Articles from Socotra

Socotra today announced the general availability of Socotra Assistant, a powerful AI underwriting capability built directly into Socotra Operations Workbench. The production-ready AI assistant dramatically improves underwriter productivity and accuracy with intelligent document import, risk assessment insights, and automated summaries—all without sacrificing security or auditability.

Socotra today released Agentic Configuration, a breakthrough capability that empowers insurers to build product configurations within Socotra using AI and natural language. With Agentic Configuration, insurers can reduce product development timelines by 50% and costs by 75%. Prototype iteration time can be reduced by 90%.

Socotra, the leading provider of modern, cloud-native technology for insurers, today announced an expanded relationship with Mutual of Omaha. The Fortune 500 insurer will move additional business lines—including long-term care, critical illness, and supplemental health—onto Socotra’s core platform as part of its broader digital modernization strategy.

Socotra, the leading provider of insurance core technology, today announced the return of its exclusive networking event, Insurtech on Tap. The event will be held on October 14, 2025, the night before ITC Vegas begins, at Rí Rá Irish Pub at Mandalay Bay.

Socotra today released its Model Context Protocol (MCP) Server, the most mature MCP server in the insurance industry. The new offering allows insurers to quickly and safely connect agentic AI to Socotra Insurance Suite, unlocking automation for insurance workflows. Socotra MCP Server is readily available to customers and includes 10-minute step-by-step instructions for connecting to popular AI platforms Claude, Cursor, and Visual Studio Code.

Socotra, the leading provider of insurance core technology, announced today that If P&C Insurance (If), the largest property and casualty insurer in the Nordic region, has successfully launched a car-sharing insurance product on Socotra’s cloud-native platform in only five months. By leveraging Socotra’s flexible core and open APIs, If has rapidly expanded into new geographies and customer segments.

Socotra, the leading provider of insurance core technology, is proud to announce two back-to-back events in the lead-up to Insurtech Insights USA. Designed to spark innovation and deepen industry connections, Socotra will host Connected PlatForum followed by Insurtech on Tap on Tuesday, June 3, 2025 at the Ink 48 Hotel in New York City.

Socotra, the leading provider of cloud-native insurance core technology, today announced its platform reliability metrics for 2024. Socotra customers on average experienced less than 32 minutes of downtime in 2024, including both planned and unplanned downtime. These metrics include combined downtime from the 50 backwards-compatible upgrades each Socotra customer did in 2024.

Socotra, the leading provider of modern, cloud-native technology for insurers worldwide, announced today the appointment of Greg Murphy as Head of Global Partnerships. In this pivotal role, he will spearhead the development and expansion of strategic alliances with technology providers and system integrators.

Socotra, the leading provider of modern core platforms for insurers, will host "Insuretech on Tap," an exclusive party set to take place during the 2024 InsureTech Connect (ITC) conference in Las Vegas. Scheduled for October 15, 2024, this premier event will be a night of celebration, networking, and fun, bringing together top industry leaders, innovators, and partners in a relaxed and festive atmosphere.

Leading insurance core technology provider Socotra announced today that Jetty, the financial services company on a mission to make renting a home more affordable and accessible, has gone live and migrated Jetty Deposit, a surety product, and Jetty Protect, a renters insurance product, to Socotra’s cloud-native insurance platform.

Leading insurance core technology provider Socotra announced today that Loggerhead Insurance, a Florida-based provider of homeowners insurance coverage in the state, has struck a deal to offer replacement coverage to those who will be issued policy non-renewal notices by Progressive Home.

Leading insurance core technology provider Socotra announced today that it is stepping into its role as a title sponsor of InsureTech Connect 2023 in Las Vegas on the heels of aggressive growth and steady recognition for its efforts. The producer of mature, intelligent solutions for the P&C, general, and life insurance industries indicated that it has experienced another banner year to date, noting numerous technology partnerships, customer acquisitions, and industry accolades earned thus far in its fiscal year, ending in January of 2024.

Leading insurance core technology provider Socotra announced today that eight members of the organization’s Partner Network have collaborated to present a unique, dynamic networking event as part of this year’s InsureTech Connect conference in Las Vegas, Nevada. On the evening of Tuesday, October 31st - in the peak of the action at ITC Vegas - the partner firms will be welcoming select insurance and technology professionals from around the globe to their flagship Insuretech on Tap event, designed to foster communication, camaraderie, and creativity among the finest minds in insurance.

Socotra, the leading provider of modern, cloud-based technology for insurers worldwide, announced today that Sonny Patel has joined the company in the role of Chief Product and Technology Officer. She will be responsible for leading the company’s Product and Engineering teams alongside Product Architect Matt Hamilton, who leads Socotra’s platform strategy and product design.

Socotra, the leading provider of modern, cloud-based solutions for technology-driven insurers, today announced that high-risk homeowners provider Annex Risk is processing business with Socotra. Annex Risk has successfully implemented the true cloud-native insurance policy core platform, Socotra Connected Core, and is now live, offering a digitally-forward approach to close critical coverage gaps in coastal Texas, Florida, and the Eastern Seaboard. Annex Risk’s innovative platform combines algorithmic underwriting and capacity, empowering retail agents to quote and bind high-risk homeowners insurance in less than 2 minutes.

Socotra, the modern core platform provider for innovative insurers, today announced that Steadily, America’s top-rated landlord insurance solution, has adopted the Socotra Connected Core policy administration system. The collaboration has allowed Steadily to enhance its systems and deliver an exceptional user experience to its customers.

Insurance carriers who prioritize technology investments that make it easier for brokers and agents to provide better customer service are likely to steal business from their less tech-savvy competitors, according to a new survey of U.S. agents and UK brokers.

Socotra, the next-generation core platform provider for modern insurers, together with Ledgebrook, an InsurTech MGA focused on the excess and surplus (E&S) market, today announced the launch of Ledgebrook’s new platform, powered by Socotra Connected Core.

Socotra today announced the launch of Socotra CorePlus™, a line of complete insurance IT solutions composed of Socotra Connected Core, seamlessly integrated via Socotra App MarketPlace with industry-leading software and data providers, including Mendix, Snapsheet, and Stripe. Socotra CorePlus is designed to decrease risk and costs, while increasing speed-to-market and standardization.

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 today announced its results for 2022, demonstrating strong momentum for its software and market-leading approach to overcoming the insurance industry's barriers to innovation. Despite difficulties for the overall insurtech sector, Socotra achieved a 71% revenue increase and 75% growth in customers.

Socotra, the modern core platform provider for innovative insurers, today announced that KOBA Insurance, an insurtech MGA pioneering usage-based insurance products in Australia, is migrating its insurance program onto the Socotra policy core platform.

Coretech Insight, an independent advisory firm focused on core technology for the insurance industry, today released a report finding that insurers that launch products faster by deploying cloud agile technology are able to generate a revenue gain of as much as $25 million over five years.

CoverTree, an insurtech MGA based in Michigan, partnered with Socotra, the core platform provider of choice for innovative insurers, to launch easy and affordable insurance for owners, renters, and landlords of manufactured homes. With Socotra, CoverTree can now automate 92% of its applications with straight-through processing, enabling their customers to purchase a policy online in less than three minutes and save up to 40% in premiums.

Socotra, the modern core platform provider for innovative insurers, today announced that Socotra App MarketPlace—currently offering access to 30 app publishers—is now available to Socotra customers. Those customers can now eliminate lengthy and rigid integration projects and add new features and services in minutes.

Socotra, the modern core platform provider for innovative insurers, today announced that Ledgebrook, an insurtech MGA focused on the excess and surplus (E&S) market, has chosen Socotra policy core platform to help provide wholesale brokers with a faster and simpler quoting experience, as well as best-in-class pricing and risk selection.

Socotra, the modern core platform provider for innovative insurers, today announced that twelve leading insurance technology providers have joined Socotra App MarketPlace to publish modern software apps connected to Socotra policy core, making the platform the fastest way for insurers to bring new products and features to market.

Socotra, the modern core platform provider for innovative insurers and insurtech MGAs, today announced exceptional positive momentum for the first half of 2022 with 97% revenue growth, 63% team expansion, awards, a new funding round, and an acquisition.

Players Health, an innovative sports platform and insurtech MGA, today launched a unique insurance product enabling amateur and professional sports teams to buy comprehensive insurance to protect players, coaches, and owners through agents or a direct-to-consumer portal.

Socotra, the modern core platform provider for innovative insurers and insurtech MGAs, today announced that it has won the 2022 award for Best Leadership Teams and Best Career Growth from workplace culture site, Comparably. Socotra was selected out of 70,000 companies across the U.S.

CB Insights today named Socotra to its first annual Insurtech 50, which showcases the 50 most promising private insurtech companies across the globe.

Socotra, the partner of choice for innovative insurers, today announced the acquisition of Avolanta, a software startup offering the only unified portal purpose-built for the insurance industry. As part of the acquisition, the Avolanta team will join Socotra and Avolanta’s technology will become Socotra Unified Portal.