Insurance technology provider Socotra has announced a major drive into the European insurance markets, with an initial focus on the UK, DACH, and France, following a solid 2022 which saw revenue increase 71%, and a 75% growth in customers.
Socotra suggests there is a great demand in these markets as insurers, such as its clients AXA and MS Amlin, increasingly realise the necessity of API-driven, cloud-first technologies that accelerate product launches, offer flexibility, and reduce IT expenses.
Dan Woods, Socotra’s Founder and CEO said, “Today, many insurers are profoundly impaired by legacy technologies, and it is our mission to make high-quality technology available to all insurers.
“We are greatly increasing our investments in Europe and hiring top talent on the ground. Our major push into the UK and European Union continues our commitment to helping insurers thrive around the world.”
Woods continued, “Our first customer in Europe was in 2017, and since then we’ve made steady progress throughout Europe.
“We are seeing increasing demand for technologies like Socotra that are fast, flexible, cost-effective, and mature.”
Socotra states that its Connected Core offers insurers the power and flexibility to launch any insurance product via any distribution channel.
Further, with Socotra App MarketPlace, the firm says insurers can have instant access to industry-leading software and data providers through a simple click-to-run experience.
In March of 2022, Socotra closed a $50 million Series C funding round led by Insight Partners, bringing the total raised to date to $96 million.