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NOVIDEA PARTNERS WITH XCEEDANCE TO EXPAND ITS SOLUTIONS AND CAPABILITIES FOR THE INSURANCE BROKER MARKET

broker market

Combining Novidea’s cutting-edge Broker Management Platform with the proven insurance expertise and global presence of Xceedance, will help meet the growing market demand for the platform

 

Novidea, the data-driven insurance distribution platform, today announces its new partnership with Xceedance, a global provider of insurance consulting, managed services, technology, data sciences, and blockchain solutions, that will allow Novidea to increase its global reach and services.

Novidea provides a core cloud-based platform, connecting all insurance distributors to a modern, digital and data-driven insurance ecosystem, which leverages the Salesforce Cloud and artificial intelligence (AI). Novidea drives digital transformation for brokers, agents, MGAs and insurers, through powerful data analytics, digital customer engagement and a specialised insurance CRM.

Novidea

Alex Zukerman

The insurance industry is increasingly understanding the necessity for modernisation and digitization, leading to greater demand for the Novidea Broker Management Platform. By partnering with Xceedance for assistance with platform deployments, Novidea can scale up its operations to meet the growing interest for its products and services.

Salesforce deployment experience by Xceedance means it truly understands the configuration of Novidea’s technology, including the most efficient methods of data migration and system integration. Additionally, the deep and broad expertise of Xceedance — in insurance operations consulting, advanced technology and delivery capabilities — will bring great benefits to insurance organisations across the globe. Jointly, Xceedance and Novidea will focus on enhancing the Broker Management Platform and provide superior customer service.

 

Alex Zukerman, Chief Revenue Officer of Novidea, comments:

“Our growth vision and approach put strong emphasis on collaboration with leading industry experts to make the onboarding of new customers to the platform as seamless as possible. Xceedance is a leading global player with proven delivery and consulting expertise, and shares many of the same values as Novidea. We’re excited to collaborate with Xceedance to increase our global reach in 2020 and work towards our shared goal of changing the insurance distribution process.”

 

Novidea

Justin Davies

Justin Davies, Senior Vice President and EMEA Region Head at Xceedance, adds:

“The Novidea solution is an excellent insurance platform that helps manage complex scenarios within distribution; the product is differentiating, well-designed and builds skillfully on the power of the Salesforce platform. At Xceedance, we have deep experience using and configuring Salesforce and will leverage those skills in working with Novidea. The in-house Salesforce skills of Xceedance can help with configuration of Novidea’s solution, and our knowledge of such platforms can ease a range of challenges, such as data migration and integration. Together, we can continue to expand and evolve the insurance ecosystem.”

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CORONAVIRUS PANDEMIC, STORE CLOSURES, SHIFT CONSUMER BUYING BEHAVIOUR LEADING TO ACCELERATED DIGITAL TRANSFORMATION FOR MERCHANTS

Forter Issues First In A Monthly Series of Coronavirus Special Reports 


Forter, the leader in e-commerce fraud prevention, today announced the release of the Forter Special Report on the Impact of Coronavirus on Consumer and Fraudster Behaviour. The report provides merchants across industries with insight into trends seen within the $150B in transactions that Forter processes annually.

As the Coronavirus pandemic sweeps across the globe, government responses have included enforced social distancing and financial support to beleaguered economies. Merchants who sell non-essential goods have responded by closing physical stores, and in some regions also their online operations. Consumers have begun to shift their purchases, even those of essential items such as groceries, online.

The Forter Special Report tracks trends and spikes in consumer behaviour as well as innovative methods that opportunistic fraudsters take to prey on consumers during this unprecedented and unpredictable time.

“Merchants are scrambling to cut costs, reduce the impact of fraud, scale efficiently, and deliver a consistent customer experience to meet rising consumer online buying behaviour,” said Michael Reitblat, CEO and co-Founder of Forter. “The aftermath of the pandemic will accelerate digital transformation among merchants as consumer shopping habits adapt.”

Covering industries including travel, fashion and beauty, food and beverage, marketplaces, and more, The Forter Special Report uncovers consumer buying trends such as:

  • The travel industry has been extremely hard hit. Regional variations are appearing, in particular an increase in purchases of inbound international travel to China in the weeks before the country closed down inbound travel on 26 March. Data in the last month points to “optimistic travel” in which the travel date is 120 or more days following booking. Such bookings now account for 65% of travel purchases.
  • The food and beverage industry has seen a dramatic increase in online purchases. New accounts now represent 15-25% of all customer volume, compared to 5-7% prior to the pandemic. As merchants struggle to manage the increased volume and meet expectations of new customers, we are seeing an increase in service chargebacks.

Fraudsters are exploiting confusion and uncertainty caused by government and corporate policies:

  • As people adjust to working from home, Forter sees a marked increase in social engineering fraud, associated with fake emails purporting to be from HR and corporate addresses. Here fraudsters invite people to click for more information, instead taking victims to malicious sites.
  • With a shift to online shopping in Apparel and Accessories, we see an increase in gift card purchases. While a higher number of legitimate buyers usually means that fraud rates drop, gift card fraud rates have not. Fraudsters have noticed an increased demand of the completely virtual merchandise that is easy to monetise.

In its recent report, “Mitigate Coronavirus (COVID-19) Business Impacts With Digital Commerce (March 2020),” Gartner asserts that “the COVID-19 outbreak will negatively impact business performance in the short term as offline activities are cancelled and online orders overwhelm delivery capacities. Application leaders can mitigate the impact and ensure continuity of operations by accelerating digital commerce initiatives.”

 

“With more consumers experiencing buying online, we expect merchants who hadn’t considered e-Commerce as a viable platform to now try it,” continued Reitblat. “Merchants that had already adopted e-Commerce struggle to meet this increase in demand. Working collaboratively from home and hiring to meet the volume create obstacles for those who manually review transactions for fraud.”

Forter’s integrated fraud prevention platform delivers real-time decisions at every point of the customer journey from account sign up and login, to purchase, and to returns. The system is tailored for each merchant based on its unique business requirements, pairing merchant feedback with Forter’s expertise.

Forter’s growing Global Merchant Network includes over 620 million consumers globally and 97% of online US consumers. Links among known consumers and those new to the network allow the platform to infer trust, resulting in higher accuracy without the need to manually review transactions and interactions.

With the Forter platform merchants can expect an up to 90% reduction in false declines, recapturing otherwise lost revenue and delivering the best possible buying experience to their consumers, with an up to 90% decrease in chargebacks due to fraudulent activity. Forter allows merchants to scale and accelerate their digital transformation strategies even in an uncertain time.

“Rules based systems by their nature look at the past and adapt to it,” said Reitblat. “New consumer behaviours, which we’re seeing across industries, as well as new fraud behaviours, are missed by these systems until they can adapt. Forter’s identity-based system authenticates the buyer, not just the behaviour.”

Together with the Special Report, Forter has also issued its Eighth Fraud Attack Index, highlighting industry trends and innovative fraud vectors, showing the evolution of fraud, comparing H2 2019 to H2 2018. The report features the continued evolution of fraud attack vectors across all customer touchpoints, demonstrating the need to protect merchants’ digital offerings at all interactions in the customer journey, from account abuse to payment abuse to policy abuse.

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BTON FINANCIAL PARTNERS WITH GENESIS TO AUTOMATE TRADING FOR ASSET MANAGERS

BTON Financial, the independent outsourced dealing desk for asset managers and genesis, the Low Code Application Platform for Capital Markets, are pleased to announce their partnership to automate trading workflows, which in turn drives greater trading performance.  The partnership helps drive front office transformation, bringing together genesis’ ability for agile software development and BTON Financial’s independent technology and data driven approach to outsourced dealing in the form of their award winning ‘Smart Broker Router’.

Following a competitive due diligence process, covering both vendors and consultancies, BTON Financial selected genesis as their technology partner because of their deep market expertise and Low Code Application Platform built specifically for capital markets. By using the genesis Low Code Application Platform, BTON are able to create solutions quickly without having to write substantial lines of code, making the development and deployment of these solutions much faster, simpler and much easier to support. 

With BTON Financial, asset managers are able to maintain a significant  edge over their peers, implement trading strategies effectively, ensuring that investment intentions are not undermined by poor execution quality as a result of inadequate legacy technology. 

BTON Financial’s award winning, proprietary Smart Broker Router, built on the genesis Low Code Application Platform, supports asset managers in taking advantage of the emerging liquidity and execution opportunities. The Smart Broker Router improves trading performance automatically by selecting the most appropriate broker with the most appropriate execution algorithm, while at the same time ensuring full regulatory compliance. 

The BTON Smart Broker Router is fully integrated with the other genesis trading solutions built on the platform, allowing orders to flow securely from the Smart Broker Router through to the receiving broker and into the trading workflow – all in real-time.

Commenting on the collaboration, James Harrison, Chief Operating Officer of genesis, said: “We are very excited to partner with BTON Financial. The machine learning driven Smart Broker Router is unique to the market and has been built using the genesis Low Code Application Platform. This powerful combination has allowed us to maximise the very latest in technology to fully optimise an asset managers’ trading performance while minimising costs.  We look forward to a long-lasting relationship”.

Dan Shepherd, CEO of BTON Financial, said: “We’re delighted to partner with genesis for the benefit of the asset management industry. By harnessing the genesis low code platform and its modular & agile development approach we can respond and adapt to market developments at speed. This is in stark contrast to legacy systems that often require whole platforms to be re-engineered. We very much look forward to continuing our collaboration with genesis and bringing new, innovative solutions to the asset management industry.”

Dan Shepherd concluded: “The FinTech ecosystem is now becoming more essential in helping firms manage their business continuity plans by automating more procedures, which is where our collaboration with  genesis will bring immediate benefits in the current climate. “

 

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