AUSTIN, Texas--(BUSINESS WIRE)--Socotra today announced its results for 2022, demonstrating strong momentum for its software and market-leading approach to overcoming the insurance industry's barriers to innovation. Despite difficulties for the overall insurtech sector, Socotra achieved a 71% revenue increase and 75% growth in customers.
While 2023 is expected to see many insurtechs leaving the industry or being acquired as funding dries up, Socotra is experiencing strong growth as carriers lean on the insurtech innovator for modern technology. Socotra enables insurers to achieve the benefits of speed-to-market and the growth they desire whether they decide to integrate Socotra’s advanced core platform with their legacy tech, or simply replace it altogether. With Socotra, carriers of all sizes can remain competitive in an industry that’s leaping into the modern age.
Widely respected by carriers and MGAs alike, Socotra provides complete insurance solutions connecting the industry’s best software providers, integrated and market-ready. In 2022, Socotra continued to address the industry's need for flexibility and speed-to-market with the launch of Socotra App MarketPlace. The first-of-its-kind insurance technology ecosystem built on open APIs, App MarketPlace is now being used in live production, giving insurers instant access to 35 industry-leading software and data providers through a simple click-to-run experience. This degree of connectivity positions insurers well for the Rapid Connection Age, where insurers must connect, upgrade, and swap out technologies quickly and easily in order to stay competitive.
“Socotra’s strong growth in 2022 was the result of our team’s dedication to delivering industry-leading products and services to the insurance industry,” said Dan Woods, Founder and CEO of Socotra. “By sticking to our principles of providing our customers with API-driven, true cloud technology that enables faster time to market and lowers costs, we’re demonstrating our commitment to helping them modernize their infrastructure. As the industry moves into the Rapid Connection Age, Socotra will be there to support insurers, making sure they have a reliable partner on their journey.”
2022 Highlights
Customer Growth: 2022 marked a year not only of impressive customer growth, but also fast implementations with 13 additional insurers going live on Socotra; including MS Amlin, Lavalier (a subsidiary of Berkley Asset Protection), and Bamboo Insurance. Overall, Socotra saw a 117% growth in policies managed on its SaaS platform.
Funding and M&A: In March 2022, Socotra closed a $50 million series C funding round, led by renowned venture capital firm, Insight Partners, giving it a total of $96 million raised to date. On the heels of this achievement, Socotra acquired Avolanta to deliver the insurance industry’s only unified agent and customer portal.
Awards: Socotra was recognized by CB Insights on their Insurtech 50 List of Most Innovative Startups and Fintech 250 List. In Europe, Socotra was included in SONR’s Insurtech 100, the industry’s most comprehensive list of influential insurtech startups. Lastly, Socotra was the recipient of nine Comparably awards, including Best Leadership Team and Best Company Outlook (selected out of 70,000 companies across the U.S.).
About Socotra
Socotra brings unparalleled speed, flexibility, and choice that give insurers more control over their business. With Socotra’s complete insurance solutions, global insurers and insurtech MGAs can accelerate product development, reduce costs, and improve customer experiences. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable. To learn more, visit socotra.com.
