Berkley Asset Protection Selects Socotra as Platform for Jewelry Insurance

Socotra’s core insurance technology will power Lavalier, the insurer’s existing personal jewelry insurance program, in all 50 states.

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Berkley Asset Protection, a Berkley company offering insurance for all aspects of jewelry and fine arts businesses: jewelers block, fine art, museums, commercial property and liability, and workers’ compensation, has selected Socotra (San Francisco) to provide its core platform to power Lavalier, the insurer’s existing personal jewelry insurance program, in all 50 states.

Chip Dowd, President, Berkley Asset Protection.

Lavalier’s value proposition is to offer an intuitive digital buying experience that enables customers to get a quote and purchase a personal jewelry policy online in minutes, according to a Socotra statement. With Socotra’s cloud-native core platform, Lavalier can maintain its frictionless customer experience and take advantage of rich functionality across the entire policy lifecycle, including underwriting, policy administration, billing, claims, and reporting, the vendor statement asserts. Socotra reports that Lavalier is also leveraging the vendor’s open APIs to seamlessly integrate with a customer relationship management (CRM) system.

“In addition to providing an agile core platform, Socotra has become a trusted advisor to our overall digital transformation strategy,” comments Chip Dowd, President, Berkley Asset Protection. “Because of Socotra’s expert digital guidance, we’ve been able to focus on what we do best—delivering world-class personal jewelry insurance and delightful customer experiences. We’re excited to grow our business as we modernize our core technology.”

Easy to Configure and Update

Dan Woods, CEO, Socotra.

Socotra says its platform obviates the need for specialized training that makes product changes difficult on legacy core systems. The vendor says its platform is easy to configure and update. “Thanks to this flexibility, Lavalier can transition its insurance product onto Socotra without any downtime, interruption, or data loss,” the Socotra statement says.

“The talented team at Lavalier has made insuring personal jewelry exceptionally fast and easy for their customers,” comments Dan Woods, CEO, Socotra. “And I’m impressed by how smoothly our combined teams were able to migrate Lavalier’s entire book of business to Socotra. We look forward to a strong partnership with Berkley Asset Protection as it takes bold strides in digital transformation.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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