Qorus Innovation in Insurance Awards 2023- Nominated

CoverGo for Health - API-driven No-code Health Platform for individual group health & EB

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premium
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04/04/2023 Insurance Innovation

About

The ultimate fully configurable modular no-code insurance platform for streamlining your health insurance ecosystem from end to end at record speed

Innovation presentation

Insurance companies understand digital is the way to go, yet face significant legacy system costs and roadblocks in adapting to changing post pandemic customer behavior. They face 4 key common pain points:

1. Slow product building & speed to market (Configuring and testing a new insurance product takes 6 to 9 months and costs up to 400k-900k USD)

2. High customer acquisition costs by traditional and costly distribution channels (Customers demand transparency and accessibility via online experience)

3. Inefficient paperwork and manual process (Too long customer turnover time)

4. Rigid and siloed legacy systems & high maintenance cost (Struggling to move forward due to integrations are not always an option)

CoverGo focuses purely on insurance technology. We help insurers to address the problems above:

1. Build & launch products faster - No-code, drag-and-drop product builder platform enables insurers to build and launch new products within days/hours, saving 99% of development time and costs, and build products that better fit customers needs with APIs generated automatically.

2. Enable omni-channel distribution - All channels include agent, broker, bancassurance, direct, affinity and embedded, enabling insurers to reach new and existing customers digitally and grow business profitably powered by our APIs driven platform.

3. Seamless digital experience & automation - Digitization and automation of end-to-end quote, bind, issue, policy admin and claims processes to provide best-in-class experience for customers and internal staff, enabling better customer experience and operation costs reduction

4. Integration with any legacy or third party systems - 500+ open insurance APIs for seamless integration with legacy systems and third party systems to create robust ecosystem, enabling quick wins and flexibility by using the platform in parts or in full depending on each clients specific needs

Uniqueness of the project

On the technology side, the following differentiates CoverGo from other players in the market:

● No-code approach making us the most configurable and flexible platform in the market – companies can build any product, forms at scale without typical customized development

● 500+ open insurance APIs that no other player in the market can provide – companies can create robust insurance ecosystem and automate insurance processes

● Flexible deployment across any cloud (even on premises) – full multi-cloud solution (we are already fully deployed and live on Microsoft Azure, AWS and Alibaba for various clients) that no company in the market can provide without having to invest larger resources

● Unbeatable speed to market in terms configuring products, forms, templates, deployments etc. – we are able to deliver solutions faster and with less resources needed that other players in the market thanks to our technological superiority

'CoverGo for Health' is our flagship product, out of the box platform purposely built for health insurance, and with an API-driven modular architecture that allows insurers, like AXA, Bupa, MSIG, to streamline their individual and group health insurance business. Insurers can adopt our full platform for health, including admin portal, distribution HR, member, provider portal, or in parts for fitting their business purpose and objectives.

The platform enables them to build products in hours rather than months, open new distribution channels, and automate policy admin & claims, resulting in faster speed to market, increased sales, better customer experience, and reduced operational costs.

Being a fully configurable no-code platform that can also be used end-to-end or in parts and integrated to legacy systems easily, choosing CoverGo ensures them a quick, scalable and future-proof digital transformation.

CoverGo API-driven platform has strong capability to distribute any kind of insurance products via digital omni-channels at record speed, especially embedded insurance. Embedded insurance, which involves leveraging digital technology for seamlessly delivering various insurance services through alternative online channels and providing greater value to various stakeholders, has changed the way customers can purchase insurance. It provides customers an incentive to get the policy without having to do much heavy lifting and protect themselves against losses with the aim to the protection gap worth US$1.2 trillion.

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