Socotra enabled CoverTree to leverage next-generation property data and automate 92% of its applications.
CoverTree, an insurtech MGA based in Michigan, partnered with Socotra, the core platform provider of choice for innovative insurers, to launch easy and affordable insurance for owners, renters, and landlords of manufactured homes. With Socotra, CoverTree can now automate 92% of its applications with straight-through processing, enabling their customers to purchase a policy online in less than three minutes and save up to 40% in premiums.
Traditionally, manufactured homes have been committed to delivering exceptional customer service and affordable insurance for the historically underinsured manufactured home market. As a result, policyholders faced excessive monthly premiums and lower reimbursements.
CoverTree chose Socotra as its core platform in order to leverage next-generation property data and automate underwriting. With straight-through processing for 92% of their applications, CoverTree has reduced their cost of acquisition and passed along those savings to customers through more favorable pricing. Socotra also empowers CoverTree to deliver a seamless, omnichannel buying experience that allows customers to quickly purchase a policy through a website, mobile app, or digital insurance agency.
“CoverTree is committed to delivering exceptional customer service and affordable insurance for the historically underinsured manufactured home market,” said Divyansh Sharma, Co-Founder and CTO of CoverTree. “Socotra has provided a powerful and reliable policy core to power our modern customer experience, automate processes, and reduce costs. Unlike other core platform providers, Socotra offers open APIs that enable us to easily and seamlessly integrate with third-party data providers, such as Cape Analytics, and our custom-built frontend. In less than six months from kickoff, CoverTree was able to start writing policies in five states and now has plans to expand to additional ones in the coming months.”
Chosen by 27 carriers and insurtechs in the last 18 months, Socotra provides the insurance industry’s most open and agile platform powerful enough for today’s innovators. With Socotra, insurers can bring any insurance product to market with out-of-the-box capabilities, Socotra App MarketPlace, or by integrating through open APIs any custom or third-party technology in the insurance ecosystem, such as a proprietary rating engine, a digital frontend experience, or an automated claims solution.
“We work with a lot of people in this business,” said Sharma. “Socotra is the best partner by far. From weekly check-ins to ongoing support, they’ve simplified the process and empowered our lean team every step of the way.”
“We’ve been impressed by CoverTree and their powerful mission since day one,” said Dan Woods, CEO of Socotra. “The tech-savvy team at CoverTree has developed an innovative solution for a historically underserved market, and I’m proud that Socotra can help support their rapid launch and customer-first approach to insurance.”
About CoverTree
CoverTree is an insurtech company headquartered in Detroit, Michigan. The company focuses on bringing digital distribution, automated underwriting, and data-driven pricing to specialty personal lines of insurance. CoverTree’s manufactured home product is available in Arizona, Indiana, Michigan, New Mexico, Ohio, Illinois, and Tennessee. Learn more at covertree.com.
About Socotra
Socotra brings unparalleled speed and ease to insurance technology. With Socotra’s modern core platform, global insurers and insurtech MGAs can accelerate product development, reduce maintenance costs, and improve customer experiences. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable. To learn more, visit socotra.com.