InsurTech startup CoverGo raises $15 million Series A funding to expand its presence in the Middle East
Even as tech startups continue to disrupt the insurance industry with AI and machine learning, the Southeast Asian region still operates a traditional insurance industry plagued with legacy systems, slow-to-change insurers, and a lack of insurance technology providers.
That was when CoverGo CEO Tomas Holub saw an opportunity to simplify insurance and make it easier for people in the region to obtain insurance. Fast forward five years later. CoverGo has established itself as one prominent and leading insurtech companies in Southeast Asia. It’s also the leading global no-code insurance SaaS platform for P&C, health, and life. The startup provides enterprise software solutions to insurers, banks, and brokers.
Today, CoverGo announced it is expanding to the Middle East after a $15 million Series A funding, with a Middle East insurance fund Noria Capital joining as one of the strategic investors.
Founded in 2017 by Tomas Holub, CoverGo streamlines the insurance ecosystem from an end-to-end “insurance-in-a-box platform and a no-code insurance platform that allows companies to configure any insurance product.
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 build and launch all types of insurance products within 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 has recently set up its presence in the Dubai International Financial Centre (DIFC) and became part of 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 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. 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”, said Rakan Abunayyan, General Partner of Noria Capital. “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 now more than ever that custom IT development is too slow and costly while rigid legacy systems can’t satisfy changing customer needs and product requirements. As a result, we have seen a fast-growing demand for CoverGo as a truly configurable no-code platform,” said Tomas Holub, Founder & CEO of CoverGo. “The strategic investment from Noria Capital will further accelerate CoverGo’s growth in the Middle East and provide relationships with key partners and insurance companies in the region.”
“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,” said George Majdalani, Regional Director, MENA.