Annex Risk Selects Socotra Connected Core for Streamlined Policy Administration, Setting a New Standard in High Risk Homeowners Insurance
AUSTIN, Tex. – July 27, 2023 — Socotra, the leading provider of modern, cloud-based solutions for technology-driven insurers, today announced that high-risk homeowners provider Annex Risk is processing business with Socotra. Annex Risk has successfully implemented the true cloud-native insurance policy core platform, Socotra Connected Core, and is now live, offering a digitally-forward approach to close critical coverage gaps in coastal Texas, Florida, and the Eastern Seaboard. Annex Risk’s innovative platform combines algorithmic underwriting and capacity, empowering retail agents to quote and bind high-risk homeowners insurance in less than 2 minutes.
“Technology is core to our business, not an enabler – we needed the most modern, continuously improving policy administration system we could find. No-code/low-code platforms were less compelling to us than Socotra’s flexible, API-centric solution,” said Annex Risk Co-Founder Charlie Sido. “Socotra’s API-driven platform allows us to configure the entire policy lifecycle natively, while also seamlessly integrating with external solutions for payments, e-signatures and inspections. This flexibility ensures our ability to adapt and scale as the business evolves, while also providing a foundation for future innovation.”
Socotra’s cloud-based architecture allows Annex Risk to eliminate significant operational overhead and leverage Socotra’s ongoing investments in the platform. This partnership has expedited Annex Risk’s market entry, enabling them to sell their complex product in four states within six months. As a technology startup, Annex appreciates the capital-efficient and self-sufficient nature of Socotra’s implementation, allowing them to maintain control and agility while minimizing reliance on third-party consultants.
“We are thrilled to have Annex Risk join our ecosystem of innovative insurance providers,” said Dan Woods, CEO of Socotra. “By leveraging Socotra Connected Core, Annex Risk can offer their retail partners a streamlined and digitized experience that sets them apart in the market. Additionally, Socotra’s modern underpinnings will future-proof Annex Risk’s investment as they continue to grow and evolve their business.”
Socotra offers a game-changing alternative to legacy underwriting systems that rely on emails, PDFs, and proprietary tools, resulting in quote times that could stretch into days. With Socotra’s powerful capabilities, Annex Risk can deliver an instant quote and bind experience, aligning with retail insurance agents’ expectations and setting a new standard in the industry.
Annex is a leading provider of homeowners insurance for properties with significant natural catastrophe exposure. Through its partnership with over two thousand retail agents, Annex focuses on closing critical coverage gaps in coastal areas from Texas up the Eastern Seaboard. Annex’s sophisticated algorithmic underwriting and capacity enable retail agents to quote and bind high-risk homeowners insurance in less than 2 minutes. With a technology-driven approach, Annex leverages innovative solutions to deliver an exceptional customer experience.
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Socotra provides insurance companies with the flexible modern core platform and ecosystem they need to adapt, innovate, and grow their business. By leveraging solutions such as Socotra CorePlus and Socotra Connected Core, insurers can streamline policy administration, enhance digital experiences, and deliver products to market faster. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable. To learn more, visit socotra.com.