Annex Risk, an innovative startup specializing in insurance for homeowners in disaster-prone areas, initially encountered a range of obstacles such as limited underwriting capacity and demand for advanced, modern solutions. Acknowledging the potential for technology to address these hurdles, Annex Risk partnered with Socotra, a modern policy administration system provider, to transform their operations.
Read how Socotra helped Annex Risk to:
- Address the scarcity of underwriting capacity in the $15-20B high-risk homeowners market
- Leverage Socotra’s API-centric approach to transform their legacy underwriting practices in coastal homeowners insurance and successfully streamline every aspect of the policy lifecycle, including quoting, binding, endorsing, canceling, e-signing, and payments
- Significantly accelerate their time to market and produce a complex digital insurance product within a mere six-month timeframe
- Streamline critical processes such as quoting, binding (reduced from days to minutes), endorsing, canceling, e-signing, and payment
- Autonomously oversee implementation through Socotra’s comprehensive product documentation
“Technology is not just an enabler for us; it is at the heart of our operations. We sought the most modern and flexible policy administration system, and Socotra’s API-centric solution surpassed other no/low-code platforms in its versatility.”
– Charlie Sido, co-founder of Annex Risk
