RGAX partners with insurtech Socotra to develop life insurance products

RGAX, a subsidiary of global reinsurer Reinsurance Group of America (RGA), has partnered with insurtech Socotra to help develop new life insurance products.

As Socotra's policy administration system, RGAX will develop new products for its subsidiary Greenhouse Life Insurance.

RGAX first partnered with Socotra in 2017 to launch an accidental death product for wearable-tech users.

“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,” said Scott Grandmont, Greenhouse Life COO and RGAX vice president. “With Socotra, we can accelerate our proof of concept process and we’re excited to continue this partnership.”

Dan Woods, CEO and founder of Socotra, said: “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.”