Socotra Forges New Partnerships, Wins Industry Awards, Enjoys Strong Momentum in 2023

Insurance technology leader continues to grow rapidly, garnering multiple awards for its customers and solutions, forming new alliances, and expanding its international customer base

AUSTIN, Texas–(BUSINESS WIRE)–Leading 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 aggressive growth and steady recognition for its efforts. The producer of mature, intelligent solutions for the P&C, general, and life insurance industries indicated that it has experienced another banner year to date, noting numerous technology partnerships, customer acquisitions, and industry accolades earned thus far in its fiscal year, ending in January of 2024.

Socotra has added many 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.

“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,” said Annex Risk Co-Founder Charlie Sido. “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.

“This partnership embodies our commitment and dedication to delivering innovative solutions in the insurance industry,” said Oded Barak, CEO of Five Sigma. “We are excited to collaborate on this venture with like-minded cutting-edge partners like Socotra. Together with Socotra, we are poised to deliver exceptional and true value to insurers and policyholders alike.”

“Socotra’s strong progress this year has been a direct result of our team’s dedication to delivering industry-leading solutions for the insurance industry and making it easier to protect people in need,” said Dan Woods, Founder and CEO of Socotra. “With the success and adoption of Socotra CorePlus, we have once again shown our ability to listen to the true needs of insurers who know the value of accelerating change, lowering TCO, and satisfying their customers. As the industry continues to move towards a highly-connected digital future, Socotra will be there to support insurers, making sure they have a reliable partner on their journeys.”

Insurance industry analysts and media outlets have taken notice of Socotra’s continued growth and success in the market, bestowing the technology provider with numerous recognitions, rankings, and awards. To date this year, these have included Insurance Times’ Insurtech 50, ITC DIA Europe’s Top 100 Insurtechs to Watch in 2023, Sonr’s Insurtech 100, FinTechGlobal’s InsurTech 100 list of the World’s Most Innovative InsurTech Companies, and CB Insights’ Insurtech 50.

Socotra is proud to be a title sponsor of this year’s InsureTech Connect conference, opening today in Las Vegas, NV. The company will be showcasing its solutions and more at booth #2633 throughout the event.

About Socotra

Uniquely agile and scalable, Socotra empowers insurers of all sizes to think, act, and grow more effectively and efficiently with the industry’s only proven, mature enterprise platform. Businesses running Socotra experience fast and easy implementations, effortless upgrades, and lower TCO. The Socotra App MarketPlace™ unlocks access to the full power of the insurtech ecosystem, and Socotra CorePlus™ provides ready-to-use, complete solutions for personal auto and homeowners. With a relentless focus on tomorrow, Socotra offers the ability to put insurance and innovation hand in hand. Socotra serves P&C and life insurers worldwide. Learn more at socotra.com.

Contacts

Gordon Evans

prforsocotra@bospar.com