Socotra

insurtechsoftware/whitelabel/apis-insurtech

FOUNDING YEAR: 2014
LOCATION: United States
Last Update: 19/01/2021

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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)

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

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.