SAN FRANCISCO, April 10, 2019 (GLOBE NEWSWIRE) -- Socotra, Inc (Socotra), creator of the first cloud-native, productized insurance core platform, announced today that Mutual of Omaha, a Fortune 500 insurance and financial services company, has selected Socotra to power a new business platform.
“Mutual of Omaha is dedicated to leveraging technology to connect with our customers and serve their best interests,” said Jerry Sayre, chief software engineering officer at Mutual of Omaha. “The technical capabilities offered in the Socotra platform are designed to support a quality user experience. Socotra’s cloud-native architecture and pluggable/extensible design makes it a good fit as a solution in our enterprise business platform.”
"We are excited about the innovative approach Mutual of Omaha is taking,” said Dan Woods, CEO at Socotra. “Their modern approach and agile development, combined with their century-old expertise in insurance, make them exactly the kind of company Socotra loves to empower.”
Socotra is the insurance industry's first cloud-native backend with open configuration and APIs empowering insurers to deploy powerful technology with internal engineering resources. With customers on three continents ranging from startups to Fortune 100 global businesses, Socotra enables insurance organizations to achieve new levels of agility throughout the policy lifecycle and across all lines of business, including single or multi-line, life or property and casualty (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 raised an additional $5.2 million in funding on the heels of its $5.5 million Series A (bringing the company’s total funding to $18 million) with 8VC, and insurers Nationwide and Mitsui Sumitomo participating. The company is using the additional capital to fund further product development and to accelerate sales.
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.
About Mutual of Omaha
Founded in 1909, Mutual of Omaha is a Fortune 500 organization offering a variety of insurance, banking and financial products for individuals, businesses and groups throughout the United States. For more information about Mutual of Omaha, visit www.mutualofomaha.com.
Media Contact:
Jennifer Overhulse
St. Nick Media Services
(859) 803-6597
jen@stnickmedia.com
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