CoverGo’s expansion in the Middle East is headed by a newly appointed Regional Director, George Majdalani, who is a senior executive with years of experience in health insurance innovation and digital insurance transformation
CoverGo is spreading out to the middle east after a 15 million US dollars section A funding with a middle east venture capital fund Noria Capital joining as a strategic partner. CoverGo, one of the top leading no-code insurance SaaS platforms for life and health, has been embraced by a large number of life and health insurance companies, P&C, and insurtech companies that are slowly establishing around the world to launch and build different types of insurance products within a span of few days, digitize policy admin and claims, and develop omnichannel distribution.
The insurance platform has an exquisite client portfolio that includes Dai-ichi Life, AXA, DBS Bank, MSIG (MS&AD), Bupa, Bank of China Group Insurance, and many more. CoverGo’s expansion in the Middle East is headed by a newly appointed Regional Director, George Majdalani, who is a senior executive with years of experience in health insurance innovation and digital insurance transformation, says the official statement released by the company.
“CoverGo’s no-code API-driven insurance platform is a perfect fit for the Middle East insurance stakeholders who are looking to launch and efficiently manage new innovative products and enable seamless digital distribution without disrupting their existing systems,” says George Majdalani, Regional Director, MENA. CoverGo recently raised US$15 million in Series A funding led by California-based SemperVirens VC with participation from Tribeca Early Stage Partners, US venture capital firms SixThirty, and Fresco Capital during the month of May 2022.
The insurance firm has also made its presence in the Dubai International Finance Center (DIFC) and became a part of the largest financial technology driving force in the Middle East, South Asia, and Africa region by joining DIFC FinTech Hive. Rakan Abunayyan, General Partner of Noria Capital stated that CoverGo’s advanced no-code platform provides insurance companies high speed to market and cost savings while accelerating efficiency across the whole value chain.
He further adds that the firm has positioned itself to become the leader in the insurance market sector and assist companies to move towards their digital transformation without having large-scale IT infrastructural development. “We are excited to support CoverGo on its growth journey and expansion in the Middle East as well as the African market,” says Rakan Abunayyan.
Noria Capital is a venture capital fund that invests mainly in startups that bring forward a change in the insurance sector and promote digital transformation in the same way. The company works with insurance startups and its aim is to be the harbinger of innovation in the insurance industry in Africa and the Middle East.
Tomas Holub, Chief Executive Officer & Founder of CoverGo stated that the insurance companies in the Middle East are recognizing that custom IT development is expensive and slow while a conventional and inflexible legacy system can’t satisfy changing product requirements and needs of the customer, because of this reason CoverGo has seen a rise in demand as a noteworthy ‘no-code platform’.
“The strategic investment from Noria Capital will further accelerate CoverGo’s growth in the Middle East and provide relationships with key partners and insurance companies in the region,” states Tomas Holub
CoverGo is the leading global no-code insurance platform for health, and life, P&C and enables insurance companies to change digitally in the most scalable, flexible, and lucrative way. Insurance companies use CoverGo to build and launch all types of insurance products within days, develop omnichannel distribution and digitize policy admin and claims. CoverGo is already working with insurance companies and delivery partners in Canada, Asia, the USA, MENA, Latin America, and other markets around the world. The company specializes in Insurtech, Insurance, Fintech, Financial Services, Financial Planning, Digital, Insurance Software, and Insurance Technology.