SAN FRANCISCO, Oct. 16, 2018 (GLOBE NEWSWIRE) -- Socotra, creator of the first cloud-native, productized insurance core platform, announced today that Life by Spot, a direct-to-consumer life insurance startup backed by Hamilton Re, has chosen Socotra to power its operations.
“Just as ride sharing has upended car ownership, Life by Spot is upending traditional life insurance, creating an entirely new channel,” said Maria Miller, COO, Life by Spot. “Socotra is a platform that we use as a technology foundation, helping us to accelerate our go-to-market. With open APIs and intuitive design, we found Socotra to be the leading developer-friendly core system option.”
Life by Spot offers on-the-spot coverage and instant approval with policies ranging from 1-day to 30-day terms and starting at just $7 for $50,000 of coverage. Purchasing a policy is streamlined to a few clear questions and takes a matter of minutes with simple signup and instant coverage.
“We are excited about the innovative insurance products Life by Spot is creating. Their modern approach and agile development make them exactly the kind of company Socotra loves to empower,” said Dan Woods, CEO, Socotra. “In the past, companies like Life by Spot had to custom build their technology stacks from the ground up. Socotra is proud to say those days are over.”
Socotra is the insurance industry’s first cloud-native backend with open configuration and APIs, empowering insurers to deploy powerful backend technology with their own engineering resources. With customers on three continents ranging from startups to Fortune 100 global businesses, Socotra enables carriers to achieve new levels of agility throughout the policy lifecycle (single or multi-line, life or P&C, commercial or retail). Socotra’s agility, flexibility, reliability, and modern design offers carriers lower costs, faster product releases, and easy integration with future technologies.
Socotra recently announced they raised $5.5 million in a Series A funding round (bringing their total funding to $12.8 million) with 8VC. In addition to the funding, 8VC founding partner, Joe Lonsdale, joined the Socotra board. The company is using the round to fund further product development and to accelerate sales.
About Life by Spot
Spot is an ambitious startup opening an entirely new channel of distribution and targeting a demographic which to date has been untouchable by traditional incumbents. On average, Americans under the age of 45 account for less than 5% of the total population with life insurance. Spot is the industry solution to today's complicated, confusing, and expensive process to acquire life insurance. Led by a team of life insurance veterans and experienced tech entrepreneurs, Spot will alleviate any worry, allowing policyholders to live, love and celebrate life to the fullest. www.lifebyspot.com
About Socotra
Socotra is the core technology platform of tomorrow’s digitally-transformed insurer. Only Socotra brings the staggering technology infrastructure advances of the last decade to the insurance industry. The result is a new, simplified, radically open, cloud-native core platform that supports underwriting, policy administration, claims, billing, reporting, and much more. Socotra delivers agility, reliability, and a clear path to the many InsurTech promises of today and tomorrow. Learn more at www.socotra.com.
Contact:
Joseph Eckert for Socotra
media@socotra.com
650-353-5713