Cloud-based insurance core platform developer Socotra has closed a strategic investment from USAA.
This investment sees USAA join the company existing investors CrunchFund, Founders Fund, Greenoaks Capital, SciFi VC, SV Angel and Vulcan Capital, as well a group of angel investors.
Founded in 2014, Socotra is a core technology platform for the insurance industry and helps carriers to manage interactions across policy lifecycles. The cloud-based platform can support companies with underwriting, policy administration, claims, billing and reporting, among other processes.
Users are able to connect Socotra technology with its existing systems. Clients of the platform range from multi-national insurers to InsurTech platforms across the US, Europe, Asia and Australia, according to the company.
USAA vice president Nathan McKinley said, ?Current insurance IT infrastructures require long lead times and expensive teams to bring new insurance products to market. Socotra vision closely aligns with ours — the ability to configure, deploy, and update new insurance products quickly without large technology projects or the addition of systems integration labour.p>
Earlier in the month, a USAA subsidiary took part in the $25m Series B round of digital lending support company Roostify. The firm also was involved in the $4m strategic investment in US-based data security solution company Enveil, investing alongside Thomson Reuters.
There has been a lot of deal activity in the InsurTech space this month. Earlier in the week, personal finance and insurance platform Tomorrow closed a $5.9m round. The company helps consumers to build a will and trust, alongside finding the best term life insurance policy.
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