USAA becomes latest Socotra investor
In addition to prior investors CrunchFund, Founders Fund, Greenoaks Capital, SciFi VC, SV Angel and Vulcan Capital, as well as angel investors Ron Conway, Michael Ovitz, and Joe Lonsdale, USAA has become the newest investment in Socotra, a comprehensive cloud-native insurance core system.
The investment’s terms were kept a secret.
“Current insurance IT infrastructures require long lead times and expensive teams to bring new insurance products to market,” said Nathan McKinley, vice president of USAA Corporate Development.
The capacity to build, deploy, and update new insurance products quickly without the need for expensive technological projects or additional systems integration work, is a goal that Socotra shares in common with us.
Socotra is a cloud-native solution that enables carriers to effectively manage complex relationships across the course of a policy’s lifecycle, whether it be for a single line, a single state, or many lines, several countries.
The Socotra platform’s adaptability and layout give carriers lower costs, quicker product launches, and simple technology integration.
According to Dan Woods, Chief Executive Officer (CEO), Socotra, “Insurance IT is littered with consultancy services and out-of-date IT architectures, leaving insurers at all levels scrambling to catch up with clients’ evolving expectations.”
“A fully productized insurance IT core that insurers can configure and extend on their own is the only way to move forward. We are in Socotra. We’re eager to discuss this concept with USAA, the speaker continued.
Socotra was established in 2014 and now counts multinational carriers as well as InsurTech startups in the US, Europe, Asia, and Australia among its clients.
