Insurtech CoverGo expands into the Americas
Insurtech CoverGo has expanded its business into the US, Canada and Latin America. The company says its aim is to help insurance companies digitise to “remain agile and relevant in this hi-tech era.”
To further accelerate its international expansion, CoverGo has appointed DP88 as its strategic advisor. The insurtech said in a statement that the partnership has helped it to secure initial funding for expansion, market insights, and relationships with key partners and investors for the upcoming equity fundraising round.
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 digitised platforms. Their technology is reducing time to integrate and bring new products and innovations to market by a significant amount."
CoverGo’s US expansion in line with the digitisation of the US insurance market
CoverGo's expansion comes amid the digitisation of the US$6.3trn insurance market. No-code and low-code platforms are expected to be responsible for more than 65% of application development activity in the sector by 2024, CoverGo claims.
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."
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,” added Moufarrege.
