Australia’s largest insurer partners with Socotra to power newly-launched direct-to-consumer product
IAG announced that Socotra’s core platform is powering its recently-launched Poncho Insurance brand and new auto insurance product.
Poncho Insurance was developed in 2019 by IAG Satellite that was formed to serve fast-growing customer segments for IAG, both through an existing portfolio of brands and by creating a new accelerator model to fast-track scaled-up innovation.
Socotra is an API-driven and cloud-native platform that provided IAG with the agility needed to build a product on-budget and with an accelerated timeframe. Socotra was able to offer IAG a tailor-made solution to create a multi-car, multi-driver monthly auto insurance product, that works in a similar way to a monthly subscription, and that could be purchased online.
IAG Satellite Executive Manager Phil Wilson-Brown said the partnership with Socotra has enabled them to deliver an innovative insurance service through Poncho Insurance.
“With Socotra, we were able to develop Poncho Insurance, a unique customer proposition for comprehensive car insurance in the Australian market, in a short timeframe. The platform is super flexible and low-cost allowing us to continually improve the product and deliver it at a great price to customers. We’re excited to further leverage this partnership as we look to expand our customer offerings.”
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Socotra a San Francisco-based company with the only cloud-native core platform that enables insurance companies to rapidly develop and deploy new products, announced that it has raised $15.2 million in a Series B funding round led by Brewer Lane Ventures with participation from Portag3 Ventures, 8VC, and MS&AD Ventures.