Bamboo Insurance transitions to Socotra’s cloud-native core
Socotra’s agile core platform will now power all Bamboo product offerings
SAN FRANCISCO, April 12, 2021 (GLOBE NEWSWIRE) — Bamboo Insurance, a high-growth insurtech company, has selected Socotra — the first cloud-native insurance core platform — to power its existing insurance offerings and new product lines.
Bamboo Insurance offers flexible and transparent insurance options including homeowners, dwelling fire, flood, and earthquake insurance. Currently operating in California, Bamboo’s partnership with Socotra will enable a rapid expansion of coverage and product offerings in additional states.
“Our approach is to leverage state of the art data and technology in order to meet the evolving needs of our customers and transform the insurance industry. That requires technology that embraces modern architecture, is cloud-native and scalable. Socotra meets all those requirements and also provides us with the technology platform that fosters innovation with an eye on customer-first service,” said Bamboo CEO and insurance veteran John Chu. “Many insurtechs fail to realize that efficient integration is the key to faster migration and adoption, but Socotra provides a seamless integration process with well-documented APIs and modern architecture.”
“John and I share a similar understanding that costly, inefficient legacy technology can’t compare to the latest advancements. For that reason, I’m proud that Socotra is the sole core platform chosen to power all of Bamboo’s existing and new product lines,” said Socotra CEO Dan Woods. “Our technology will enable the Bamboo team to continue to deliver straightforward, simple, and affordable insurance to customers.”
About Bamboo Insurance
Founded by insurance industry veterans, Bamboo Insurance is a program administrator focused on the distribution of personal lines products. For more information about Bamboo, or to explore the opportunity to write with Bamboo, please visit www.bambooinsurance.com.
About Socotra
Socotra is the modern, enterprise-grade core system that enables global insurers to accelerate product development, reduce maintenance costs, and improve customer experiences. Insurers trust Socotra’s modern technology to rapidly develop products that better serve their customers and manage their existing books of business. Socotra’s flexible, radically open, cloud-native solution unifies underwriting, rating, policy management, claims, billing, reporting, and more. To learn more, visit www.socotra.com.
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