If P&C Insurance coverage, a property and casualty (P&C) insurer within the Nordic area, has gone stay on Socotra with an embedded automobile sharing product.
The product, now obtainable on Socotra’s cloud-native platform, was delivered to market inside a five-month interval.
Socotra is a coverage and billing know-how platform that helps insurers launch merchandise and updates with the assistance of cloud applied sciences and software programming interfaces (APIs).
The automobile sharing insurance coverage product is designed to offer a digital expertise with options that cater to the wants of automobile sharing platforms and their customers.
These embody on-demand protection, usage-based pricing and choices for deductible discount, geared toward delivering customised safety.
The preliminary part of the partnership concerned a five-month proof of idea, the place If P&C self-implemented the insurance coverage product on Socotra’s platform, integrating it with their methods for funds, claims, accounting and reporting.
If intends to proceed leveraging Socotra’s open APIs and the platform’s configurable nature for future product updates and integrations.
Socotra CEO Dan Woods mentioned: “I applaud the tech-savvy group at If for launching an embedded automobile sharing product in solely 5 months. I’m proud that Socotra’s highly effective and versatile core platform has enabled If’s speedy deployment and modern answer, and I sit up for accelerating their development into new markets.”
Erik Granmar, CEO of If P&C’s subsidiary, Insrt AB, said: “Selecting Socotra was a strategic resolution that allowed If to go stay rapidly whereas sustaining autonomy. Socotra’s highly effective and versatile coverage core empowered our group to simply self-implement an embedded insurance coverage product and join it to an ecosystem of know-how.
“By partnering with Socotra, If can ship new merchandise sooner and extra effectively, positioning us for higher success within the Nordic and Baltic markets.”
In March this yr, If P&C introduced its first enterprise launch on the Guidewire Cloud Platform, utilising Guidewire InsuranceSuite.
The Swedish insurer studies $7bn (Skr67.5bn) in gross written premiums.
