Case Study: Top-3 International Insurance Company achieves six-month launch of an Insurance-as-a-Service platform with Socotra

How a top-3 international insurance company leveraged Socotra to successfully launch a new Insurance-as-aService platform in six months

Top 3 International Insurance Company partnered with Socotra to rapidly build an Insurance-as-a-Service offering to protect ride-sharing drivers with on-demand vehicle interruption cover. Facing legacy IT that couldn’t support single-click activation, usage-based premiums, or automated underwriting and claims, the insurer needed a fast, flexible solution to meet a condensed launch window and integrate seamlessly with a ride-share partner’s loyalty program.

Socotra delivered its cloud-native, API-first Policy Administration System, enabling the insurer to configure the product without custom code, add retrospective premium calculation, and deploy in one click. The result: the product launched in six months (about 3× faster than legacy timelines), built by a 10-person implementation team, achieved 5% penetration within six months, sold over 10,000 policies, and reduced run costs—outcomes that have the insurer and its ride-share partner praising Socotra as they expand the platform.