USAA Invests in Core System Provider Socotra
Socotra, creator of a cloud-based, productized insurance core platform, announced a strategic investment from a subsidiary of financial services provider, USAA, joining previous investors CrunchFund, Founders Fund, Greenoaks Capital, SciFi VC, SV Angel and Vulcan Capital, as well as angel investors Ron Conway, Michael Ovitz and Joe Lonsdale. Terms of the investment were not disclosed.
“Current insurance IT infrastructures require long lead times and expensive teams to bring new insurance products to market . Socotra’s vision closely aligns with ours – the ability to configure, deploy, and update new insurance products quickly without large technology projects or the addition of systems integration labor” – VP of USAA Corporate Development, Nathan McKinley.
Socotra is a cloud-native system enabling carriers to easily and efficiently manage complex interactions throughout the lifecycle of policies (whether single line, single state or multi-line, multi-country).
“Insurance IT is littered with consulting services and antiquated IT architectures, leaving insurers at all levels struggling to catch up with customers’ changing needs. The only path forward is a truly productized insurance IT core, which insurers can configure and extend by themselves. This is Socotra. We’re excited to share this vision with USAA” – Socotra CEO, Dan Woods.
Founded in 2014, Socotra’s customers range from multi-national carriers to insurtech startups, in the United States, Europe, Asia, and Australia.