Austin-based Socotra, renowned as a next-generation core platform provider for contemporary insurers, and Boston-based Ledgebrook, an InsurTech MGA focusing on the excess and surplus (E&S) market, recently revealed the successful launch of Ledgebrook’s novel platform, which is turbo-charged by Socotra Connected Core.
The partnership aims to utilise Ledgebrook’s novel platform to overhaul speed and service in the U.S. wholesale broker market. The robust platform offers faster and simpler quoting experience, exceptional pricing and risk selection, all while streamlining operations, enriching customer experiences, and fast-tracking new product launches.
Socotra’s contribution to this venture is its technological prowess in providing modern insurers with unparalleled speed, flexibility, and control over their businesses. By offering open APIs, a product-agnostic data model, and ready-to-use capabilities to manage the entire policy lifecycle, Socotra is a major player in the insurance industry.
In contrast, Ledgebrook, which came into existence in March 2022, adds its unique blend of cutting-edge technology and deep insurance knowledge to the partnership. Focused on the E&S market, the company is keen on providing a premier experience to the somewhat neglected wholesale broker community.
Ledgebrook’s newly launched platform is debuting with a broad-appetite E&S GL product designed to give brokers a competitive edge with increased quote-to-bind speed and an upgraded customer service. Integration of Ledgebrook’s platform was accomplished in less than four months, thanks to Socotra’s implementation partner, DataArt, a globally recognised software engineering firm.
Gage Caligaris, founder and CEO of Ledgebrook said, “Ledgebrook has fast track growth objectives, which Socotra enables us to accelerate. We can provide our wholesale broker customers with better, swifter and more innovative insurance solutions than ever before, backed by the outstanding service they deserve.”
In addition, Dan Woods, founder and CEO of Socotra said, “We are excited to see Ledgebrook leverage the capabilities of Connected Core and App Marketplace to bring their new products to market more rapidly and enhance their customer experience.”
The partnership of Ledgebrook and Socotra will take centre stage at the forthcoming Insurtech Insights USA conference in New York City, scheduled for June 7-8. Attendees can gain valuable insights and engage in enlightening discussions.
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