(Island of Socotra. Image credit: Fahd Ahmed/Unsplash.)
Socotra (Austin, Texas), a cloud-native core platform for insurance, has announced that Ledgebrook, a Boston-based InsurTech MGA focused on the excess and surplus (E&S) market, has chosen Socotra policy core platform to help provide wholesale brokers with a faster and simpler quoting experience, as well as best-in-class pricing and risk selection.
Socotra’s announcement of the contract says that Ledgebrook is bucking the trend of InsurTech MGA’s focusing on direct-to-consumer products. Ledgebrook instead is prioritizing wholesale brokers, who often face a long and difficult quoting experience to place E&S policies due time-intensive underwriting processes. By partnering with Socotra, Ledgebrook can streamline administrative tasks and manual underwriting processes and empower underwriters to quote up to five times as much business as they previously did, the vendor says. The result Socotra asserts, will be that Ledgebrook will provide wholesale brokers with faster response times and a simpler, more consistent quoting experience.
Delivering a product-agnostic data model and intuitive configuration, Socotra says it empowers insurers to rapidly build any insurance product for any geography or distribution channel. Ledgebrook is developing a general liability insurance product for the E&S market to launch this fall with further product rollouts in H1 2023, according to the Socotra statement.
Living the Pain Points
“Socotra offers the best platform to support our future scale and long-term vision to become a global reinsurance carrier,” comments Gage Caligaris, founder and CEO, Ledgebrook. “Ledgebrook was founded by insurance industry insiders who have lived the pain points in the current technological landscape and wanted something better. Socotra delivers the most flexible and modern technology, enabling us to get to market quickly and launch a wide array of insurance products to fit the needs of our business and customers.”
“I applaud Ledgebrook for its mission to provide wholesale brokers with the fastest and easiest quoting experience in the market,” comments Dan Woods, founder and CEO, Socotra. “The Ledgebrook team is developing a next-generation tech stack—powered by Socotra—that accelerates underwriting and improves broker experiences. I’m excited to see the immense value that Ledgebrook will bring to the insurance industry by combining world-class technology and exceptional underwriting.”