Elpha Secure, a cybersecurity startup that offers cyber insurance combined with security software to small businesses, has chosen Socotra “to complement its proprietary technology and launch a new cyber insurance product for a variety of industries.”
In order to bring its new product to market, Elpha Secure “needed a modern platform that could integrate with its front-end system and other capabilities.”
As explained in an update shared with CI, legacy policy administration systems “are often too rigid and overly customized for ambitious managing general agents (MGAs) like Elpha Secure to innovate and keep pace with customer expectations.”
Socotra, on the other hand, “was the only cloud-native platform with public API documentation and a powerful data model that could enable Elpha Secure to launch rapidly and within budget.”
Elpha Secure CEO Preetam Dutta stated:
“Socotra’s flexible policy core and open APIs allowed the Elpha Secure team to seamlessly integrate our proprietary systems and reduce our deployment timeline and costs. We can now provide multiple options for personalized quotes through a streamlined digital interface. This really shows the power and promise of Socotra’s platform—it has helped us bolster our user experience with a transparent and intuitive insurance process that ultimately benefits every party.”
Elpha Secure initially took advantage of Socotra’s 30-day free trial and then “easily transitioned to a self-service implementation approach.”
The MGA has launched “a robust cyber insurance product that covers business interruption, financial and data losses (including ransomware), and third-party cybercrime lawsuits for its growing client base in all 50 states.” Brokers can get “a quote in seconds through a streamlined, digital application and underwriting process.”
Socotra CEO and founder Dan Woods remarked:
“The team at Elpha Secure is one of the most innovative and agile I’ve seen. By leveraging Socotra’s open documentation, Elpha Secure configured and launched a completed cyber insurance product entirely on its own, and did it in less than two months. Insurers everywhere are noticing what is now possible.”
Elpha Secure fuses cyber insurance “with advanced cybersecurity software and support for a complete cyber defense, delivered in a single product designed for small and midsize businesses.”
Built upon a belief that all business owners should have access to the tools they need to function safely in the digital age, Elpha Secure “evolves the standard approach to cybersecurity by providing user-friendly software, the protective measures needed to qualify for cyber insurance, and the insurance itself.”
Elpha Secure has “raised over $9 million in seed financing from leaders in the insurance space, including Stone Point Ventures, AXIS Capital, State Farm Ventures, The Hartford, Fermat Capital Management, Fidelis Insurance, and EOS Venture Partners.”
The firm is headquartered in NYC, “with technology teams spread across North America.”
Socotra claims that it is bringing speed and ease “to insurance technology.”
With Socotra’s modern core platform, global insurers and Insurtech MGAs can “accelerate product development, reduce maintenance costs, and improve customer experiences.”
Socotra provides open APIs, “a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable.”
