AUSTIN, Texas--(BUSINESS WIRE)--Socotra, the partner of choice for innovative insurers, today announced the acquisition of Avolanta, a software startup offering the only unified portal purpose-built for the insurance industry. As part of the acquisition, the Avolanta team will join Socotra and Avolanta’s technology will become Socotra Unified Portal.
Insurance companies are struggling to deliver the types of digital user experiences that are now common in other industries. Many insurance customers are still forced to fill out paper applications with agents and brokers manually entering customer data into outdated web portals. Avolanta enables insurers to solve these issues by seamlessly connecting agents, brokers, and customers with its unified portal.
Avolanta provides the only unified portal purpose-built for insurance
Avolanta was founded in 2018 by insurtech entrepreneur, Chuck Wilson, and insurance veteran, Gavin Dean. With decades of experience in the industry, the founders created Avolanta to provide insurers a better way to streamline processes and create user experiences.
The cloud-native platform allows insurers to rapidly innovate and deploy new products with a unified portal. Agents can collaborate with customers through secure, shared online applications to reduce manual entry. As a result, insurers can deliver customized experiences, automate data capture and analytics, and ultimately drive more conversions and revenue.
“Joining Socotra is an exciting next chapter for Avolanta,” said Chuck Wilson, CEO and co-founder of Avolanta. “Avolanta’s frontend technology focused on the user experience is the perfect extension to Socotra’s backend policy core. The combined platform will help insurers quickly develop new insurance products with more convenient buying experiences for any distribution channel—whether it’s agent, embedded, or direct-to-consumer. We can’t wait to see how insurers will leverage Socotra to innovate.”
“The acquisition of Avolanta is a perfect complement to Socotra’s industry-leading policy core,” said Dan Woods, founder and CEO of Socotra. “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. Together, we now offer the complete front-to-back platform that moves the insurance industry forward.”
Socotra provides the complete front-to-back platform for insurance innovation
Founded in 2014, Socotra provides the insurance industry’s most open and agile platform powerful enough for today’s innovators, adding 17 new insurtech customers in 2021 alone. 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, insurers can bring innovative products to market with out-of-the-box capabilities or by integrating through open APIs any custom or third-party technology in the insurance ecosystem, such as a proprietary rating engine, a digital frontend experience, or an automated claims solution. The combination of Avolanta’s frontend development platform and Socotra’s advanced policy core creates the first front-to-back, cloud-native insurance platform for the rapid development of user experiences, underwriting, policy admin, billing, claims, and reporting.
“Insurers rank agility and speed-to-market as their top priorities,” said Stuart Rose, Strategic Advisor at Aite-Novarica. “Today we see microservices-based platforms, such as Socotra and Avolanta, that allow insurers to deploy a flexible set of components and always stay up to date. Open ecosystem approaches are providing insurers with the agility they need to create modern products that can satisfy the demands of today’s customers.”
Socotra is bringing unparalleled speed and ease to insurance technology. 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. To learn more, visit socotra.com.