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November 21, 2022

VC fund Noria Capital backs insurtech CoverGo

Insurtech platform CoverGo is looking to bolster its footprint in the Middle East after a strategic investment from venture capital fund Noria Capital .

The undisclosed investment comes shortly after CoverGo bagged $15m in a Series A round in May this year.

The company recently set up its locations in the Dubai International Financial Centre (DIFC) and joined DIFC FinTech Hive , a financial technology accelerator serving the Middle East, Africa, and South Asia markets.

CoverGo’s new regional director in MENA George Majdalani, who has more than 17 years of experience in digital insurance and health insurance space, is heading the firm’s growth in the Middle East.

Majdalani said: “CoverGo’s no-code API-driven insurance platform is a perfect fit for the Middle East insurance stakeholders who are looking to launch and efficiently manage new innovative products and enable seamless digital distribution without disrupting their existing systems.”

CoverGo currently offers several insurance products, builds omni-channel distribution as well as digitises policy admin and claims for its clients spanning across P&C, health and life insurance sectors.

The company counts AXA , Bupa , MSIG (MS&AD), Dai-ichi Life, DBS Bank , Bank of China Group Insurance , among others, as clients.

Noria Capital general partner Rakan Abunayyan said: “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.

“CoverGo is uniquely positioned to become the insurance platform market leader, in particular for health insurance in the Middle East, and help companies accelerate their digital transformation without heavy IT development.”

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