SAN FRANCISCO, Feb. 23, 2018 (GLOBE NEWSWIRE) — Socotra, creator of the first cloud-based, productized insurance core platform, announced today a strategic investment from a subsidiary of financial services provider, USAA, joining previous investors CrunchFund, Founders Fund, Greenoaks Capital, SciFi VC, SV Angel and Vulcan Capital, as well as angel investors Ron Conway, Michael Ovitz and Joe Lonsdale. Terms of the investment were not disclosed.
“Current insurance IT infrastructures require long lead times and expensive teams to bring new insurance products to market,” said Nathan McKinley, vice president of USAA Corporate Development. “Socotra’s vision closely aligns with ours — the ability to configure, deploy, and update new insurance products quickly without large technology projects or the addition of systems integration labor.”
Socotra is a first-of-its-kind cloud-native system enabling carriers to easily and efficiently manage complex interactions throughout the lifecycle of policies (whether single line, single state or multi-line, multi-country). The Socotra platform’s agility, flexibility, reliability, and modern design offers carriers lower costs, faster product releases, and easy integration with future technologies.
“Insurance IT is littered with consulting services and antiquated IT architectures, leaving insurers at all levels struggling to catch up with customers’ changing needs,” said Dan Woods, CEO, Socotra. “The only path forward is a truly productized insurance IT core, which insurers can configure and extend by themselves. This is Socotra. We’re excited to share this vision with USAA.”
Founded in 2014, Socotra’s customers range from multi-national carriers to insurtech startups, in the United States, Europe, Asia, and Australia.
Socotra is the core technology platform of tomorrow’s digitally-transformed insurer. Only Socotra brings the staggering technology infrastructure advances of the last decade to the insurance industry. The result is a new, simplified, radically open, cloud-native core platform that supports underwriting, policy administration, claims, billing, reporting, and much more. Socotra delivers agility, reliability, and a clear path to the many InsurTech promises of today and tomorrow. Learn more at www.socotra.com.