SRG embraces Novidea’s broking technology platform

Specialist insurance broker Specialist Risk Group (SRG) has selected Novidea, with its cloud-based broker management platform, as its strategic technology partner for the ‘transformation’ of its London market and complex risk platforms.

SRG said Novidea’s broker management platform will enable SRG to fully automate its London market insurance lifecycle, consolidate its legacy systems, improve data-driven business decisions, and enhance customer experience.

The platform leverages the Salesforce Cloud and artificial intelligence (AI) to drive digital transformation through a highly automated core insurance broking platform, data analytics, and digital customer engagement tools.

The new technology will enable the growth and expansion of SRG’s broker and MGA portfolio, from on-boarding of newly acquired businesses, to post-merger integration, to business process standardisation.

Warren Downey, group CEO of SRG, said: “SRG is growing fast organically and through targeted acquisitions and is perfectly placed to bring together the fragmented specialist insurance broking market with the support of our owner, Pollen Street Capital. A fully integrated business is our strategy and this step with Novidea will accelerate the achievement of our goals as a business.”

Roi Agababa, CEO of Novidea, added: “Many broking houses in the insurance sector are held back by legacy systems that are viewed as difficult and expensive to update. SRG is different; they have shown that by focusing on the future with Novidea. They will benefit from a cloud-based platform that makes it much easier to on-board and integrate newly acquired brokers, as well as accelerating growth and profitability through enhanced sales and improved productivity.”