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CORE INSURANCE, INSURANCE TECHNOLOGY

Socotra Focuses on European Expansion with Its Global Growth Strategy

Socotra | February 23, 2023 | Read time : 04:00 min

Socotra, an insurance solutions provider, has recently announced a vast market expansion in Europe, having the primary drive in the United Kingdom, France and DACH. This expansion is supported by API-driven cloud-first technology, accelerating demand generation and insurers’ speed-to-market at a low expanse.

It has achieved strong growth in 2022 with about 75% customer growth, approximately 71% revenue increase and over 117% YoY increase in policies on SaaS managed platform. Its clients, like MS Amlin and AXA, are increasing significantly, and API-driven cloud-first technologies are required. These technologies would enhance product launches and flexibility and decrease IT expenditures.

Its solution, Socotra Connected Core, offers insurers the authority and flexibility to launch any insurance product through any chosen distribution channel. Moreover, these products can efficiently be distributed to even local places around the world, adhering to the rules and the currency of that place with the details of date and address formats. Its other solution, Socotra App MarketPlace, provides instant access to the software and insurance data providers with a click-to-run experience for all its customers without additional cost.

Founder and CEO of Socotra, Dan Woods, said, “Today, many insurers are profoundly impaired by legacy technologies, and it is our mission to make high-quality technology available to all insurers, everywhere.” He added, “We are greatly increasing our investments in Europe and hiring top talent on the ground. Our major push into the UK and European Union continues our commitment to helping insurers thrive around the world. Our first customer in Europe was in 2017, and since then we’ve made steady progress throughout Europe. We are seeing increasing demand for technologies like Socotra that are fast, flexible, cost-effective, and mature.”

(Source – Business Wire)

About Socotra

Headquartered in San Francisco, California, Socotra, a software development company, has provided solutions for the insurance sector since 2014. Working with global insurers, it has modified their technology for innovative products and business growth. It gives insurers an advanced enterprise-grade core system for the rapid development and distribution of insurance products, enhancing their customer services. It accelerates operational speed and flexibility and provides more control to the insurer over their businesses. Its complete insurance solutions improve product development, customer experiences and cost-effectiveness for global insurers and insurtech MGAs.

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