RGAX selects Socotra as core insurance platform
RGAX, a subsidiary of RGA, has chosen Socotra as its policy administration system. Socotra will power the development of new life insurance products via RGAX’s life insurance company, Greenhouse Life.
RGAX first partnered with Socotra in 2017 to launch an accidental death product that enabled wearable-tech users to claim $1,000 of accidental death coverage for 12 months at no cost. Socotra’s platform enabled RGAX to go from concept to production in four months, an accelerated time frame “unmatched” in the industry. Socotra now serves as the policy administration system of choice behind RGAX’s Greenhouse Life.
Founded in 2014, the San Francisco-based company has raised $33 million to date and Nationwide, Mutual of Omaha, AXA, IAG, and Vouch also use the platform.
“Socotra’s platform has enabled us to more quickly design and test innovative approaches while helping to solve problems that many insurance carriers face when looking to address the needs of the modern insurance consumer. With Socotra, we can accelerate our proof of concept process and we’re excited to continue this partnership.” – Greenhouse Life COO and RGAX Vice President Scott Grandmont.
“We’re thrilled RGAX chose our platform to launch their vision of expansion and transformation of the life insurance ecosystem. We look forward to continue partnering with RGAX as they leverage Socotra’s technology to meet the demands of the evolving insurance marketplace.” – Dan Woods, CEO, and Founder of Socotra.
Bottom Line: the average Socotra customer has gone live in fewer than 12 months from the start of the project (Nationwide – 8 months, Vouch – 5 months, RGAX Greenhouse – 4 months).
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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.