Socotra
insurtech . software/whitelabel/apis-insurtech
FOUNDING YEAR: 2014
LOCATION: United States
Last Update: 19/01/2021
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About
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MEDICI Analysis
Socotra offers a next-generation technology platform for insurance carriers, thereby enabling them to create advanced and differentiated insurance offerings for their consumers. It offers a cloud-native system that enables carriers to manage complex interactions throughout the lifecycle of policies in an efficient manner.
Focus
PRODUCTS & SERVICES
Socotra offers an open, cloud-native core platform that supports various functions like underwriting, policy administration, claims, billing, reporting, etc. Socotra offers two levels of data that are managed on behalf of its customers namely, Socotra configurations and Socotra data. It enable customers to create, manage, retrieve, and update both customer information as well as organizational information in a secured manner.
REVENUE MODEL
SaaS sales
PRIMARY PROBLEM SOLVED
Socotra is quickly be configured to operate an entire insurance company, across all product lines and workflows.
INTELLECTUAL PROPERTY
Patent(s) NOT_FILED
company provided insights
Traction
COMPANY TYPE:
For Profit
REVENUE
$0 - $99k
REVENUE COMMENT:
Financials are confidential. They can be discussed if there's a reason, but won't be entered into an internet web form. Revenue is non-zero.
TRANSACTIONS COMMENT:
This information is confidential, but can be discussed with reason. Transaction volume and value are non-zero.
ACTIVE USERS:
Confidential
ACTIVE USERS COMMENT:
This information is confidential, but can be discussed with reason.
TRACTION COMMENT:
Socotra claims customers on three continents, from startups to Fortune 500 global businesses are using their platform. (Sep. 2018)
People
FOUNDERS
BOARD MEMBERS AND ADVISORS
Confidential Confidential
NUMBER OF EMPLOYEES
11-50
INVESTORS:
KEY EMPLOYEES:
Dan Woods (CEO)
Momentum
FUNDED
YES
NUMBER OF FUNDING ROUNDS
3
TOTAL FUNDING
$22.37 M
DATE OF LAST FUNDING
Jan 2020
IPO STATUS
Private
TOTAL FUNDING COMMENT
The company will use the funds for further product development and accelerate sales. (Sep. 2018)
ESTIMETED REVENUE RANGE
$1M to $10M
SEED & PRIOR FUNDING
$1.97 M
SEED CLOSED ON
Sep 2014
FUNDING SERIES
SERIES A · $5.2 M · Feb 2019
SERIES B · $15.2 M · Jan 2020
LISTED
NO
company provided insights
Web Traffic
MONTHLY VISITS
2,575
AVERAGE VISITS (6 MONTHS)
2,121.45
MONTHLY VISITS GROWTH
73.16%
VISIT DURATION
222
VISIT DURATION GROWTH
22.39%
PAGE VIEWS VISIT
3.65
PAGE VIEWS VISIT GROWTH
54.43%
BOUNCE RATE
36.78%
BOUNCE RATE GROWTH
-14.09%
GLOBAL TRAFFIC RANK
2,958,011
MONTHLY RANK CHANGE
-3,916,100
MONTHLY RANK GROWTH
-56.97%
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Socotra
About
Socotra is the next-generation technology platform for insurance operations all over the world. We bring advanced IT to the insurance industry with a comprehensive and agile SaaS solution. Socotra's architecture natively represents the universal components of insurance, while providing flexibility for the parts that different by carrier, product, or geography. Every day, Socotra operates IT behind the full breadth of insurance operations; including underwriting, policy management, claims, and reporting. And across the full breadth of insurance products; including motor, property, and term life.
Focus
PRODUCTS & SERVICES
Comprehensive insurance operations SaaS product
REVENUE MODEL
SaaS sales
TOP PROBLEM SOLVED
Socotra is quickly be configured to operate an entire insurance company, across all product lines and workflows.
PRODUCT DEVELOPMENT STAGE
COMMERCIAL LAUNCH
PRODUCT DEVELOPMENT COMMENT
Live, deployed, and generally available for sale.
KEY DIFFERENTIATORS
Apart from Socotra, there exists no modern comprehensive platform for insurance operations.
PRIMARY CUSTOMER TYPE
Enterprise - Banks or Financial Institutions
Traction
ANNUAL REVENUE:
$0 - $99k
REVENUE COMMENT:
Financials are confidential. They can be discussed if there's a reason, but won't be entered into an internet web form. Revenue is non-zero.
TRANSACTIONS VALUE:
0.00
TRANSACTIONS COMMENT:
This information is confidential, but can be discussed with reason. Transaction volume and value are non-zero.
ACTIVE USERS/ACCOUNTS:
Confidential Million
ACTIVE USERS COMMENT:
This information is confidential, but can be discussed with reason.
LIVE USERS/TRANSACTIONS:
Yes, in live production
How will you grow the number of users/accounts/transactions?
Enterprise sales
CHANNEL STATUS
INITIAL CLIENTS
People
NUMBER OF EMPLOYEES
11-50
TEAM COMMENT:
Team is seasoned,extremely talented.
Momentum
FUNDED
YES
FUNDING COMPLETED
NO
LISTED
NO
FUNDING SERIES
Seed
USD0.00
Comment on Seed
Details of funding are confiential, but investors include: Peter Thiel, Ron Conway, Max Levchin, Joe Lonsdale, Michael Arington, Paul Allen, and Michael Ovitz.