(Image source TONI Digital homepage.)
TONI Digital has developed an insurance-as-a-service solution designed to enable large corporations to quickly enter the insurance market, generate revenue, and leverage existing brand and customer bases. Built on Socotra’s core platform, TONI Digital’s new proprietary service will be able to automate all aspects of the insurance life-cycle, a joint company statement says. The companies say the service will offer highly competitive insurance premiums and integrate with established risk carriers. The value proposition is to provide customers with user-friendly, fully-digital experiences and transparent, affordable insurance products. The service is launching with personal auto insurance and will continue to expand into other lines of business, according to the joint statement.
TONI Digital reports that it has heavily invested in its new proprietary platform, which it began developing on Socotra’s cloud-native insurance core platform just 10 months ago. By using Socotra’s modern product architecture and open APIs, TONI Digital says its new InsurTech platform has the agility needed to add new insurance products and distribution partners at an unprecedented speed. As a result, TONI Digital was able to quickly design, develop, and launch a comprehensive, cloud-based service providing corporations with highly customizable insurance products.
“Socotra handed us the essential underlying insurance functionality as a readily developed product on a silver platter,” comments Alexander Sanders, CTO, TONI Digital. “Integrating the Socotra insurance core using their well-documented APIs was easy. Additionally, we can configure everything ourselves—no phone calls or time-consuming and costly customizations needed. At the same time, Socotra fits perfectly into our vision of TONI developing highly-valuable intellectual property on our own TONI Digital insurance tech platform.
As an example, Sanders says TONI built its self-hosted, proprietary pricing engine on top of Socotra’s cloud-native core. “We also took a similar approach to developing integrations with 3rd party providers, and creating our customer-facing frontend and features,” he adds. “This hybrid approach of Socotra’s cloud-native core and our proprietary technologies and integrations is a glimpse of the future of insurance technology.”
“It’s exciting to see what a talented team can build on Socotra’s platform,” says Dan Woods, CEO, Socotra. “The TONI Digital team is taking full advantage of Socotra’s extensibility to empower banks, retailers, and other businesses to provide their customers with custom digital insurance products. We’re thrilled to partner with them as they build out the personal auto insurance service and explore additional lines of business.”