Australia’s largest insurer partners with Socotra to power new direct-to-consumer product.
May 29, 2020
Socotra’s modern core technology enabled IAG to go from concept to production in ten months
We’re excited to announce that Socotra’s core platform is powering the recently-launched Poncho Insurance brand and auto insurance product from IAG, Australia’s largest general insurer.
Poncho Insurance was developed in 2019 by IAG Satellite to help Australians protect against the unexpected with an easier, simpler, and more flexible car insurance product. IAG Satellite was formed to serve fast-growing customer segments for IAG, both through an existing portfolio of brands and by creating a new accelerator model to fast-track scaled-up innovation.
As an API-driven and cloud-native platform, we were able to offer IAG a tailor-made solution to create a multi-car, multi-driver monthly auto insurance product, that works in a similar way to a monthly subscription, and that could be purchased online. As a result of our platform’s capabilities, IAG gained the agility they needed to build the Poncho platform on-budget and with an accelerated time frame.
Poncho’s user-friendly digital platform, powered by Socotra, makes buying insurance less daunting by allowing customers to buy monthly car insurance policies instead of the traditional annual policies. Policyholders can also change or cancel their coverage as needed online without incurring traditional cancellation fees.
Our platform has helped IAG drive business continuity, at a time when customers cannot easily leave their homes. Poncho’s self-service model has also minimized the reliance on more traditional customer service channels while increasing operational efficiencies. This new model was enabled by the adoption of a series of new technologies, including Socotra.
IAG Satellite Executive Manager Phil Wilson-Brown said the partnership with Socotra has enabled them to deliver an innovative insurance service through Poncho Insurance.
“With Socotra, we were able to develop Poncho Insurance, a unique customer proposition for comprehensive car insurance in the Australian market, in a short timeframe. The platform is super flexible and low-cost allowing us to continually improve the product and deliver it at a great price to customers. We’re excited to further leverage this partnership as we look to expand our customer offerings.”
IAG recently won an Innovation Execution award for Poncho Insurance at the Celent 2020 Model Insurer awards.
“We’re pleased that IAG has chosen Socotra to power its vision for transforming insurance,” said Socotra CEO and Founder Dan Woods. “This partnership integrates technology and product design to make affordable, accessible, and self-serve insurance products. We look forward to continue partnering with IAG as they use Socotra’s platform to deliver new and innovative products.”
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