Novidea
- Company typePrivate
- Founded2014
- HeadquartersNetanya, Israel
- Headcount101–250
- GTM typeB2B
- OfferingSoftware
What Novidea does
Novidea is a private, Israel-based software company that provides a cloud-native, data-driven insurance management platform built natively on Salesforce. Its platform integrates front, middle, and back office functions across the full insurance distribution lifecycle — from lead management, quoting, and policy administration through bordereaux management, claims, accounting, and analytics — and is sold to insurance brokers, MGAs, coverholders, and hybrid fronting carriers. Solution-specific configurations target the London Market (aligned with Lloyd's Blueprint Two), MGAs, brokers, and coverholders, while specialty premium automation supports complex schedules for vessels, aircraft, and property risks. Document generation was added through the July 2024 acquisition of Docomotion and is now an integrated module.
The company's product portfolio comprises a core insurance management platform supported by six functional modules (Front Office, Middle Office, Back Office, Workflows and Automation, Actionable Intelligence, and Document Generation) plus add-on modules for Customer Portals, an Open API framework, and Security. The platform is extensible via the Salesforce AppExchange ecosystem and an "API à la carte" integration model, and is offered as an enterprise annual subscription on a quote-based pricing model. As of 2025, Novidea reported approximately $28.1 million in annual recurring revenue, served 100+ customers across 22-23 countries spanning the US, UK, EMEA, and APAC, and employed approximately 255 staff. The company has raised approximately $110 million in total funding, most recently via a $50 million Series C (May 2023, Battery Ventures) and a $30 million Series C extension (April 2024, HarbourVest Partners). Go-to-market is enterprise field sales with regional hubs in London and Tel Aviv and a US Markets leadership function.
Novidea firmographics
Firmographics- Name
- Novidea
- Legal name
- Novidea
- Website
- https://novidea.com
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Ownership category
- akta.pro rank
Novidea industry classification
Industry- Product category
- Insurance Management Software
- NAICS
- Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292), Software Publishers (5132)
- SIC
- Insurance Agents, Brokers & Service (6411)
- akta.pro primary industry
- Policy Administration, Underwriting & Rating Platforms (Core Insurance SaaS) (FSAGAGAB)
- akta.pro secondary industry
- Insurance Program Administration & MGA/MGU Services (FSAEADAK)
Keywords
Where Novidea is headquartered
LocationHeadquarters
- HQ city
- Netanya
- HQ country
- Israel
- HQ region
- Middle East
Offices2 records
Markets served
Novidea business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure
Revenue model
- SaaS Subscription Platform: Cloud-native insurance management platform delivered as a subscription service, providing recurring revenue from brokers, MGAs, coverholders, and carriers. The company reported $28.1 million in annual recurring revenue (ARR) as of 2025.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Enterprise subscription pricing for insurance brokers, MGAs, and coverholders |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels6 records
Novidea product offering
Product offeringCore offering
Novidea provides a cloud-native, data-driven insurance management platform that manages the entire insurance distribution lifecycle from quote to claims. Built natively on Salesforce, the platform is targeted at insurance brokers, agents, MGAs/MGUs, wholesalers, coverholders, and hybrid fronting carriers. The solution unifies front, middle, and back-office operations into a single system, eliminating the need for legacy bolt-on tools.
Product overview
Novidea offers a unified, cloud-native insurance management platform built on Salesforce, integrating front-office, middle-office, and back-office functions across the entire insurance distribution lifecycle. The platform portfolio consists of a core platform (the Insurance Management Platform) supported by six functional modules: Front Office, Middle Office, Back Office, Workflows and Automation, Actionable Intelligence (analytics), and Document Generation (added via the acquisition of Docomotion in July 2024). Additional add-on modules include Customer Portals, the Open API Integrations framework, and a Security module. Novidea also provides five industry/solution-specific configurations targeting London Market participants, MGAs, Brokers, Hybrid Fronting Carriers, and Coverholders. Customers can extend functionality via the Salesforce AppExchange ecosystem and the open API framework.
Differentiator
Problem solved
Functional benefit
Products and services
- Insurance Management Platform
- London Market Solution
- MGA Business Solution
- Brokers Solution
- Coverholders Solution
- Hybrid Fronting Carriers Solution
Quantifiable outcome
- +40% Cross-Sell
- +6 more outcomes
Companies that use Novidea
Customer profileNamed customers12 records
Segments5 records
Ideal customer profiles4 records
Novidea technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature10 records
Novidea partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- DocomotioncoreNovidea acquired Docomotion, a leader in automated document generation, as part of its strategic expansion to strengthen product offerings in document automation technology. Docomotion's capabilities have been integrated into the Novidea platform.
Scale indicators7 records
Recent moves6 records
Expansion highlights6 records
Novidea competitors and assessment
Company assessmentDirect peers
- Applied Systems: Largest provider of cloud-based agency and brokerage management software for insurance brokers and agencies in North America. Directly comparable to Novidea as it serves the same broker distribution channel with front-, middle-, and back-office workflows.
- Vertafore: Major insurance distribution software provider serving agencies, carriers, and MGAs with management, rating, and workflow products. Overlaps directly with Novidea across broker and MGA distribution workflows.
- Duck Creek Technologies: Cloud-based core insurance platform for P&C carriers with policy, billing, and claims SaaS. Closely comparable to Novidea as a SaaS-native insurance platform; notably, Novidea's new Executive Chairman Matt Foster previously held leadership roles at Duck Creek.
- Sapiens International: Israel-headquartered insurance software provider offering core solutions for life, P&C, and reinsurance, plus distribution and digital platforms. Comparable to Novidea on geographic roots, insurance domain depth, and platform-based GTM.
- Insurity: Cloud-based insurance software platform serving P&C carriers, MGAs, and brokers with policy administration, billing, and claims. Direct competitor to Novidea in the MGA and broker distribution layer.
- OneShield: Cloud-native insurance core and distribution platform targeting MGAs, carriers, and reinsurers with policy, billing, and claims software. Comparable to Novidea on cloud-native MGA-focused architecture and broker/MGA workflows.
- Majesco: Cloud insurance platform software for P&C, life, and group insurance across distribution, underwriting, claims, and analytics. Directly comparable to Novidea across the broker/MGA/carrier SaaS landscape.
- EZLynx: Insurance agency management, comparative rater, and customer workflow platform serving personal and commercial lines brokers. Comparable to Novidea on the broker front-office and quoting layer of the distribution lifecycle.
Emerging players
- BriteCore: Cloud-native core insurance platform for P&C insurers and MGAs with policy administration, billing, claims, and agent portals. Smaller and more emerging than Novidea but a credible comparable for cloud-native MGA-focused SaaS.
Others
- Salesforce Financial Services Cloud / Industries: Underlying platform provider and strategic investor in Novidea via Salesforce Ventures. Salesforce Industries/Vlocity pushes into financial services and insurance distribution, making Salesforce both an enabler of Novidea's architecture and a potential adjacent competitor over time.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Novidea social profiles
Digital presenceNovidea financial estimates
Financial estimateRevenue estimate
Valuation estimate
Novidea leadership team
Management profileNumber of profiles
Profiles8 records
Novidea subsidiaries and ownership
Company hierarchySubsidiaries1 record
Novidea funding detail
Funding detailFunding overview
Funding rounds5 records
Investors8 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Novidea M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Novidea
What does Novidea do?
Novidea provides a cloud-native, data-driven insurance management platform that manages the entire insurance distribution lifecycle from quote to claims. Built natively on Salesforce, the platform is targeted at insurance brokers, agents, MGAs/MGUs, wholesalers, coverholders, and hybrid fronting carriers. The solution unifies front, middle, and back-office operations into a single system, eliminating the need for legacy bolt-on tools.
Is Novidea a public or private company?
Novidea is a private company. It is classified as venture growth investor backed and is currently operating.
When was Novidea founded?
Novidea was founded in 2014. It employs 101 to 250 people.
Where is Novidea based?
Novidea is headquartered in Netanya, Israel, in the Middle East region.
How does Novidea make money?
One revenue line is on record: saaS Subscription Platform.
Who are Novidea's main competitors?
Direct peers on record are Applied Systems, Vertafore, Duck Creek Technologies, Sapiens International, Insurity, OneShield, Majesco and EZLynx. BriteCore is listed as an emerging player. Salesforce Financial Services Cloud / Industries is listed as an others.
Does Novidea have an API?
Yes. Novidea offers a truly open API framework, marketed as "API à la carte," enabling customers to add functionality, capabilities, and services as their business grows without costly integration processes. No public developer portal, API documentation URL, SDK, or auth/rate-limit specifics were identified in the source content.
What industry is Novidea in?
Novidea's product category is Insurance Management Software. Its primary akta.pro industry code is FSAGAGAB, Policy Administration, Underwriting & Rating Platforms (Core Insurance SaaS), with a secondary code of FSAEADAK, Insurance Program Administration & MGA/MGU Services. Its NAICS code is 524292 and its SIC code is 6411.