Socotra, a leading provider of open APIs and other cutting-edge solutions to the insurance industry, has announced a major drive into the European insurance markets.
Founded in 2014 and based in Austin, Texas, Socotra employs specialists in Europe, including sales, support, implementation, and engineering. The company will begin with an initial focus on the UK, DACH, France, and others, following strong growth in 2022, including a 71% revenue increase, a 75% growth in customers, and a 117% YoY increase in policies managed on its SaaS platform.
According to reports, Socotra predicts growing demand in these markets as insurers, such as Socotra clients AXA and MS Amlin, increasingly realise the need for API-driven, cloud-first technologies that accelerate product launches, offer flexibility, and reduce IT expenses.
As part of its offerings, the insurtech’s Socotra Connected Core solution offers insurers the ability and flexibility to launch any insurance product through any distribution channel.
Socotra bringing flexibility to a global marketplace
Socotra’s Products can be localised for any geography, including regulations, currency, date and address formats, and more. Furthermore, the Socotra App MarketPlace, enables insurers to gain instant access to industry-leading software and data providers through a simple click-to-run experience. App MarketPlace is available today to all Socotra customers, at no additional cost.
Speaking about the insurtech’s latest growth strategy announcement, Dan Woods, Socotra’s Founder and CEO, explained: “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 continued: “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.”
Woods 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.”
The company plans to continue growing headcount in Europe and is bringing together insurance and technology leaders at its Socotra Connected PlatForum in London on 28 February 2023, as well as presenting and exhibiting at Booth P7 at Insurtech Insights Europe on 1-2 March 2023