Specialist Risk Group (SRG) has selected leading InsurTech Novidea as its strategic technology partner, to lead its digital transformation in support of SRG’s rapid business growth.
LONDON, 09 March 2020 – SRG, the fast-growing specialist insurance broker that owns Miles Smith, The Underwriting Exchange, Square Mile Broking, and David Codling and Associates, is pleased to announce that it 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.
The innovative 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 customers’ experience. The platform leverages the Salesforce Cloud and artificial intelligence (AI) to drive digital transformation through a highly automated core insurance broking platform, powerful data analytics, and digital customer engagement tools.
SRG, with market leading organic growth and targeted specialty M&A, is incorporating the latest technology to align its broker management platform with its long-term vision of becoming the leading specialist risk insurance broker. 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 and is leading the way to a new era in broking.
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”
Lee Anderson, Group COO of SRG, commented: “Novidea is the perfect partner to support our future M&A integration. We will combine their cutting-edge Broker Management Platform with our proven insurance expertise to deliver world-class solutions for hard-to-place UK and international risks across our portfolio of businesses.”
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.”