Company: CoverGo
Website: covergo.com
Business Category: A technology provider of InsurTech tools to insurance practitioners
Maturity Status: Mature (more than 3 years since product went into production)
Product or Service: End-to-end core insurance platform for individual and group health
Area: Life & Health insurance
CoverGo, founded in 2017, provides cutting-edge technology to the insurance industry, with a mission to empower insurance companies to make insurance 100% digital and accessible to everyone.
CoverGo has built a leading SaaS modular end-to-end no-code core insurance platform, being used by insurers around the globe such as AXA, Bupa, MSIG, Dai-Ichi Life, and more, to run their insurance business efficiently and digitally.
The core platform enables insurers to increase their speed to market, enable digital omni-channel distribution to reach new customers, improve customer & staff experience alike, reduce operational & IT costs, and reduce fraud waste & abuse, in a fast, efficient & scalable way.
Out of the box features of the core platform include:
- No-code product builder: build any type of complex products without a single line of code
- Sales portals: quotation & proposal management tools
- Customer portals: member & HR portals to view & manage policies, up/cross-sell
- Policy admin system: view and service policies, endorsements, renewals, transactions, and more.
- Claims engine & management: Data-driven and automated claims management system and investigation tools
- Provider portals: view members, policy coverages, and submit claims digitally
The platform’s modular architecture and modern API-driven driven approach makes it unique on the market as it can be used in parts and in full, and integrated seamlessly into existing ecosystems (even legacy ones) to gain quick business wins, and then scale into a more end to end digital transformation.
As of today, the platform supports individual & group health insurance end-to-end from product development to claims management out of the box, while P&C and life insurance capabilities are currently limited to product development & distribution enablement, where the full core end-to-end capabilities will be rolled out by end 2024.
What makes us an InsurTech:
Insurance companies are struggling with digital transformation due to rigid legacy systems, where maintenance alone can cost them up to 80% of IT budgets. Solutions such as total system replacements or in-house builds are costly and time consuming, while quick fixes options often aren’t scalable.
The CoverGo core insurance platform is a unique and innovative solution to address challenges insurers face when going digital, as it was designed with these exact elements in mind. The platform’s modular architecture and API-driven approach, allows insurers to start small with a low risk solution to get quick business wins and stakeholder buy-in, and then scale into an end-to-end solution in an agile way.
Being a SaaS, and with out-of-the-box modules & portals that can be white labeled, the CoverGo solution for digital transformation is also faster to deploy compared to the competition, and is future-proof as new features are rolled out constantly and available to our users.
A strict attention to the platform’s UI/UX is also appreciated by CoverGo clients’ business users, enabling a high adoption rate, facilitating common change management challenges. It is also the only end to end core platform offering no-code product development tools and automation tools, empowering business users to work & innovate more efficiently.
Major features & technology used:
The CoverGo core insurance platform was designed and built using cutting edge technology and with a modern architecture, enabling it to be fully configurable, offering the flexibility needed for the insurance industry’s known complexity.
The backbone of the platform is its 500+ open insurance APIs, for all insurance processes from product development to claims management. The platform is modular and cloud agnostic, also enabling it to be fully compliant across any jurisdiction.
Our Kubernetes backend architecture enables our platform to be deployed in any cloud of any country of the client’s choice for data compliance and security needs. It also uses bank-grade security to ensure the data is protected up to the highest standards. Our architecture is also event-sourced, meaning that we log all actions and sequences as data – our client can then extract any of that data to enrich their data analysis and improve their processes.
Our API-driven approach also enables it to be integrated with any legacy system, or third party systems for needs such as OCR, AI processing, eKYC, AML and more. This allows our clients to innovate and create new ways to automate and digitize processes previously not possible.
News & Updates
See the latest CoverGo news.
About CoverGo
CoverGo has grown into a global company, with offices in Silicon Valley, New York, Dubai, Singapore & Hong Kong, and major clients across 15+ countries. The CoverGo team gathers a combined 500+ years of insurance expertise with more than 140 team members of 26 nationalities.
CoverGo is also backed by investors such as Tribeca, Semper Virens, Noria Capital, Old Mutual, Asia Insurance and more. Our lead investor is Caribou Honig, founder of Insuretech Connect, the largest insurtech event globally, a clear validation of CoverGo’s fit in the market and potential to become the core platform of choice by insurers globally.
For more information, please visit covergo.com.
Source: CoverGo Ltd.
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