How Socotra brought agility to Australia’s largest insurer
To meet the evolving needs of the modern consumer, IAG Satellite, the nimble innovation-focused division of Australia’s largest insurer, sought to accelerate IAG’s insurance business by developing flexible digital insurance products.
In January 2019, IAG Satellite began searching for a powerful insurance technology partner to build out their new Accelerator model. After a series of screenings and proofs of concept, the company selected Socotra to handle the model’s underwriting, billing, platform security, and policy management tasks.
Ten months later, in October 2019, IAG Satellite launched a new direct-to-market product called Poncho Insurance. Built on Socotra’s cloud-native platform, Poncho Insurance helps Australians protect against the unexpected with easier, simpler, and more flexible car insurance. The digital auto insurance product offers a multi-car monthly policy and payment plan that policyholders can quickly update or cancel through a user-friendly online interface.
[Socotra’s] platform is super flexible and low-cost, allowing us to continually improve the product and deliver it at a great price to customers. – Phil Wilson-Brown, IAG Satellite executive manager
IAG Satellite’s innovative Accelerator model makes the most of Socotra’s plug-and-play architecture and configurable APIs, allowing the company to easily develop, deploy, update, and adapt new insurance products in response to demand. In recognition of the Accelerator model and the impressive operational efficiency of its first product, Poncho Insurance, IAG Satellite received the Innovation Execution Award at the 2020 Celent Model Insurer Awards.
To see the key results and learn more about how IAG Satellite worked with Socotra to launch a flexible digital insurance product in just 10 months, sign up to download the full case study.