Specialist research firm FinTech Global has unveiled its sixth annual edition of its prestigious InsurTech100 list, and Socotra has been named as a key player in the industry. The ranking celebrates the groundbreaking tech companies that are developing solutions to the insurance industry’s most daunting challenges.
Over the last couple of years, insurance firms have faced an uphill battle to rapidly digitise their services and meet the evolving customer demands. InsurTech companies have consistently been the solutions to these challenges. Experts predict the sector is set to soar at a CAGR of 32.7%, estimating its worth to be $159bn by 2030.
This competitive landscape meant this year’s battle to earn a spot amongst the 100 InsurTech visionaries was intense. A select group of analysts and seasoned industry specialists sifted through a comprehensive list of over 1,900 contenders presented by FinTech Global.
The chosen few were acknowledged for their inventive technological applications either to solve a major industry challenge or to bolster efficiency throughout the insurance value chain.
FinTech Global’s director, Richard Sachar, commented, “The widespread availability of generative AI capabilities has opened the doors for even greater innovation within insurance. We’re entering a new wave of digitalisation and insurance firms need to be prepared. The InsurTech100 will help top-level insurance executives in discerning the tech pioneers revolutionising key areas like underwriting, pricing, distribution, and data analytics.”
Socotra is proud to be included in this list of companies making the insurtech landscape a truly exciting place to be, and we look forward to celebrating this success with our customers and partners at ITC Vegas 2023 October 30 – November 2.
A full list of the InsurTech100 for 2023 and detailed information about each company is available to download for free at www.TheInsurTech100.com.
About Socotra
Uniquely agile and scalable, Socotra empowers insurers of all sizes to think, act, and grow more effectively and efficiently with the industry’s only proven, modern enterprise platform. Businesses running Socotra experience fast and easy implementations, effortless upgrades, and lower TCO. The Socotra App MarketPlace™unlocks access to the full power of the insurtech ecosystem, and Socotra CorePlus™provides ready-to-use, complete solutions for personal auto and homeowners. With a relentless focus on tomorrow, Socotra offers the ability to put insurance and innovation hand in hand. Socotra serves P&C and life insurers worldwide. Learn more at socotra.com.
