Bamboo Insurance, a U.S.-based insurtech platform, announced on Monday it has partnered with global insurers’ core system Socotra to power its existing insurance offerings and new product lines.
Founded in 2018, Bamboo describes itself as a newly formed insurance organization that offers flexible and transparent insurance options, including homeowners, dwelling fire, flood, and earthquake insurance. The company is now operating in California.
“ We aren’t looking to reinvent the wheel, but to add some grease that ultimately delivers a smooth and pleasant experience for our Customers.”
According to Bamboo, the partnership with Socotra will enable an expansion of coverage and product offerings in additional states. Bamboo CEO, John Chu, spoke about the collaboration by adding:
“Our approach is to leverage state of the art data and technology in order to meet the evolving needs of our customers and transform the insurance industry. That requires technology that embraces modern architecture, is cloud-native and scalable. Socotra meets all those requirements and also provides us with the technology platform that fosters innovation with an eye on customer-first service.”