Socotra

Technology Holdings advises InsurTech specialist Aggne, on the acquisition of a majority stake by Wipro for $66 Million

Retrieved on: 
Thursday, February 15, 2024
Finance, Consulting, Banking, Professional Services, Insurance, Origami, CFO, Financial services, Holding, Socotra, P&C, IP, BFSI, Intellectual property

Wipro is investing $66M to acquire a 60% stake in Aggne, becoming the majority shareholder.

Key Points: 
  • Wipro is investing $66M to acquire a 60% stake in Aggne, becoming the majority shareholder.
  • Aggne offers a wide range of services designed to help insurers transform operations, drive new efficiencies, and deliver optimal customer experiences.
  • "We are incredibly grateful for the invaluable advice provided by the Technology Holdings team.
  • The transaction showcases Technology Holdings’ deep expertise in InsurTech, BFSI and Fintech with our depth and breadth of expertise extending to every single segment of the space.”
    View source version on businesswire.com: https://www.businesswire.com/news/home/20240215988214/en/

Socotra Forges New Partnerships, Wins Industry Awards, Enjoys Strong Momentum in 2023

Retrieved on: 
Monday, October 30, 2023
Software, Professional Services, Fintech, Data Management, Other Construction & Property, Technology, Residential Building & Real Estate, Automotive, Commercial Building & Real Estate, Construction & Property, Insurance, Other Automotive, TCO, P&C, Jetty, Policy, Cincom Systems, ITC, Growth, KMG, Partnership, Average absolute deviation, API, AI, CB, Risk management, Video game, Socotra

Socotra has added many new insurance businesses around the world to its list of satisfied customers in 2023, including Loggerhead Insurance, Annex Risk, Jetty, Ledgebrook, and Steadily.

Key Points: 
  • Socotra has added many new insurance businesses around the world to its list of satisfied customers in 2023, including Loggerhead Insurance, Annex Risk, Jetty, Ledgebrook, and Steadily.
  • “Technology is core to our business, not an enabler - we needed the most modern, continuously improving policy administration system we could find.
  • “This partnership embodies our commitment and dedication to delivering innovative solutions in the insurance industry,” said Oded Barak, CEO of Five Sigma.
  • Socotra is proud to be a title sponsor of this year’s InsureTech Connect conference, opening today in Las Vegas, NV.

Ethical AI in Insurance Consortium Expands with 10 New Founding Members and Launches Insurance AI Research Project

Retrieved on: 
Tuesday, October 31, 2023
Constellation, Research, Farm, Health, American Farm Bureau Federation, Athlete, Artificial intelligence, CIO, Risk, RMS, AI, Partnership, MGA, Bias, Marketing, Intelligence, Ethics of artificial intelligence, Organization, CURE Insurance Arena, Rethinking, Consortium, Georgia Farm Bureau Federation, Average absolute deviation, Safety, NASA, Private law, Synthetic media, Generative, Ethics, Digital, LAS, TPA, Sigma, Stevie Awards, Research report, Trust, Environment, Regulation, Business, CMS, Medical device, Insurance, Sales, Management, Socotra

LAS VEGAS, Oct. 31, 2023 /PRNewswire-PRWeb/ -- The Ethical AI in Insurance Consortium (EAIC), which aims to foster responsible and transparent adoption of artificial intelligence (AI) for decision management in the insurance sector, is proud to announce the addition of 10 founding members, significantly broadening its expertise and potential impact. Simultaneously, the Consortium is launching a groundbreaking survey of insurance and reinsurance executives determining attitudes, readiness, and use of AI including Generative AI, large language models, and machine vision. This research aims to provide valuable insights and guide the formulation of ethical AI practices in the insurance domain.

Key Points: 
  • Simultaneously, the Consortium is launching a groundbreaking survey of insurance and reinsurance executives determining attitudes, readiness, and use of AI including Generative AI, large language models, and machine vision.
  • This research aims to provide valuable insights and guide the formulation of ethical AI practices in the insurance domain.
  • It's crucial that as industry leaders, we prioritize responsible AI adoption to enhance our services while upholding ethical standards.
  • Founding members Socotra, Exavalu, and Cloverleaf Analytics expressed their enthusiasm for the Insurance AI research initiative and the expansion of the EAIC.

Socotra and Partners to Host Premier Insurance Networking Event

Retrieved on: 
Thursday, October 26, 2023
Insurance, Professional Services, Shoppes at Park Place, PDT, ITC, Fintech, DataArt, Creativity, Software, Tap, Partnership, Average absolute deviation, API, Pleasure, Communication, Marketing, Risk management, Socotra

Leading insurance core technology provider Socotra announced today that eight members of the organization’s Partner Network have collaborated to present a unique, dynamic networking event as part of this year’s InsureTech Connect conference in Las Vegas, Nevada.

Key Points: 
  • Leading insurance core technology provider Socotra announced today that eight members of the organization’s Partner Network have collaborated to present a unique, dynamic networking event as part of this year’s InsureTech Connect conference in Las Vegas, Nevada.
  • “GhostDraft and Socotra share a focus in helping insurers drive speed to market, increased efficiency, and better customer and employee experiences,” said Rebecca Angell, VP of Strategic Alliances at GhostDraft.
  • “For four years, it’s been an honor and pleasure to help insurance clients enter the market and modernize together with Socotra,” said Yaroslav Buga, Vice-President of DataArt.
  • “We are excited to collaborate on this venture with like-minded cutting-edge partners like Socotra.

Players Health Launches Commercial Property Insurance in 90 Days With OwlSurance

Retrieved on: 
Tuesday, October 24, 2023
Insurance, Health, GL, Organization, Players, Athlete, Socotra, Senior, Digital, Risk management, Commercial property, Partnership, Accident, Safety, Commercial general liability insurance, Three Mile Island accident health effects, ISO, Video game, Verisk Analytics

PISCATAWAY, N.J., Oct. 24, 2023 /PRNewswire/ -- Players Health, an innovative sports platform and Insurtech MGA, is celebrating another 90-day launch of a new insurance product, Commercial Property, following similar successes earlier this year for Accident & Health and General Liability. The successful launch was announced today by their partner, OwlSurance, a business unit of ValueMomentum.

Key Points: 
  • OwlSurance (formerly BizDynamics), a business unit of ValueMomentum, congratulates Players Health on their successful rollout of Commercial Property, a critical addition to their portfolio of bespoke insurance offerings for sports organizations.
  • PISCATAWAY, N.J., Oct. 24, 2023 /PRNewswire/ -- Players Health, an innovative sports platform and Insurtech MGA, is celebrating another 90-day launch of a new insurance product, Commercial Property, following similar successes earlier this year for Accident & Health and General Liability.
  • OwlSurance delivered 15 states in 90 days, including digital quote and bind, Commercial Property rating pre-integrated with Verisk's ISO Electronic Rating Content™ (ISO ERC™), third-party integrations, and more than 150 forms.
  • Today, Players Health has doubled the reach of their Commercial Property product to 30 US states.

Cincom® Partners with Socotra to Streamline Customer Communication Processes for Insurers

Retrieved on: 
Wednesday, September 13, 2023
Policy, Insurance, Customer communications management, API, CCM, Partnership, Cincom Systems, Risk management, Socotra

CINCINNATI, Sept. 13, 2023 /PRNewswire/ -- Cincom Systems®, a global provider of Customer Communications Management (CCM) solutions, announced today it has entered into a partnership agreement with Socotra Inc. to help insurers accelerate the digital transformation of their customer communications processes across the entire customer lifecycle.

Key Points: 
  • CINCINNATI, Sept. 13, 2023 /PRNewswire/ -- Cincom Systems®, a global provider of Customer Communications Management (CCM) solutions, announced today it has entered into a partnership agreement with Socotra Inc. to help insurers accelerate the digital transformation of their customer communications processes across the entire customer lifecycle.
  • The combined power of the Socotra product line and Cincom Eloquence® enables insurers to simplify the development, production and delivery of complex customer communications across print and electronic channels via a direct connection between Socotra's insurance platform and Cincom Eloquence.
  • "Cincom is excited to join forces with Socotra to accelerate the digital transformation of their insurance customers," said Brian Bish, Managing Director, Eloquence North America.
  • "The availability of APIs for both platforms simplifies the integration and increases insurers speed to market with more timely relevant and personalized communications, ultimately enhancing the overall customer experience."

Sonny Patel Joins Socotra as Chief Product and Technology Officer, Bringing Decades of Fortune 500 Experience

Retrieved on: 
Tuesday, August 22, 2023
Data Management, Professional Services, Technology, Insurance, Software, Triple accreditation, Chief technology officer, Entrepreneurship, University, Dell, Berkeley, Intuition, Texas A&M University, Business, Microsoft, MBA, Haas School of Business, Ecosystem, API, Computer science, Management, Socotra, Amazon, AI

Socotra, the leading provider of modern, cloud-based technology for insurers worldwide, announced today that Sonny Patel has joined the company in the role of Chief Product and Technology Officer.

Key Points: 
  • Socotra, the leading provider of modern, cloud-based technology for insurers worldwide, announced today that Sonny Patel has joined the company in the role of Chief Product and Technology Officer.
  • She will be responsible for leading the company’s Product and Engineering teams alongside Product Architect Matt Hamilton, who leads Socotra’s platform strategy and product design.
  • Sonny Patel is an outstanding and proven leader; she brings business intuition, product vision, and technology depth,” said Dan Woods, CEO of Socotra.
  • She holds an MBA in Strategy & Entrepreneurship from the Haas School of Business at the University of California, Berkeley and a Master’s degree in Computer Science from Texas A&M University.

Cloverleaf Analytics, Exavalu, and Socotra Announce the Launch of the Ethical AI in Insurance Consortium

Retrieved on: 
Monday, July 31, 2023
Consortium, Life, Synthetic media, Policy, Risk management, Intelligence, Research, Attitude, Cloverleaf, Organization, Generative, Artificial intelligence, Knowledge, Digital, Partnership, Sales, Medical device, Socotra, Insurance, Ethics, AI

AUSTIN, Texas, July 31, 2023 /PRNewswire-PRWeb/ -- Cloverleaf Analytics (Cloverleaf), the leader in insurance intelligence solutions, Exavalu, a leading global digital advisory and consulting company, and Socotra, provider of the industry's leading policy core and end-to-end insurance technology solutions, are excited to announce the launch of the Ethical AI in Insurance Consortium. The Consortium aims to foster responsible and transparent adoption of artificial intelligence (AI) for decision management in the insurance sector, bringing together insurance carriers, technology and solutions companies, regulators, and other key influencers.

Key Points: 
  • The Consortium aims to foster responsible and transparent adoption of artificial intelligence (AI) for decision management in the insurance sector, bringing together insurance carriers, technology and solutions companies, regulators, and other key influencers.
  • The Ethical AI in Insurance Consortium will address the challenges and opportunities associated with the use of AI in insurance, including algorithmic bias, customer acceptance, data integrity, and other areas used in product development, selling, servicing, and customer support for insurance products.
  • Cloverleaf, Exavalu, and Socotra are the Consortium's initial founding members, with additional founding members to be announced within weeks.
  • While Cloverleaf sparked the idea for the Consortium, it will not have any additional influence on the projects that the Consortium completes over any other member.

Annex Risk Selects Socotra Connected Core for Streamlined Policy Administration, Setting a New Standard in High Risk Homeowners Insurance

Retrieved on: 
Thursday, July 27, 2023
Software, Technology, Professional Services, Insurance, Partnership, PDF, Policy, API, Consultant, Investment, Annex, Ecosystem, Risk management, 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.

Key Points: 
  • 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.
  • No-code/low-code platforms were less compelling to us than Socotra’s flexible, API-centric solution,” said Annex Risk Co-Founder Charlie Sido.
  • "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.

Cloverleaf Analytics and Exavalu Partner to Fast Track Insurance Analytics

Retrieved on: 
Wednesday, July 26, 2023
Socotra, Partnership, Consortium, EVP, ML, Intelligence, P&C, CXO, Cloverleaf, Organization, Algorithm, Snowflake, Artificial intelligence, Growth, Ecosystem, Fintech, Ethics, Salesforce, News, Sales, Retail, Insurance

AUSTIN, Texas, July 26, 2023 /PRNewswire-PRWeb/ -- Cloverleaf Analytics (Cloverleaf), the leading provider of Insurance Intelligence solutions, today announced that it has partnered with Exavalu, a leading global insurance digital solutions and IT consulting company. The companies' combined technology and solutions consulting expertise will enable insurers to utilize a powerful analytics platform for all lines of business and internal departments to realize the power of data warehousing and data lake technologies for operational and predictive analysis.

Key Points: 
  • Concurrent to the partnership news, Exavalu joins the Ethical AI in Insurance Consortium which aims to promote the ethical use of algorithms and decision models
    AUSTIN, Texas, July 26, 2023 /PRNewswire-PRWeb/ -- Cloverleaf Analytics (Cloverleaf) , the leading provider of Insurance Intelligence solutions, today announced that it has partnered with Exavalu , a leading global insurance digital solutions and IT consulting company.
  • Exavalu brings extensive experience from insurance and technology resources with deep experience in digital transformation and platform modernization for P&C and L&A carriers.
  • "Exavalu has a selective partner ecosystem that comprises industry leaders in digital insurance core platforms along with analytics and ML, insurtech, integration, customer experience, and hyper automation solutions," said Saurav Basu, President of Exavalu.
  • In addition to the new partnership, Exavalu is pleased to join the Ethical AI in Insurance Consortium as a founding member along with Cloverleaf Analytics and Socotra.