CoverGo, a leader in the global Software as a Service (SaaS) no-code insurance core platform for health, property and casualty (P&C), and life, has secured a patent for its cutting-edge drag-and-drop product builder.
This recent patent stands as a testament to the innovative technology harnessed by CoverGo’s platform, solidifying its position as a leader in the industry. The patented technology serves as a facilitator for the seamless configuration of insurance products, employing interactive elements to personalize coverage.
CoverGo’s platform has already left an indelible mark on insurers worldwide, leveraging modern API-driven technology. The acquisition of this patent serves as a strategic move to fortify the system’s legal standing, offering robust protection within the global legal landscape, a critical consideration as CoverGo charts its path of global expansion.
According to reports, the newly patented CoverGo product builder streamlines IT processes that historically impeded product launches. The no-code drag-and-drop tool also empowers business users, enabling them to efficiently construct, configure, and launch products. The result is not only increased speed but also substantial cost savings, facilitating accelerated market entry and enhancing overall competitiveness.
The patent also extends to other facets of CoverGo’s technology. Notably, it addresses the elimination of free-text fields, a move that allows insurers to analyse documents from a data perspective. This ensures the extraction of richer insights and maintains data integrity, all achieved without the need for extensive technological redevelopment
Speaking about the news, Alex Montgomery, the visionary behind CoverGo’s patented system, explained, “Legacy insurance systems have traditionally made it challenging and expensive to create new insurance products or customize coverage for large customers.”
He added: “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.”