Socotra Acquires Avolanta to Add Unified Agent and Customer Portal to Its Advanced Policy Core
Summary
As a result, insurers can deliver customized experiences, automate data capture and analytics, and ultimately drive more conversions and revenue. “Socotra and Avolanta share a mission to modernize the insurance industry with open APIs, true cloud, and off-the-shelf capabilities that accelerate innovation and speed-to-market. After raising a $50 million Series C funding round in March 2022, the company is now expanding its platform and ecosystem capabilities, including Socotra Marketplace—the insurance industry’s first no-code app marketplace enabling instant integrations with third-party technology providers. With Socotra’s modern core platform, global insurers and insurtech MGAs can accelerate product development, reduce maintenance costs, and improve customer experiences. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable.
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