Insurtechs Socotra and Coya join forces to enhance digital products
Insurtech Socotra has partnered with Berlin-based digital insurance startup Coya to build “advanced and differentiated insurance offerings”.
Socotra has created a cloud system that enables carriers to manage complex interactions throughout the lifecycle of policies, including single line, single state or multi-line, multi-country. According to the company, its platform offers carriers lower costs, faster product releases, and easy integration with future technologies.
Coya, which applies artificial intelligence in its digital insurance offering for property, aims to become Europe’s leading digital insurer by adopting a customer-first approach and a tech-driven insurance business model. Coya was founded by Andrew Shaw, former CIO of Kreditech, Peter Hagen, former CEO of Vienna Insurance Group (VIG), and Sebastian Villarroel, former data specialist at Kreditech, Allianz and Zenmate.
"Finally, there’s a platform in Socotra that understands how a technology-forward insurer needs to innovate,” said Villarroel. “Now we are able to concentrate 100 percent of our resources on differentiation, allowing us to offer a higher quality experience and more products to customers. Given how advanced our vision is, our only viable solutions were buying Socotra or building everything ourselves, a daunting task.”
Dan Woods, CEO, Socotra, added: “Coya has a powerful vision for the future of insurance, backed by a team with deep experience in both insurance and consumer fintech. It’s exciting to see a customer taking advantage of our flexibility and extensibility by designing new products within Socotra and implementing new innovations on top.”
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