A record 17 InsurTechs chose Socotra in 2021

January 18, 2022

More insurtechs are choosing Socotra instead of building their own policy cores or using legacy providers

“Every insurtech MGA starts with a product vision and a technology plan based on modern paradigms such as cloud, open APIs, and microservice design. The last thing a startup founder wants is to be forced onto legacy technology, even before it has a single customer. That’s why the initial wave of insurtechs chose to build their own core systems. The new wave of insurtechs has a modern off-the-shelf option in Socotra, and they are now choosing it in droves.” – Dan Woods, Founder and CEO of Socotra

With over $15 billion in funding in 2021, a new class of insurtechs is emerging and accelerating the modernization of the insurance industry. These insurtech MGAs are contending with limited budgets, short timeframes, and high expectations. Therefore, they’re choosing technologies that are both proven and innovative—whether it’s their payment processor, data provider, cloud infrastructure, or policy administration. They’re finding that Socotra is the only policy core that keeps pace with modern platforms in other industries.

What’s ahead in 2022

The industry can count on Socotra to remain the leader powering new insurtech MGAs in 2022. With more insurtechs continually signing on with Socotra, and innovations like Socotra Marketplace, the 2021 record won’t last long.


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