European insurtech provider TONI Digital recently announced it has teamed up with cloud-native insurance core platform Socotra to launch its new insurance-as-a-service technology platform for the white-label insurance market. According to TONI Digital, the solution enables large corporations to quickly enter the insurance market, generate revenue, and use existing brand and customer bases.
“Built on Socotra’s agile core platform, TONI Digital’s new proprietary insurtech service will be able to automate all aspects of the insurance life-cycle. It will offer highly competitive insurance premiums and integrate with established risk carriers. Insurers will be able to provide customers with user-friendly, fully-digital experiences and transparent, affordable insurance products. The service is launching with personal auto insurance and will continue to expand into other lines of business.”
While sharing more details about the solution, Alexander Sanders, TONI Digital CTO, stated:
“Integrating the Socotra insurance core using their well-documented APIs was easy. Additionally, we can configure everything ourselves—no phone calls or time-consuming and costly customizations needed. At the same time, Socotra fits perfectly into our vision of TONI developing highly-valuable intellectual property on our own TONI Digital insurance tech platform.”
Dan Woods, Socotra CEO, added:
“It’s exciting to see what a talented team can build on Socotra’s platform. The TONI Digital team is taking full advantage of Socotra’s extensibility to empower banks, retailers, and other businesses to provide their customers with custom digital insurance products. We’re thrilled to partner with them as they build out the personal auto insurance service and explore additional lines of business.”
Founded in 2017, TONI Digital enables companies and corporations to enter the insurance market without insurance know-how, insurance license, or insurance IT system. The company’s platform offers a digital digital and customer experience in all aspects of the insurance life cycle.