Hong Kong-based insurtech platform CoverGo has announced plans to enter the US, Canada, and Latin America to digitse the $6.3 trillion insurance market.
As part of the expansion plan, CoverGo has joined forces with DP88 and secured initial funding for expansion.
Through the partnership with DP88, which is CoverGo’s strategic advisor, the insurtech has also formed relationships with partners and investors for the upcoming equity fundraising round.
CoverGo is a modular and configurable no-code platform for the insurance industry. It enables firms to build products, automate policy administration, claims and processes and improve distribution.
CoverGo CEO Tomas Holub said: “Insurance companies realise now more than ever that custom IT development is slow and costly while off-the-shelf software packages can’t satisfy the flexibility they require. This is why we see fast-growing demand worldwide for a truly configurable no-code platform.”
CoverGo, which uses APIs and can be deployed across the cloud, aims to cash on the opportunity of the ongoing digitisation of the insurance market.
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DP88 CEO David Piesse said: “We were very impressed with the interoperability capability of CoverGo technology for the insurance industry, which has many legacy systems to integrate to new digitised platforms.”
XN Worldwide Insurance CEO Cesar Moufarrege said: “This no-code API driven platform is a perfect fit into our infrastructure as it provides us flexibility and agility to push out new APIs without the traditional model of heavy reliance on tech vendor support and constant back-and-forth communication between different teams.”