Insurance technology provider Socotra targets European expansion for its global growth strategy
Socotra’s move is driven by accelerated demand for its API-driven, cloud-first technology, which increases insurers’ speed-to-market at lower cost
London, UK – 21 February, 2023 – Socotra today announces a major drive into the European insurance markets, with an initial focus on the UK, DACH, France, and others, following strong growth in 2022, including a 71% revenue increase, a 75% growth in customers, and a 117% YoY increase in policies managed on its SaaS platform.
Socotra sees a great need in these markets as insurers, such as Socotra clients AXA and MS Amlin, increasingly realise the need for API-driven, cloud-first technologies that accelerate product launches, offer flexibility, and reduce IT expenses. Socotra Connected Core offers insurers the power and flexibility to launch any insurance product via any distribution channel. Products can be easily localised for any geography, including regulations, currency, date and address formats, and more. With Socotra App MarketPlace, insurers gain instant access to industry-leading software and data providers through a simple click-to-run experience. App MarketPlace is available today to all Socotra customers, at no additional cost.
“Today, many insurers are profoundly impaired by legacy technologies, and it is our mission to make high-quality technology available to all insurers, everywhere,” said Dan Woods, Socotra’s Founder and CEO. “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.”
Founded in 2014 and based in Austin, Texas, Socotra employs specialists in Europe, including sales, support, implementation, and engineering. The company plans to continue growing headcount in Europe and is bringing together insurance and technology leaders at its Socotra Connected PlatForum in London on 28 February, as well as presenting and exhibiting at Booth P7 at Insurtech Insights Europe on 1-2 March.
Dan Woods, Founder and CEO, Socotra
Socotra brings unparalleled speed, flexibility, and choice that gives insurers more control over their businesses. With Socotra’s complete insurance solutions, global insurers and insurtech MGAs can accelerate product development, reduce costs, and improve customer experiences.
Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable.
2022 marked a year not only of impressive customer growth, but also fast implementations with 13 additional insurers going live on Socotra; including MS Amlin, Lavalier (a subsidiary of Berkley Asset Protection), and Bamboo Insurance. Overall, Socotra saw a 117% growth in policies managed on its SaaS platform.
In March 2022, Socotra closed a $50 million series C funding round, led by renowned venture capital firm, Insight Partners, giving it a total of $96 million raised to date. On the heels of this achievement, Socotra acquired Avolanta to deliver the insurance industry’s only unified agent and customer portal.
Socotra was recognized by CB Insights on their Insurtech 50 List of Most Innovative Startups and Fintech 250 List. In Europe, Socotra was included in SONR’s Insurtech 100, the industry’s most comprehensive list of influential insurtech startups. Lastly, Socotra was the recipient of nine Comparably awards, including Best Leadership Team and Best Company Outlook (selected out of 70,000 companies across the U.S.).To learn more, visit www.socotra.com