If P&C Insurance Goes Live on Socotra With Embedded Car-Sharing Product
SAN FRANCISCO--(BUSINESS WIRE)-- Socotra, the leading provider of insurance core technology, announced today that If P&C Insurance (If), the largest property and casualty insurer in the Nordic region, has successfully launched a car-sharing insurance product on Socotra's cloud-native platform in only five months. By leveraging Socotra's flexible core and open APIs, If has rapidly expanded into new geographies and customer segments.
As the largest P&C insurer in the Nordics with $7 billion in gross written premiums (GWP), If has established a reputation for innovation and agility in the insurance industry. With its innovative new car-sharing insurance product, If further strengthens its position within the sharing economy. The fully embedded and API-first solution enables a seamless digital journey for end users, providing peace of mind through customizable features such as on-demand coverage, usage-based pricing, and deductible reduction. This ensures tailored protection precisely when needed, specifically benefiting car-sharing platforms and their users.
"Choosing Socotra was a strategic decision that allowed If to go live quickly while maintaining autonomy," said Erik Granmar, CEO of Insrt AB, a subsidiary of If P&C. "Socotra's powerful and flexible policy core empowered our team to easily self-implement an embedded insurance product and connect it to an ecosystem of technology. By partnering with Socotra, If can deliver new products faster and more efficiently, positioning us for greater success in the Nordic and Baltic markets."
The partnership began with a 5-month proof of concept, in which If self-implemented the product on Socotra and fully integrated it with their existing infrastructure for payments, claims, accounting, and reporting. Going forward, If will leverage Socotra's open APIs and well-defined and reusable configuration to independently update products and integrations, increasing their agility and reducing costs.
'I applaud the tech-savvy team at If for launching an embedded car sharing product in only five months,' said Dan Woods, CEO of Socotra. 'I'm proud that Socotra's powerful and flexible core platform has enabled If's rapid deployment and innovative solution, and I look forward to accelerating their growth into new markets.'
About Socotra
Socotra is the most powerful policy and billing technology in the insurance industry. Over 40 insurers worldwide trust Socotra to deliver the fastest product launches and updates, unrivaled data access and control, and the best support for insurance at massive scale–all for the lowest total cost of ownership. With true cloud and open APIs, Socotra is the most mature insurance core platform on the market. Learn more at socotra.com.
About If P&C Insurance
If is the leading property and casualty insurer in the Nordic region, with over 3.7 million customers in the Nordic and Baltic countries. If offers a full range of P&C insurance solutions and services to a broad customer base, from private individuals to large corporate customers.
If operates on a pan-Nordic basis leveraging both scale and capabilities across all areas in If. If's key success factor is continuous improvement of its operations.
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