Socotra Insurance provides core technology services and insurtech solutions to leading insurers across three continents with its low-code solutions
Socotra, a Texas-based insurtech technology solutions company, has completed its newest investment round, raising a total of $50 million.
Socotra, which began operations in 2014, has established a name in the worldwide insurance market for supporting legacy system businesses in transitioning to new digitised products and services. The main platform of the insurtech functions as a replacement for the weak, monolithic policy administration systems that many major insurers currently rely on. Socotra also offers insurance sector executives a variety of significant insurtech solutions.
New funding for Socotra Insurance to enhance its growth strategy
Insight Partners led the Series C funding round, which raised a total of $50 million. This round included existing investors 8VC, Portage Ventures, Brewer Lane, MS&AD Ventures, and Nationwide Ventures, increasing the total capital raised by Socotra Insurance to $96 million.
AXA, Mutual of Omaha, Symetra, MS Amlin, and IAG are among Socotra’s current customers, as are major insurtech MGAs like Hippo and Bamboo Insurance.
According to reports, the insurtech intends to use the funds raised to expand its functionality, expand its marketplace presence across Europe and Australia, strengthen its customer success infrastructure, and expand its ecosystem capabilities via the Socotra marketplace, a no-code app platform that allows for instant integrations with third-party technology providers.
Core technologies and legacy systems in insurtech
“Many of today’s core system providers advertise themselves as modern without having things like documentation or regular improvements,” Dan Woods, the insurtech’s founder and CEO, said of Socotra’s successful funding drive.
“By comparison, Socotra is API-driven, well-documented, cloud-native, and a real off-the-shelf offering,” he concluded. What legacy technology takes months or even years to accomplish with legions of bespoke developers, (our) clients can do in weeks—and upgrades are free, automatic, and non-disruptive. Socotra is now positioned to scale quicker and give even more value to the insurance community in the years ahead, thanks to Insight Partners’ backing.”
Socotra’s next-generation platform, according to its leaders and collaborators, enables users to embrace cloud-native applications via APIs and microservices architecture. “This innovation enhances the pace of delivery and decreases total cost of ownership for inventive insurers that want to introduce new products or rearchitect existing lines of business,” said Jonathan Rosenbaum, managing director at Insight Partners.
“Ultimately, this results in material value for end consumers seeking bespoke insurance solutions with a short time to acquire,” he added. We at Insight are thrilled to be working with Socotra on this next stage of its development.”