We’re excited to continue our series, “Startup Bites: Meet the Young Chefs”, where Co-Founder Sven Roehl sits down with founders of startups to chat about their exciting solutions and how they’re on track to make big waves in the insurance world.
In today’s blog, Sven sat down with CoverGo, the winner of our Startup Pitch Specials: China event. The Hong Kong-based startup is the proud provider of a configurable no-code platform that allows insurers to build any type of insurance product within days. Founded in 2016, their 30+ enterprise clients across 3 continents come mainly from the insurance industry, including P&C, life, and health. CoverGo’s solution makes it possible for insurance to be 100% digital, allowing insurers to be agile and stay relevant in the changing global market.
Check out what we learned about CoverGo below!
Their Incredible Journey So Far
Over 4 years ago, Tomas and his business partner moved to Hong Kong with no local connections. They spent 3 years developing insurance APIs instead of going to market immediately. Since then, they have grown the CoverGo team to 40+ people and have signed clients from around the world, including the U.S. and Canada. Even as we spoke to Tomas and Julien, we could see the many awards and trophies CoverGo has won in the background — very exciting!
Their Biggest Challenge?
Enterprise sales in one of the most traditional industries!
Tech startups often face the challenge of building trust with corporate giants and gaining support from traditional companies. The first client is always the hardest one to onboard, but since then, CoverGo has grown exponentially into other parts of the world and is working with clients that are excited to welcome the innovative software solution.
So, How Does CoverGo Help Insurers?
CoverGo understands the industry’s pain points: legacy systems, tons of paperwork, and manual processes. While it is clear that insurers want to improve this, they do not know where to start. CoverGo specializes in helping insurers, MGAs, and banks make insurance 100% digital in order for them to better serve their customers, which in turn helps insurers reduce costs and increase revenue.
Here are the 4 ways CoverGo helps insurers:
- Build and launch products faster
- Enable omni-channel distribution
- Improve policy, admin, and claims management
- Integration to any system and can operate on top of existing legacy systems
While competitors take months to develop new products, CoverGo achieves this for their clients in just weeks!
Our Favorite Things About CoverGo’s Solution
1. CoverGo recognizes that off-the-shelf solutions are too generic to cater to insurer’s individual requirements, and so they tailor their solution specifically to each client’s needs
2. With 500+ APIs, the startup can quickly help insurers to scale the solution to add phase 2, 3, etc.
3. Users can use drag and drop product components in the visual product builder to build and launch their new insurance products in hours with APIs auto-generated — no code required!
Bonus: How CoverGo Adds Value to the IT Department
CoverGo is not looking to replace in-house IT departments. In fact, IT teams can take CoverGo’s system and can enhance it, build on top, and even use CoverGo’s APIs to build new applications. This allows insurers to retain the power internally instead of relying on third parties to manage the software for them and empowers users to focus more on value-added tasks..