CoverGo has announced the appointment of Louis Lee as its managing director for the Asia-Pacific (APAC) region.
Lee (pictured) joins CoverGo with over two decades of experience in insurance and reinsurance, spanning life, health, general insurance, and more.
In his new role, Lee will oversee efforts to expand the company’s footprint across the region, focusing on delivering digital solutions and supporting insurance clients with technology-driven transformation initiatives.
CoverGo said the appointment aligns with the company’s goal of supporting insurers in becoming fully digital.
The firm provides a no-code, AI-enabled platform designed to streamline operations for health, life, and property and casualty insurance providers.
The appointment comes as global insurtech investment continues to grow.
Global investments in insurtech are projected to reach US$4.2 billion by the end of this year, according to a report by Dealroom.co, Mundi Ventures, and MAPFRE.
As of the third quarter, venture capital funding for insurtech start-ups totalled US$3.2 billion, with much of the fourth quarter expected to focus on Series B and C funding rounds for companies in early growth stages. These firms are approaching pre-pandemic funding levels, the report said.
Javier Santiso, CEO of Mundi Ventures, noted that while early-stage start-ups are attracting significant interest, later-stage ventures face challenges in securing funding.
Investments in Series D rounds and beyond have declined, reflecting investor caution toward higher-valuation companies.
Some late-stage firms are reportedly shifting focus to profitability, aiming to strengthen their financial positions for potential public offerings in the coming years.
Meanwhile, early-growth start-ups continue to gain traction with business models that emphasise scalability.
“While the frenzy has cooled, we are seeing a positive rebound in early-growth/breakout stages, particularly with Series B funding picking up,” Santiso said.
The report highlighted a mixed outlook for the insurtech sector, as investor confidence returns for emerging players but remains tepid for mature companies navigating profitability pressures.
The adoption of AI in the insurance industry across the globe is also rising, but operational challenges remain, according to the latest Industry Trends Report released by Earnix.
The survey found that 70% plan to deploy real-time predictive AI models within two years. This marks a significant increase from the current usage rate of under 30%, signalling a shift toward incorporating advanced analytics into core operations.
The report also highlighted increasing regulatory pressures. More than half of surveyed insurers reported fines or refunds due to errors in the past year. To address these issues, 70% of executives said they intend to invest more resources in compliance-related activities in the coming year.
