Noria Capital, the Middle East insurance fund, joined as one of the strategic investors in CoverGo‘s $15million Series A funding. This has enabled CoverGo, the global no-code insurance SaaS platform for P&C, health, and life, to expand into the Middle East.
CoverGo has been adopted by a growing number of P&C, health and life insurance companies and emerging insurtech companies across the globe. Companies in the Middle East can now do so too. It helps organisations build and launch all types of insurance products within days, develop omni-channel distribution and digitise policy admin and claims.
The organisation’s clients include AXA, Bupa, MSIG (MS&AD), Dai-ichi Life, DBS Bank, Bank of China Group Insurance and many others.
CoverGo has recently set up its presence in the Dubai International Financial Centre (DIFC) and became part of DIFC FinTech Hive, the largest financial technology accelerator in the Middle East, Africa and South Asia region.
Impact in MEA
“CoverGo’s next-generation no-code platform provides insurance companies with an unbeatable speed to market. It also provides cost savings while driving efficiencies across the whole value chain. CoverGo is uniquely positioned to become the insurance platform market leader, in particular for health insurance in the Middle East, and help companies accelerate their digital transformation without heavy IT development”, said Rakan Abunayyan, general partner of Noria Capital.
“We are excited to support CoverGo on its growth journey and expansion in the Middle East as well as the African market,” he added.
“Middle East insurance companies are realising now more than ever that custom IT development is too slow and costly while rigid legacy systems can’t satisfy changing customer needs and product requirements. As a result, we have seen a fast-growing demand for CoverGo as a truly configurable no-code platform,” said Tomas Holub, founder and CEO of CoverGo.
“The strategic investment from Noria Capital will further accelerate CoverGo’s growth in the Middle East. It will also provide relationships with key partners and insurance companies in the region,” added Holub.
George Majdalani leading the charge
The expansion in the Middle East is led by newly appointed regional director George Majdalani. Madalani is a senior executive with over 17 years in digital insurance transformation and health insurance innovation.
“CoverGo’s no-code API-driven insurance platform is a perfect fit for the Middle East insurance stakeholders. Especially those looking to launch and efficiently manage new innovative products and enable seamless digital distribution without disrupting their existing systems,” concluded Majdalani, regional director, MENA.