours Embedded guides and help features assist new users. |
Embedded guidance, context help, and learning tours for onboarding. |
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Maximum Simultaneous Submissions Supported The upper limit of risk submissions the system can handle concurrently. |
No information available | |
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System Uptime Percentage of time the system is available. |
No information available | |
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Average Page Load Speed System response speed for end users. |
No information available | |
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Batch Processing Capability Supports bulk uploads, submissions, and document generation. |
Batch processing for uploads, submissions, and documents is integral for handling volume. | |
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Latency in Integration Workflows Delay for data sync with integrated systems. |
No information available |
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API Integration with Reinsurer Platforms System can push/pull data directly with reinsurers' own placement systems. |
APIs allow direct integration with reinsurer placement systems for data push/pull. | |
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Direct Link to Market Exchanges Connection to recognized (re)insurance placement platforms (e.g., PPL, Whitespace, Ruschlikon). |
Connectivity to PPL, Whitespace and other e-placement platforms. | |
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Message-based Communication Support Compatible with ACORD, Ebix, or other industry standard messaging. |
ACORD, Ebix, and API messaging standards are supported. | |
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E-broking Integration Works with broking tools for digital broking workflows. |
Integrates with digital broking and e-broking workflows, per Novidea’s product suite. | |
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Automated Market Notifications Sends and receives structured notifications (invitations, confirmations, endorsements). |
Automated, structured market notifications as part of workflow automation. | |
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Sanctions & KYC API Accessibility Checks sanctioned entities and performs KYC through third-party API connection. |
Supports API-based sanctions and KYC checks through third-party providers. |
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Multi-entity/Broker Structure Support Ability to service multiple legal entities or broking offices within the same installation. |
Supports operations for multiple broker entities and offices within one instance. | |
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Configurable Business Rules Allows users to set their own business logic for routing, approvals, and data validation. |
Business rules for validation/routing/approval are user-configurable. | |
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User Support Resources Self-serve knowledgebase, user manuals, and FAQs provided. |
Resources available: online knowledgebase, FAQs, self-help, and documentation. | |
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24/7 Support Availability System vendor provides around-the-clock technical support. |
24/7 vendor support advertised on company site for enterprise customers. | |
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Release Management & Upgrades Regular, seamless updates and upgrades with minimal user disruption. |
Release management and seamless updates are a product feature of cloud-native SaaS. | |
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Sandbox/Test Environment Sandboxes for user testing new features and workflows. |
Sandbox environments available for configuration and testing. | |
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Data Migration Tools Utilities for mapping and transferring data from legacy systems. |
ETL/migration utilities provided for integrating legacy data. |
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