RGAX, a subsidiary of Reinsurance Group of America, Incorporated (RGA), has partnered with insurtech firm Socotra to help develop new life insurance products.
Using Socotra as its policy administration system, RGAX will look to develop new products for its subsidiary, Greenhouse Life Insurance (Greenhouse Life).
RGAX first partnered with Socotra in 2017 to launch an accidental death product for wearable-tech users, leveraging Socotra’s platform to accelerate the go-to-market process.
“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,” said Greenhouse Life COO and RGAX Vice President Scott Grandmont.
“With Socotra, we can accelerate our proof of concept process and we’re excited to continue this partnership.”
Socotra uses a modern cloud platform, open APIs, and a data model that enables clients to launch 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,” added 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.”