Socotra congratulates its customer, IAG Satellite, for being named a Model Insurer by Celent, a leading global research and advisory firm. The award is the most prestigious recognition an insurer can receive from Celent. This accolade is reflective of Satellite’s hard work to disrupt the traditional insurance industry by delivering valuable, direct-to-consumer products to growing customer segments. Satellite is a division of Australia’s largest insurer, Insurance Australia Group (IAG), which houses a variety of challenger brands. Socotra’s core platform and strategic partnership enabled Satellite to transform the insurance buying process for its customer.
Satellite received the Innovation Execution award for the “Poncho” insurance brand – specifically Poncho’s new auto insurance product aimed at younger customers. Poncho’s self-service portal allows users to purchase insurance and make changes to their policy entirely online; a reflection of the evolving needs of today’s customers, and the challenges with traditional customer service channels due to the global health crisis. Poncho also aims to make purchasing insurance more affordable by allowing customers to make smaller monthly payments instead of a larger, lump-sum amount.
Socotra’s agile, cloud-native, API-driven platform enabled Satellite to create this product on budget and with an accelerated timeframe. The platform is also the source of Poncho’s improved operational efficiency, which allowed the company to lean in on a self-service model. According to a report prepared by Celent, the technologies involved in developing Poncho resulted in improved profitability of more than AU$70 million.
“Socotra’s partnership with IAG highlights the importance of using modern technology to create affordable, accessible insurance products that accommodate the changing preferences of its users,” said Socotra CEO and Founder Dan Woods. “We’re pleased that IAG selected Socotra to build their vision for transforming insurance.”
We look forward to working with IAG and Satellite to design and distribute new and innovative products to their customers across Australia. IAG is an established insurance provider and its decision to partner with Socotra underscores our value proposition: providing a modern core platform that enables insurers to rapidly develop and deliver insurance products their customers want.
We enjoy contributing to our customers’ success, further proof that our core platform is a key driver in the modernization of the insurance industry.
