Socotra, a core platform for insurers, has teamed up with InsurTech company Ledgebrook to improve quoting for wholesale brokers.
Socotra picked Ledgebrook to provide wholesale brokers with a faster and simpler quoting experience, as well as best-in-class pricing and risk selection.
Speaking on the partnership, Ledgebrook founder and CEO Gage Caligaris said, “Socotra offers the best platform to support our future scale and long-term vision to become a global reinsurance carrier.
“Ledgebrook was founded by insurance industry insiders who have lived the pain points in the current technological landscape and wanted something better. Socotra delivers the most flexible and modern technology, enabling us to get to market quickly and launch a wide array of insurance products to fit the needs of our business and customers.”
The company stated that while many InsurTech MGAs are focused on direct-to-consumer products, Ledgebrook is bucking the trend by prioritising wholesale brokers, who face long and difficult quoting experience to place E&S policies due to time-intensive underwriting processes.
Through Socotra, Ledgebrook can streamline administrative tasks and manual underwriting processes and empower underwriters to quote up to five times as much business as they previously did.
It added that Ledgebrook will provide wholesale brokers with faster response times and a simpler, more consistent quoting experience.
Socotra founder and CEO Dan Woods added, “The Ledgebrook team is developing a next-generation tech stack—powered by Socotra—that accelerates underwriting and improves broker experiences. I’m excited to see the immense value that Ledgebrook will bring to the insurance industry by combining world-class technology and exceptional underwriting.”
Ledgebrook is currently building a general liability insurance product for the E&S market, which will launch this fall with further product rollouts in H1 2023.
Socotra recently named the 12 InsurTech companies joining its App Marketplace.
The first 12 partners developing apps for Socotra App MarketPlace include CAPE Analytics, an instant property intelligence for buildings across the US and Canada for residential and commercial property stakeholders.
Copyright © 2022 FinTech Global