(Image credit: Albrecht Fietz/Fietzfotos.)
Bamboo Insurance (Woodside, Calif.), an InsurTech program administrator distributing personal lines products, has selected Socotra (New York) as its sole core platform. Bamboo Insurance markets flexible and transparent insurance options including homeowners, dwelling fire, flood, and earthquake insurance. Currently operating in California, Bamboo sees its adoption of Socotra’s technology as enabling a rapid expansion of coverage and product offerings in additional states.
“Our approach is to leverage state of the art data and technology in order to meet the evolving needs of our customers and transform the insurance industry,” comments John Chu, CEO, Bamboo. “That requires technology that embraces modern architecture, is cloud-native and scalable. Socotra meets all those requirements and also provides us with the technology platform that fosters innovation with an eye on customer-first service. Many InsurTechs fail to realize that efficient integration is the key to faster migration and adoption, but Socotra provides a seamless integration process with well-documented APIs and modern architecture.”
Delivering Straightforward, Simple and Affordable Insurance
“John and I share a similar understanding that costly, inefficient legacy technology can’t compare to the latest advancements,” comments Dan Woods, CEO, Socotra. “For that reason, I’m proud that Socotra is the sole core platform chosen to power all of Bamboo’s existing and new product lines,” said Socotra CEO Dan Woods. “Our technology will enable the Bamboo team to continue to deliver straightforward, simple, and affordable insurance to customers.”