SAN FRANCISCO, April 11, 2018 (GLOBE NEWSWIRE) — Socotra, creator of the first cloud-native, productized insurance core platform, announced today that it has partnered with Coya, a Berlin-based digital insurance startup, to offer consumers a fast, simple, transparent, and flexible insurance experience.
Coya is leveraging Socotra’s cloud-native system as a foundation upon which to build advanced and differentiated insurance offerings to meet the needs of tomorrow’s customers.
“Finally, there’s a platform in Socotra that understands how a technology-forward insurer needs to innovate,” said Sebastián Villarroel, founder, Data & Technology, Coya. “Now we are able to concentrate 100% of our resources on differentiation, allowing us to offer a higher quality experience and more products to customers. Given how advanced our vision is, our only viable solutions were buying Socotra or building everything ourselves, a daunting task.”
Coya aims to become Europe’s leading digital insurer by adopting a customer-first approach and a tech-driven insurance business model. Coya was founded by Andrew Shaw, former CIO of Kreditech, Dr. Peter Hagen, former CEO of Vienna Insurance Group (VIG), and Sebastian Villarroel, former data specialist at Kreditech, Allianz and Zenmate. Coya comprises a team of more than 40 employees with insurance, technology and data science backgrounds, gained at global leaders such as AXA, Citi, HUK-Coburg, Oliver Wyman, Rocket Internet, Wimdu and Zurich.
“Coya has a powerful vision for the future of insurance, backed by a team with deep experience in both insurance and consumer fintech,” says Dan Woods, CEO, Socotra. “It’s exciting to see a customer taking advantage of our flexibility and extensibility by designing new products within Socotra and implementing new innovations on top.”
Socotra is a first-of-its-kind cloud-native system enabling carriers to easily and efficiently manage complex interactions throughout the lifecycle of policies (whether single line, single state or multi-line, multi-country). The Socotra platform’s agility, flexibility, reliability, and modern design offers carriers lower costs, faster product releases, and easy integration with future technologies. The new Coya/Socotra platform will launch GDPR-compliant in light of the new EU data regulations going into effect in May.
“I find increasingly that today’s tech-forward insurer doesn’t want to buy custom software,” said Greg Brown, partner of London-based insurance consulting firm Oxbow Partners. “Coya has a very experienced engineering team, and so they bought a productized core platform they can build on themselves–something that feels more like developing on the Android or AWS platforms.”
Europe’s leading digital insurance for property: this is the vision of the Berlin-based Coya AG. With an acute focus on customer-centricity, Coya offers maximum convenience and transparent insurance products at a low cost through the use of state-of-the-art technologies, such as artificial intelligence, at every step of the value chain. Coya was co-founded by Andrew Shaw in 2016 together with Peter Hagen, Sebastian Villarroel, and Thomas Münkel and is supported by the global top-tier investors Valar Ventures, e.ventures, and La Famiglia.
Socotra is the core technology platform of tomorrow’s digitally-transformed insurer. Only Socotra brings the staggering technology infrastructure advances of the last decade to the insurance industry. The result is a new, simplified, radically open, cloud-native core platform that supports underwriting, policy administration, claims, billing, reporting, and much more. Socotra delivers agility, reliability, and a clear path to the many InsurTech promises of today and tomorrow. Learn more at www.socotra.com.