AUSTIN, Texas--(BUSINESS WIRE)--Socotra, the modern core platform provider for innovative insurers, today announced that Ledgebrook, an insurtech MGA focused on the excess and surplus (E&S) market, has chosen Socotra policy core platform to help provide wholesale brokers with a faster and simpler quoting experience, as well as best-in-class pricing and risk selection.
While many insurtech MGAs are focused on direct-to-consumer products, Ledgebrook is bucking the trend by prioritizing wholesale brokers, who often face a long and difficult quoting experience to place E&S policies due time-intensive underwriting processes. By partnering with Socotra, Ledgebrook can streamline administrative tasks and manual underwriting processes and empower underwriters to quote up to five times as much business as they previously did. As a result, Ledgebrook will provide wholesale brokers with faster response times and a simpler, more consistent quoting experience.
Delivering a product-agnostic data model and intuitive configuration, Socotra empowers insurers to rapidly build any insurance product for any geography or distribution channel. Ledgebrook is developing a general liability insurance product for the E&S market to launch this fall with further product rollouts in H1 2023.
“Socotra offers the best platform to support our future scale and long-term vision to become a global reinsurance carrier,” said Ledgebrook’s founder and CEO, Gage Caligaris. “Ledgebrook was founded by insurance industry insiders who have lived the pain points in the current technological landscape and wanted something better. Socotra delivers the most flexible and modern technology, enabling us to get to market quickly and launch a wide array of insurance products to fit the needs of our business and customers.”
“I applaud Ledgebrook for its mission to provide wholesale brokers with the fastest and easiest quoting experience in the market,” said Dan Woods, the founder and CEO of Socotra. “The Ledgebrook team is developing a next-generation tech stack—powered by Socotra—that accelerates underwriting and improves broker experiences. I’m excited to see the immense value that Ledgebrook will bring to the insurance industry by combining world-class technology and exceptional underwriting.”
Learn more about Ledgebrook at InsureTech Connect 2022, where Socotra will host the Modern CoreTech Forum on September 20 at the Mandalay Bay in Las Vegas. Gage Caligaris will speak on stage alongside notable insurance executives, including Richard McCathron, CEO of Hippo; Daniel Rosenthal, Chief Revenue and Operations Officer at Root; and Brian Poppe, Chief Data Officer at Mutual of Omaha.
Socotra brings 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.
Ledgebrook is a tech-enabled E&S MGA looking to provide the fastest, easiest quoting experience to wholesale brokers while delivering best-in-class pricing and risk selection via their innovative next-gen tech stack. Led by insurance industry veterans, the ultimate vision for Ledgebrook is to become a globally diversified re/insurer built from the ground up with modern technology. Visit us at ledgebrook.com.