Socotra, a modern core platform provider for insurers, is planning a European expansion following the growth in demand for its API-driven, cloud-first technology, which increases insurers’ speed-to-market.
Socotra enables insurers of all sizes to launch insurance products in as little as two months with minimal effort and expense.
With Socotra’s off-the-shelf capabilities and open APIs, insurers can configure any insurance product and facilitate integration with next-generation technology.
Socotra will initially focus its expansion on the UK, DACH, France, and others.
In March 2022, Socotra closed a $50m Series C funding round, led by renowned venture capital firm, Insight Partners, giving it a total of $96m raised to date.
According to Socotra, the expansion follows 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.
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.
Dan Woods, Socotra’s founder and CEO, said, “Today, many insurers are profoundly impaired by legacy technologies, and it is our mission to make high-quality technology available to all insurers, everywhere.
“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.
Last year, Socotra revealed that twelve insurance technology providers have joined its marketplace to publish modern software apps.
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