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CoverTree partners with Socotra to launch its insurance lines
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Sep 29, 2022
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InsurTech: Personal Lines

InsurTech: Personal Lines

View industry hub
Sep 29, 2022

CoverTree partners with Socotra to launch its insurance lines

Partnerships

  • CoverTree, a digital homeowners’ and renters’ insurance provider, has partnered with policy lifecycle monitoring and management software provider Socotra to launch its insurance lines. The partnership enables CoverTree to deploy its services via an omnichannel allowing users to purchase policies via a website, mobile app, or digital insurance agency. 

  • In addition, the company integrates Socotra's APIs to automate its underwriting process and to connect to third-party data providers such as Cape Analytics. It also claims the partnership allows them to automate ~92% of its applications.

  • Analyst QuickTake: CoverTree began operations earlier this month targeting the manufactured home segment. The company also announced a USD 10 million seed fundraise with funds earmarked towards recruitment, geographic expansion, and product development.

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