Socotra now powers personal auto customers on three continents
SAN FRANCISCO, Dec. 21, 2020 (GLOBE NEWSWIRE) — TONI Digital, a leading European insurtech provider, has chosen Socotra, the first cloud-native insurance core platform, to power the new TONI insurance-as-a-service technology platform for the white-label insurance market.
TONI Digital has developed an insurance-as-a-service solution enabling large corporations to quickly enter the insurance market, generate revenue, and leverage existing brand and customer bases. Built on Socotra’s agile core platform, TONI Digital’s new proprietary insurtech service will be able to automate all aspects of the insurance life-cycle. It will offer highly competitive insurance premiums and integrate with established risk carriers. Insurers will be able to provide customers with user-friendly, fully-digital experiences and transparent, affordable insurance products. The service is launching with personal auto insurance and will continue to expand into other lines of business.
TONI Digital has heavily invested in its new proprietary insurtech platform, which it began developing on Socotra’s cloud-native insurance core platform just 10 months ago. By using Socotra’s modern product architecture and open APIs, TONI Digital’s new insurtech platform has the agility needed to add new insurance products and distribution partners at an unprecedented speed. As a result, TONI Digital was able to quickly design, develop, and launch a comprehensive, cloud-based service providing corporations with highly customizable insurance products.
“Socotra handed us the essential underlying insurance functionality as a readily developed product on a silver platter,” said Alexander Sanders, TONI Digital CTO. “Integrating the Socotra insurance core using their well-documented APIs was easy. Additionally, we can configure everything ourselves—no phone calls or time-consuming and costly customizations needed. At the same time, Socotra fits perfectly into our vision of TONI developing highly-valuable intellectual property on our own TONI Digital insurance tech platform. As an example, we built our highly-flexible, self-hosted, proprietary pricing engine on top of Socotra’s cloud-native core. We also took a similar approach to developing integrations with 3rd party providers, and creating our customer-facing frontend and features. This hybrid-approach of Socotra’s cloud-native core and our proprietary technologies and integrations is a glimpse of the future of insurance technology.”
“It’s exciting to see what a talented team can build on Socotra’s platform,” said Dan Woods, Socotra CEO. “The TONI Digital team is taking full advantage of Socotra’s extensibility to empower banks, retailers, and other businesses to provide their customers with custom digital insurance products. We’re thrilled to partner with them as they build out the personal auto insurance service and explore additional lines of business.”
About TONI Digital
TONI Digital offers Europe’s leading insurance-as-a-service offering and enables companies and corporations to quickly enter the insurance market without requiring any insurance know-how, insurance licence or insurance IT system. TONI’s proprietary insurance tech platform offers a fully digital and state-of-the-art customer experience in all aspects of the insurance life cycle while achieving unprecedented cost ratios due to its high degree of process automation. To learn more, visit www.tonidigital.ch.
Founded in 2014 and based in San Francisco, Socotra is a modern, enterprise-grade core system that enables global insurers to accelerate product development, reduce maintenance costs, and improve customer experiences. Insurers trust Socotra’s modern technology to rapidly develop products that better serve their customers and manage their existing books of business. Socotra’s flexible, radically open, cloud-native solution unifies underwriting, rating, policy management, claims, billing, reporting, and more. To learn more, visit www.socotra.com.