Socotra

Socotra provides a cloud-based platform that allows insurers and managing general agents (MGAs) to monitor and manage policy life cycles from underwriting, policy administration, claims, billing, and reporting. Its platform also includes a unified portal to seamlessly connect agents, brokers, customers, and insurance companies that help automate workflows, accelerate speed to market, increase engagement, and drive revenue. In addition, the company offers turnkey solutions for personal auto and homeowners insurance. 

It also offers an app marketplace that offers a range of pre-integrated software and data services for insurers. This ecosystem allows insurers to quickly access and implement apps from insurance software providers, which cover various aspects such as underwriting, policy administration, claims, billing, and reporting. The apps also seamlessly integrate with Socotra's platform.

Key customers and partnerships 

The company has partnered with other InsurTechs to improve its offerings such as Gradient AI (in March 2022), a predictive analytics platform for underwriting and claims management, to offer improved risk assessments that could lead to reduced claim expenses, competitive pricing, and reduced turnaround times for users of its platform. In addition, it collaborated with Tensorflight (in July 2023), a digital property inspection platform that combines AI with aerial, satellite, and street view imagery, to provide better risk assessment and pricing. The latter would also join its marketplace as part of the partnership.

Fundings and financials 

Socotra’s last funding round was in March 2022, when it raised USD 50 million in Series C funding led by Insight Partners. It aimed to channel the funds toward expanding its product portfolio and its geographical presence across Europe and Australia. In addition, the company planned to develop its customer infrastructure and improve its ecosystem via the Socotra Marketplace.