Singapore-based InsureTech CoverGo operates a no-code SAAS insurance platform and raised $15 million in a Series A funding round led by California-based venture capital firm SemperVirens. CoverGo plans to become successful with a modular out-of-the-box approach to the insurance platform based on more than 500 available insurance APIs.
“Now more than ever, insurers recognize that custom IT development is slow and costly, while off-the-shelf software packages cannot meet changing product requirements and customer needs. As a result, we’re seeing a rapidly growing global demand for configurable no-code platforms that enable companies to adapt to the changing world,” says Thomas Holub, the CoverGo CEO (pictured above).
CoverGo promotes the modular no-code insurance platform as an out-of-the-box solution based on 500 open APIs. It enables insurers to drive digital transformation cost-effectively.
CoverGo is already in use at insurance companies such as AXA, MSIG (MS&AD Insurance Group), Dai-ichi Life, and Bank of China Group Insurance and is working with partners such as Deloitte, Accenture, IBM, and Synpulse. The new investment is expected to help accelerate international expansion, expand the partner network with consulting firms, and grow the sales and engineering teams in the U.S. and the Asia Pacific.
Source: press release