Insurance Core Tech Provider Socotra Reports Steady YTD Business Growth

Insurance core technology provider Socotra announced today that it is stepping into its role as a title sponsor of InsureTech Connect 2023 in Las Vegas “on the heels of growth of its operations.”

The producer of intelligent solutions for the P&C, general, and life insurance industries indicated that it has experienced solid growth year to date, noting various technology partnerships, and customer acquisitions thus far in its fiscal year, “ending in January of 2024.”

Socotra has added new insurance businesses “around the world to its list of satisfied customers in 2023, including Loggerhead Insurance, Annex Risk, Jetty, Ledgebrook, and Steadily.”

As the need for adaptability, flexibility, and speed continues to drive adoption of mature core systems technology, Socotra gains more and more ground “among companies who know the value of providing exceptional experiences and increasing operational efficiency.”

Socotra customer new product launches in 2023 “have included support for uninsured drivers in Mexico, coverage for on- and off-road vehicles – including powersport vehicles – in the U.S., a commercial package for captive insurance, and renters and security deposit insurance.”

Annex Risk Co-Founder Charlie Sido said:

“Technology is core to our business, not an enabler – we needed the most modern, continuously improving policy administration system we could find. No-code/low-code platforms were less compelling to us than Socotra’s flexible, API-centric solution. Socotra’s API-driven platform allows us to configure the entire policy lifecycle natively, while also seamlessly integrating with external solutions for payments, e-signatures and inspections. This flexibility ensures our ability to adapt and scale as the business evolves, while also providing a foundation for future innovation.”

In addition, Socotra has continued “to expand its connections with the broader insurtech industry, adding several members to the Socotra Partner Network.”

Socotra partners expand their growth and reach “while staying at the forefront of digital transformation in the insurance market; the Socotra Partner Network spans payment processors, low-code/no-code app development platforms, AI providers, real-time data vendors, and much more. New partners for 2023 include Cincom Systems, Five Sigma, KMG, and TensorFlight.”

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