CoverTree Partners With Socotra to Launch Easy and Affordable Insurance for the Underserved Manufactured Home Market
Socotra enabled CoverTree to leverage next-generation property data and automate 92% of its applications.
CoverTree, an insurtech MGA based in
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
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 Rachmale. “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
About CoverTree
CoverTree is an insurtech company headquartered in
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.
src="https://cts.businesswire.com/ct/CT?id=bwnewssty=20220929005116r1sid=acqr8distro=nxlang=en" style="width:0;height:0" />
View source version on businesswire.com: https://www.businesswire.com/news/home/20220929005116/en/
[email protected]
440.714.7958
Bospar for Socotra
Source: Socotra
Fire Victim Trust Reports $117 Million Settlement of PG&E Directors & Officers Lawsuit
The Hartford To Announce Third Quarter 2022 Financial Results On Oct. 27
Advisor News
- Americans’ saving, investment product savvy improves, study finds
- Bull or bear? What are financial advisors’ market expectations for 2025?
- Panel: Is the American retirement system ‘broken’?
- Goldman Sachs, others weigh in on what’s ahead for the market in 2025
- How is consumers’ investing confidence impacting the need for advisors?
More Advisor NewsAnnuity News
Health/Employee Benefits News
- OPINION: Colorado must be a trailblazer on youth mental health services and solve the commercial insurance problem
- West Virginians say medications have helped them lose weight, but coverage can be a problem
- A Yankee Notebook: The public-private schism
- Insurance is what makes US health-care prices so high
- Gov. Hochul signs legislation to cap out-of-pocket costs for EpiPen devices
More Health/Employee Benefits NewsLife Insurance News