Old Mutual Invests in CoverGo to Drive Digital Insurance Transformation across Africa
(Tomas Holub, Founder & CEO, CoverGo, Vuyo Mpako, Managing Director of NEXT176, Old Mutual Limited. Image source: CoverGo.)
Old Mutual (Capetown), one of the largest pan-African financial services groups, and CoverGo (New York), a global provider of a no-code insurance SaaS platform for P&C, health, and life, have formed a strategic partnership through Old Mutual’s participation in CoverGo’s $15 million Series A in 2022.
As a result of the partnership, Old Mutual, one of the world’s oldest insurance companies, will be able to leverage CoverGo’s platform to streamline its insurance ecosystem by launching insurance products in record time, increasing sales through new channels, and improving user experience across 13 countries in Africa, according to a CoverGo statement.
CoverGo reports that its technology has been adopted by a growing number of insurance companies globally, especially in the health insurance space, to build and launch products within days, develop omni-channel distribution and digitize policy admin and claims. CoverGo’s clients include AXA, Bupa, MSIG (MS&AD), Dai-ichi Life.
“As a pan-African Insurance provider, we need to be able to conceive, modify and deploy insurance products for discerning customers and strategic partners in the 13 markets in which we operate at speeds we never imagined before,” comments Vuyo Mpako, Managing Director of NEXT176, Old Mutual Limited. “CoverGo’s modular, no-code insurance platform enables us to go digital in a flexible and scalable way. We are acutely aware of the evolving financial services landscape and believe that investing in agile innovation is more important than ever before and our customers on the African continent cannot be excluded from global trends and innovations.”
“Insurance companies in emerging markets are looking to accelerate their digital transformation and drive efficiencies across the whole insurance value chain without heavy IT development,” comments Tomas Holub, Founder & CEO of CoverGo. “As a result, we have seen a fast-growing demand for CoverGo as a truly configurable no-code platform. The strategic investment from Old Mutual will help expand CoverGo’s presence in Africa and make insurance more accessible and digital for all the stakeholders in the region.”
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