Insurtech Socotra making major push into Europe, hiring top talent
Insurtech Socotra, a San Francisco-based company providing a cloud-native core platform that enables insurance companies to develop and deploy new products, is making a major push into the European insurance markets, driven by accelerated demand for API-driven cloud-first technology that increases insurers’ speed-to-market at lower cost.
The insurtech’s initial focus will be on the UK, DACH (Germany, Austria and Switzerland) and France, among others.
Socotra reported 71% revenue increase, a 75% growth in customers, and a 117% YoY increase in policies managed on its SaaS platform in 2022. Its list of clientele include re/insurers AXA, MS Amlin and Hippo.
Socotra’s Connected Core platform offers insurers the power and flexibility to launch any insurance product via any distribution channel. Products can be localised for any geography, including regulations, currency, date and address formats.
Dan Woods (pictured), Socotra’s founder and CEO, said. “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.”
“Today, many insurers are profoundly impaired by legacy technologies, and it is our mission to make high-quality technology available to all insurers, everywhere,” he added.
“Our first customer in Europe was in 2017, and since then we’ve made steady progress throughout Europe. We are seeing increasing demand for technologies like Socotra that are fast, flexible, cost-effective, and mature.”
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