INSURANCE TECHNOLOGY

TONI Digital Selects Socotra to Power New TONI Insurance-as-a-Service Technology Platform

TONI Digital | December 23, 2020

TONI Digital, a leading European insurtech provider, has picked Socotra, the main cloud-native insurance center platform, to control the new TONI insurance-as-a-service innovation platform for the white-label insurance market.

TONI Digital has built up an insurance-as-a-service arrangement enabling large corporations to rapidly enter the insurance market, generate income, and leverage existing brand and client bases. Based on Socotra's agile center platform, TONI Digital's new proprietary insurtech service will have the option to automate all aspects of the insurance life-cycle. It will offer profoundly serious insurance charges and integrate with established danger carriers. Back up plans will have the option to furnish clients with easy to understand, completely digital encounters and transparent, affordable insurance products. The service is launching with personal auto insurance and will keep on expanding into different lines of business.

TONI Digital has heavily invested in its new proprietary insurtech platform, which it began creating on Socotra's cloud-native insurance center platform only 10 months ago. By utilizing Socotra's modern product architecture and open APIs, TONI Digital's new insurtech platform has the agility expected to add new insurance products and appropriation partners at a remarkable speed. Subsequently, TONI Digital was able to rapidly configuration, create, and launch a complete, cloud-based service providing corporations with exceptionally customizable insurance products.

“Socotra handed us the essential underlying insurance functionality as a readily developed product on a silver platter,” said Alexander Sanders, TONI Digital CTO. “Integrating the Socotra insurance core using their well-documented APIs was easy. Additionally, we can configure everything ourselves—no phone calls or time-consuming and costly customizations needed. At the same time, Socotra fits perfectly into our vision of TONI developing highly-valuable intellectual property on our own TONI Digital insurance tech platform. As an example, we built our highly-flexible, self-hosted, proprietary pricing engine on top of Socotra’s cloud-native core. We also took a similar approach to developing integrations with 3rd party providers, and creating our customer-facing frontend and features. This hybrid-approach of Socotra’s cloud-native core and our proprietary technologies and integrations is a glimpse of the future of insurance technology.”

“It’s exciting to see what a talented team can build on Socotra’s platform,” said Dan Woods, Socotra CEO. “The TONI Digital team is taking full advantage of Socotra’s extensibility to empower banks, retailers, and other businesses to provide their customers with custom digital insurance products. We’re thrilled to partner with them as they build out the personal auto insurance service and explore additional lines of business.”

About TONI Digital
TONI Digital offers Europe’s leading insurance-as-a-service offering and enables companies and corporations to quickly enter the insurance market without requiring any insurance know-how, insurance licence or insurance IT system. TONI’s proprietary insurance tech platform offers a fully digital and state-of-the-art customer experience in all aspects of the insurance life cycle while achieving unprecedented cost ratios due to its high degree of process automation. To learn more, visit www.tonidigital.ch.

About Socotra
Founded in 2014 and based in San Francisco, Socotra is a modern, enterprise-grade core system that enables global insurers to accelerate product development, reduce maintenance costs, and improve customer experiences. Insurers trust Socotra’s modern technology to rapidly develop products that better serve their customers and manage their existing books of business. Socotra’s flexible, radically open, cloud-native solution unifies underwriting, rating, policy management, claims, billing, reporting, and more. To learn more, visit www.socotra.com.

Spotlight

The health insurance sector stands apart from Life or P&C insurance because of its unique model and number of stakeholders. Its challenges are sector specific: a fragmented ecosystem, margin pressures, regulatory uncertainty, and disjointed data access for stakeholders. However digital tools and data analytics appear to be addressing some of these long-time challenges.


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INSURANCE TECHNOLOGY

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Demotech, Inc. | April 01, 2022

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INSURANCE TECHNOLOGY

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ennabl | May 09, 2022

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CORE INSURANCE

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Newpoint Financial Group SARL. | December 21, 2021

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INSURANCE TECHNOLOGY

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Spotlight

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