MS Amlin selects Socotra for new digital SME insurance initiative
July 7, 2020
Our modern core platform and open APIs allow for seamless integration and drastically quicker time to market.
We are excited to announce that MS Amlin, a leading global (re)insurer, has chosen Socotra as the core backend system for its new digital SME insurance initiative. MS Amlin is a subsidiary of the global top 10 insurance group MS&AD with operations in Lloyd’s, Europe, and Bermuda.
The new SME insurance platform by MS Amlin employs a digital-first distribution approach and emphasizes the (re)insurer’s commitment to small and medium-sized enterprises in Europe. The product will initially launch in Belgium, the Netherlands, UK, and France with product offerings that include fleet, commercial liability, property, and commercial package offerings. The digital proposition aims to enhance all areas of the insurance value chain, including claims and finance.
The Partnership between Socotra and MS Amlin
MS Amlin Insurance S.E. COO Ted Aerts commented, “MS Amlin has always put the service we offer our clients and brokers first and foremost. By investing in new digital capabilities our ambition is to truly enhance the experience of working with MS Amlin. We believe Socotra understands how important customer experience is to us, and we believe their platform and approach is best able to support this.”
“Socotra creates a foundation to improve our service and, in turn, our customer and broker experiences, and it will also help improve our agility in reacting to changing market trends,” Aerts said. “Their core technology is more advanced than other options we evaluated in the marketplace for our digital-focused initiative.”
MS Amlin chose Socotra because of its modern core platform and open APIs, which allow for seamless integration with MS Amlin’s legacy systems and its new centralized data storage platform. As a cloud-native platform, Socotra enables a fully digital insurance backend that allows quotes and rate changes to be deployed in real-time.
“We are delighted that MS Amlin has chosen Socotra to launch its new digital SME insurance initiative,” said Dan Woods, CEO of Socotra. “I’m proud to say Socotra is the only core system with a powerful data model and open APIs that allows MS Amlin to offer its traditional and non-traditional products while accelerating product development timelines.”
“Insurers are increasingly turning to cloud-based, API-enabled core systems to deliver new digital experiences to their clients,” said Celent Senior Analyst, Craig Beattie. “It is heartening to see a long-standing (re)insurer embracing digital transformation for their SME business in Europe and beyond.”
MS Amlin kicks off the Socotra implementation remotely
Because we provide a cloud-native, developer-friendly platform, MS Amlin was able to begin the implementation process remotely — a task that would be significantly more challenging on legacy platforms due to the ongoing health crisis. The first end-to-end digital product offerings are expected to be launched in the first half of 2021.
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