Old Mutual and CoverGo partner to drive digital insurance transformation across Africa

By Edlyn Cardoza

Old Mutual, one of the largest pan-African financial services groups, and CoverGo, one of the leading global no-code insurance SaaS platforms for P&C, health, and life, have formed a strategic partnership through Old Mutual’s investment in CoverGo’s US$15 million Series A earlier in 2022.

Old Mutual, one of the world’s oldest insurance companies, will 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.

“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. CoverGo’s modular, no-code insurance platform enables us to go digital in a flexible and scalable way,” said Vuyo Mpako, MD of NEXT176 and Old Mutual Limited. “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.”

CoverGo has been adopted by a growing number of insurance companies across the globe, especially in the health insurance space, to build and launch products within days, develop omni-channel distribution and digitise policy admin and claims. CoverGo’s clients include AXA, Bupa, MSIG (MS&AD), Dai-ichi Life, and many others.

“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. As a result, we have seen a fast-growing demand for CoverGo as a truly configurable no-code platform,” said Tomas Holub, Founder & CEO of CoverGo. “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.”