Novum Underwriting Partners, a specialty managing general agent (MGA) and wholesale brokerage, is reshaping the wholesale insurance sector by breaking new ground with its cutting-edge insurance technology and vast industry expertise. Founded by a team of seasoned professionals with diverse backgrounds, the company represents a convergence of profound insurance acumen, technological innovation, and strategic foresight.
The founding members of Novum have an exceptional track record as underwriters and expert operators in the insurance sector, notably in large-scale operations. Its transparency, which is distinct from conventional wholesale insurance companies, is a major advantage of Novum's business model. This is facilitated by its technology-oriented methodology, including a proprietary workflow management system and customer relationship management (CRM) tools. These tools provide clients with insights into their insurance transactions, resulting in streamlined business processes and enhanced client relationships.
Led by CEO Christopher M. Longo, Novum prioritizes stability, reliability, and forward-thinking while formulating solutions for its clients—a testament to his extensive experience within the insurance market. Longo played an instrumental role as the former Executive Vice President and Chief Operating Officer in the remarkable growth of AmTrust Financial, a major provider of workers' compensation coverage in the United States. AmTrust's exponential growth, from a modest $7 million in the early 2000’s to a substantial $8 billion in written premiums by 2018 in 40 countries, was a testament to his innovative approach to insurance systems and operations at scale.
In 2018, Novum’s team seized a strategic opportunity when AmTrust considered transitioning to the private sector, leading to the company’s establishment. Despite other technology-focused entrants, the firm developed a sixth-generation technology system and platform combining traditional insurance MGA and wholesale insurance options, along with having a strong digital presence. The company leverages the platform to address the inherent challenges of the wholesale insurance distribution sector.
“Our mission is to alleviate the challenges faced by traditional retail brokers when dealing with unique and complex risks,” says Christopher Longo, CEO of Novum.
Conventional wholesalers struggle to communicate clearly with retail brokers, often leading to delays and confusion. However, Novum is committed to transforming this dynamic by implementing its platform and robust workflow management system. When a risk request is submitted to the platform, it unifies retail brokers, insurers, and marketers on a single, integrated software stack. The platform efficiently evaluates incoming risks, matches them with carriers, and ensures transparency throughout the process.
Novum leverages the team's extensive underwriting backgrounds, proficiency in micro-insurance products, and high-automation expertise. The visionaries who developed AmTrust's enduring insurance system also serve as the core architects of Novum's software platform.
Our mission is to alleviate the challenges faced by traditional retail brokers when dealing with unique and complex risks
In a similar vein, the CRM system is a pivotal component of Novum’s operational infrastructure, providing the firm with a holistic view of each client's distinct activities and engagements. This system further streamlines the renewal process, provides insights, and enables efficient client communication. An essential feature of Novum's CRM system is its ability to provide comprehensive insights before engaging with a client, allowing effective identification of critical issues and unmet requirements.
In addition, Novum’s operational framework is significant, with artificial intelligence (AI) tracking and analyzing every keystroke, conversation, and email in its system. Its employees benefit from a personalized virtual insurance assistant, as the system continuously evaluates and prioritizes accounts and transactions, optimizing client experiences.
In contrast to traditional wholesalers, the company mixes digital convenience with personal service, providing clients with accessible staff support. This unique approach distinguishes the firm, ensuring clients receive the "white glove" concierge service along with a seamless digital experience. “Our design and approach to the Novum technology platform is product agnostic,” adds Longo, “and can provide a solution for virtually any insurance operation’s needs, at any level and at any scale.” This allows for other large-scale insurance providers to use this technology to address their individual insurance solutions.
Novum represents a transformative force within the InsureTech landscape, driven by underwriting, innovation, transparency, and excellence. Its commitment to adaptability enables the firm’s platform to empower industry stakeholders and set a new standard for wholesale insurance.
