CoverGo, a Hong Kong-based insurance technology firm, has announced that it will be expanding to the USA, Canada and Latin America.
The firm provides a no-code software development platform for the insurance industry, helping insurers streamline their processes, from building products to managing claims. Its subscription revenue has risen by over 400% since January, CoverGo said.
To aid its international expansion efforts, CoverGo has appointed DP88 as strategic advisor, which will help CoverGo secure initial funding for expansion and build relationships with key partners and investors for the upcoming equity fundraising round.
“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,” said Tomas Holub, CEO of CoverGo. “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.”
The company's expansion comes amid the digitisation of the US$6.3 trillion (SG$8.5 trillion) insurance market. By 2024, no-code/low-code is expected to be responsible for more than 65% of application development activity in the industry, CoverGo said.
“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,” said David Piesse, CEO of DP88. “Their technology is reducing time to integrate and bring new products and innovations to market by a significant amount.”
