(Image source: Greenhouse Life promotional video.)
RGAX, a subsidiary of global reinsurer Reinsurance Group of America Incorporated (RGA, (Chesterfield, Mo.),), has selected Socotra as its policy administration system. Socotra will power the development of new life insurance products via RGAX’s innovation-focused subsidiary life insurance company, Greenhouse Life Insurance (Greenhouse Life).
RGAX first partnered with Socotra in 2017 to launch an accidental death product that enabled wearable-tech users to claim $1,000 of accidental death coverage for 12 months at no cost. The vendor says that unique features of Socotra’s platform enabled RGAX to go from concept to production in four months. Socotra now serves as the policy administration system of choice behind RGAX’s Greenhouse Life.
“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.” Comments Scott Grandmont, COO, Greenhouse Life, VP RGAX. “With Socotra, we can accelerate our proof of concept process and we’re excited to continue this partnership.”
Socotra describes itself as is the only system with a modern cloud platform, open APIs, and a powerful data model that enables clients to launch innovative 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,” comments 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.”