RGAX Selects Socotra as Core Insurance Platform
May 12, 2020
RGAX will leverage Socotra to innovate and scale life insurance products
We are excited to announce that RGAX LLC (RGAX) , a subsidiary of global reinsurer Reinsurance Group of America, Incorporated (RGA), has chosen Socotra as its policy administration system. Socotra will power the development of new life insurance products via RGAX’s innovative life insurance company, Greenhouse Life Insurance (Greenhouse Life).
The Partnership between Socotra and RGAX
RGAX first partnered with Socotra in 2017 to launch an accidental death product that enabled wearable-tech users to claim $1,000 of accidental death coverage for 12 months at no cost. The unique features of Socotra’s platform enabled RGAX to go from concept to production in four months, an accelerated time frame unmatched in the industry. Socotra now serves as the policy administration system of choice behind RGAX’s Greenhouse Life.
“Socotra’s platform has enabled us to more quickly design and test innovative approaches while helping to solve problems that many insurance carriers face when looking to address the needs of the modern insurance consumer.” Greenhouse Life COO and RGAX Vice President Scott Grandmont shared. “With Socotra, we can accelerate our proof of concept process and we’re excited to continue this partnership.”
Socotra is the only system with a modern cloud platform, open APIs, and a powerful data model that enables clients to launch innovative products while reducing risks insurance carriers face in bringing products to market.
“We’re thrilled RGAX chose our platform to launch their vision of expansion and transformation of the life insurance ecosystem,” said Dan Woods, CEO, and Founder of Socotra. “We look forward to continue partnering with RGAX as they leverage Socotra’s technology to meet the demands of the evolving insurance marketplace.”
Socotra’s Growing Presence in the Life Insurance Ecosystem
This partnership underscores our rapid momentum and adoption in the life insurance space, including customers like Mutual of Omaha. As part of Socotra’s recent Series B funding, former New York Life President John Kim joined Socotra’s Board of Directors. We look forward to serving new customers in the life insurance ecosystem, empowering them to transform the future of insurance with a cloud-native, open API core platform.