HONG KONG, Oct. 15, 2021 /PRNewswire/ -- CoverGo, Asia's no-code insurance technology leader, is expanding to the USA, Canada, and Latin America to help insurance companies digitize to remain agile and relevant in this high-tech era.
CoverGo offers a no-code platform for insurance firms to streamline their ecosystem from building products to managing claims. Since January 2021, the company's subscription revenue has risen by over 400%.
To accelerate its international expansion, CoverGo has appointed DP88 as its strategic advisor. The partnership has helped CoverGo secure initial funding for expansion, market insights and relationships with key partners and investors for the upcoming equity fundraising round.
CoverGo's expansion comes amid the digitization of the US$6.3 trillion insurance market. No-code / low-code is expected to be responsible for more than 65% of application development activity in the sector by 2024 . CoverGo therefore is in a perfect position to tackle this market, and help companies adapt to the changing environment.
Cesar Moufarrege, CEO of XN Worldwide Insurance (CoverGo's Enterprise Customer in the USA):
"CoverGo's technology and platform is something we have been looking for to advance our digital transformation goals and increase customer satisfaction by step-changing speed to market and service. 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."
Tomas Holub, CEO of CoverGo:
"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. The strategic partnership with DP88 and upcoming investment will help roll out CoverGo to insurance companies globally."
David Piesse, CEO of DP88:
"We were very impressed with the interoperability capability of CoverGo technology for the insurance industry, which has many legacy systems to integrate to new digitized platforms. Their technology is reducing time to integrate and bring new products and innovations to market by a significant amount."
CoverGo is the first fully configurable, modular, no-code, enterprise-grade platform for insurance. It enables companies to build products at record speed, automate policy admin, claims and processes, and improve omni-channel distribution. Powered by 500+ insurance APIs, the platform can be used in parts or in full, and deployed across any cloud. CoverGo has 30+ P&C, health and life insurance clients across 3 continents.
DP88 are an advisory as part of an Asian family office who have been founding LP and/or investor in prestigious tech funds such as Greycroft Ventures and Growth Funds, Primetime Partners, Anthemis Insurtech, EGP Partners, Pantera Capital, GP BUllhound Fund as well as several early stage tech startups who turned to be unicorn and listed on Nasdaq and Hong Kong stock exchange.
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