The Southeast Asian region still operates a traditional insurance industry plagued by legacy systems, slow-to- change insurers, and lack of insurance technology providers, even as tech startups continue to disrupt the insurance industry with AI and machine learning.
That was when CoverGo CEO Tomas Holub saw an opportunity to simplify insurance and make it easier for people in the region to get insurance. CoverGo is one of the leading insurtech companies in Southeast Asia. It is the leading global no-code insurance SaaS platform for P&C, health, and life. The company provides enterprise software solutions to banks, insurers, and brokers.
After a $15 million Series A funding, CoverGo is expanding to the Middle East, with Noria Capital joining the Middle East insurance fund as one of the strategic investors.
CoverGo, founded in 2017 by Tomas Holub, streamlines the insurance ecosystem from an end-to- end insurance platform and a no-code insurance platform, which allows companies to customize their insurance products.
Since its inception, CoverGo has been adopted by a growing number of P&C, health and life insurance companies, and emerging insurtech companies across the globe to create and launch all types of insurance products within a few days, develop omni-channel distribution and digitize policy admin and claims. CoverGo's clients include AXA, Bupa, MSIG MS&AD Dai-ichi Life, DBS Bank, Bank of China Group Insurance, and many others.
CoverGo recently set up its presence in the Dubai International Financial Centre DIFC and became part of the DIFC FinTech Hive, the largest financial technology accelerator in the Middle East, Africa and South Asia region.
CoverGo's expansion in the Middle East is led by newly appointed regional director George Majdalani. George is a senior executive with over 17 years of experience in digital insurance transformation and health insurance innovation.
CoverGo's next-generation no-code platform provides insurance companies with an unbeatable speed to market and cost savings while driving efficiencies across the whole value chain. According to Rakan Abunayyan, General Partner of Noria Capital, CoverGo is positioned to become the market leader for health insurance in the Middle East, and help companies accelerate their digital transformation without IT development. We are excited to support CoverGo on its growth journey and expansion in the Middle East as well as the African market. Middle East insurance companies are realizing that custom IT development is too slow and costly, while rigid legacy systems can't meet changing customer needs and product requirements. Tomas Holub, CEO of CoverGo, said that CoverGo has seen a rise in demand for CoverGo, a truly configurable no-code platform. The investment from Noria Capital will increase CoverGo's growth in the Middle East and provide relationships with key partners and insurance companies in the region. The Middle East insurance stakeholders who are looking to launch and manage new innovative products and enable seamless digital distribution without disrupting their existing systems are a perfect fit for CoverGo's no-code API-driven insurance platform, said George Majdalani, Regional Director, MENA.