Socotra, a San Francisco, CA-based creator of a cloud-native, productized insurance core platform, raised an additional $5.2m in funding.
– the venture investment arm of insurance and financial services provider Nationwide, and
– MS&AD Ventures.
The round brought total funding to $18m.
Led by Dan Woods, CEO, Socotra provides a cloud-native platform with open configuration and APIs, allowing insurers to deploy backend technology with their own engineering resources or the systems integrator of their choice. The company provides the core technologies upon which innovative personalized insurance products can be built. It supports all the policy lifecycle including underwriting, policy administration, claims, billing, reporting, and more for single or multi-line, life or Property and Casualty, commercial or retail products.
The company currently serves carriers in three continents ranging from startups to Fortune 500 global businesses