Hailing Success

Socotra helped one of the top three global insurers to use the methodologies discussed here to launch an embedded income protection product for drivers of a leading rideshare company.

Accessed directly through the rideshare app, drivers can sign up for flexible business interruption coverage in a few clicks, and their premium is then automatically collected from completed trips. Socotra enabled the insurer to implement a new technical platform and launch the product in only six months –three times faster than it’s likely to have taken with a legacy core system.

The implementation team was made up of just 10 members, thanks to Socotra’s easily configurable platform. The Socotra Connected Core leverages Cloud, open APIs, and a powerful data model, giving insurers the freedom and reliability to

Multi-service architecture enables you to take advantage of best-of-breed technology to create a dynamic, always-up-to-date platform with enormous flexibility and resilience to change – it can put leading technology and services at your fingertips without custom coding or downtime for upgrades.

Multi-service platforms allow you to tailor your own platform to meet market demands quickly and easily, reducing implementation time and costs whilst making it simpler to accelerate product launches, test and iterate a live product, and begin raising additional capital.

The insurance landscape is modernising rapidly, with innovative new products being launched at remarkable speed. Over time, this trend will only accelerate. The five lessons outlined here will enable insurers to keep up with this pace of innovation launch products through any distribution channel, while the Socotra App MarketPlace offers a click-to-run experience that enables insurers to add new features and third-party software without long and costly integration projects.

The drivers’ business interruption product launch was successful, both technically and commercially, achieving a five per cent penetration rate within six months. To date, more than 10,000 policies have been sold to drivers through the ridesharing app.

The run cost for the insurer is significantly lower, compared to that of a legacy solution because the Socotra platform is not only built to accelerate product development and improve customer experiences, but also to reduce ongoing costs.