Socotra said that it is an API-driven cloud-native platform that offered IAG with the agility required to build a product on-budget
IAG partners with Socotra to use its core platform. (Credit: Pixabay/StartupStockPhotos )
Australia-based large-scale general insurer IAG has partnered with Socotra to use its core platform for its recently-launched Poncho Insurance brand and new auto insurance product.
The company has developed its Poncho Insurance in 2019, through its IAG Satellite division, to help protect against the unexpected with an easier, simpler and more flexible car insurance product.
IAG Satellite is aimed at serving IAG’s fast-growing customer segments through an existing portfolio of brands and by creating a new accelerator model to fast-track scaled-up innovation.
IAG Satellite Executive Manager Phil Wilson-Brown said: “The partnership with Socotra has enabled them to deliver an innovative insurance service through Poncho Insurance. With Socotra, we were able to develop Poncho Insurance, a unique customer proposition for comprehensive car insurance in the Australian market, in a short timeframe.
“The platform is super flexible and low-cost allowing us to continually improve the product and deliver it at a great price to customers. We’re excited to further leverage this partnership as we look to expand our customer offerings.”
Socotra is an API-driven and cloud-native platform
Socotra said that it is an API-driven cloud-native platform that offered agility needed to build a product on-budget and with an accelerated timeframe for IAG.
In addition, the company has also provided customised solutions for IAG to help create a multi-car, multi-driver monthly auto insurance product, which works similar to a monthly subscription, and can be purchased online.
The user-friendly digital platform of Poncho, which is powered by Socotra, would make buying insurance easy, enabling customers to prefer monthly car insurance policies over the traditional annual policies.
Socotra CEO and founder Dan Woods said: “We’re pleased that IAG has chosen Socotra to power its vision for transforming insurance.
“This partnership integrates technology and product design to make affordable, accessible, and self-serve insurance products. We look forward to continue partnering with IAG as they use Socotra’s platform to deliver new and innovative products.”