Sigo Selects Socotra as Core Platform to Launch New Personal Auto Product
Sigo leverages Socotra’s modern cloud-native platform to provide underinsured communities with easier, more transparent access to reliable policies
SAN FRANCISCO, March 31, 2021 (GLOBE NEWSWIRE) — Sigo, an auto insurance provider focused on delivering accessible and affordable coverage for underserved populations, is partnering with Socotra to develop and deploy a new personal auto insurance product that transforms the customer experience. Sigo’s bilingual, tech-enabled solution will help customers with limited insurance histories obtain basic liability coverage without visiting a brick-and-mortar agency or paying additional fees.
Unlike traditional IT systems for managing general agents (MGAs) that are overly customized and stifle innovation, Socotra’s flexible platform is easy to configure and integrate. Thanks to this flexibility, Sigo will launch a new insurance product with a completely digital, direct-to-consumer interface within a few months from kickoff.
Powered by Socotra, Sigo can take advantage of robust features for rating, policy administration, reporting, and analytics. Socotra’s open and publicly documented APIs also allow for seamless integration with a safe-driving app that provides telematics data.
“Socotra was the only core platform that had the flexibility necessary to support our vision, and the agility required to adapt to our customers’ needs,” said Sigo Co-Founder and CEO Nestor Hugo Solari. “Through our partnership, Sigo is better positioned to achieve our mission to provide affordable and transparent insurance to underinsured populations.”
The new personal auto insurance product is taking a hybrid approach and building a proprietary, self-hosted pricing and rating engine on top of Socotra’s cloud-native core platform. Auto insurance is typically affected by factors like zip codes, education level, and credit scores; but Sigo’s personalized rating system will promote fairer pricing and help customers with limited insurance histories save money.
“We at Socotra are very impressed with Sigo’s mission and execution. They have developed an innovative solution with an important purpose, and we are proud to help bring it to fruition,” said Socotra CEO and founder Dan Woods. “The Sigo team will soon deploy a new digital product on Socotra’s core platform, and we’re looking forward to seeing what other impressive products they create to better serve their customers.”
About Sigo
Sigo is an inclusive auto insurance provider focused on the $20 billion emerging standard auto insurance market. Sigo provides affordable access via its direct-to-consumer platform that is tech-enabled, bilingual, and mobile-first. By helping customers with limited insurance histories get basic auto insurance, Sigo is better serving this segment of drivers by providing transparent and reliable coverage. Sigo is currently available in California and Texas and was co-founded in 2019 by Néstor Hugo Solari and Júlio Erdos.
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. Socotra is trusted by insurers to provide them with modern technology to rapidly develop products that better serve their customers and manage their existing book 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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