CoverGo has recently secured a patent recognising the technology which streamlines the configuration of insurance products through interactive elements of personal coverage in its platform.
The insurance platform has already made a stride on the sector attributable to its modern API-driven technology. CoverGo cited the recent patent as a crucial step in ensuring legal protection within a global framework, particularly as the company continues its global expansion.
In essence, the patent covers the no-code drag-and-drop tool on CoverGo’s platform, a process which allows business users to rapidly build, configure, and launch products, resulting in cost savings, accelerated market entry, and enhanced competitiveness.
The patent encompasses various facets of CoverGo's technology, including the elimination of free-text fields. This enables insurers to analyse documents from a data perspective, ensuring clearer insights and data integrity without requiring extensive tech redevelopment.
“Legacy insurance systems have traditionally made it challenging and expensive to create new insurance products or customize coverage for large customers. CoverGo’s user-friendly drag-and-drop product builder eliminates the need for costly code changes, allowing business users to configure products with built-in support for claims adjudication and self-service administration,” said Alex Montgomery, CoverGo head of product, health. Montgomery is also the mind behind the newly patented system.
Earlier this year, the insurance platform also announced a partnership with AXA HK and Macau to bolster the latter’s service efficiency through improved customer experiences.
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