Socotra Selected as Core Platform to Power Berkley Asset Protection’s Lavalier Personal Jewelry Insurance Program

SAN FRANCISCO, Sept. 28, 2021 (GLOBE NEWSWIRE) -- Socotra is partnering with Berkley Asset Protection to power Lavalier, its existing personal jewelry insurance program in all 50 states.

Lavalier offers an intuitive digital buying experience that enables customers to get a quote and purchase a personal jewelry policy online in minutes.

With Socotra’s cloud-native core platform, Lavalier can maintain its frictionless customer experience and take advantage of rich functionality across the entire policy lifecycle, including underwriting, policy administration, billing, claims, and reporting. Lavalier is also leveraging Socotra’s open APIs to seamlessly integrate with a customer relationship management (CRM) system.

“In addition to providing an agile core platform, Socotra has become a trusted advisor to our overall digital transformation strategy,” said Chip Dowd, President of Berkley Asset Protection. “Because of Socotra’s expert digital guidance, we’ve been able to focus on what we do best—delivering world-class personal jewelry insurance and delightful customer experiences. We’re excited to grow our business as we modernize our core technology.”

Most legacy IT systems require specialized training that makes product changes difficult, but Socotra’s flexible platform is easy to configure and update. Thanks to this flexibility, Lavalier can transition its insurance product onto Socotra without any downtime, interruption, or data loss.

“The talented team at Lavalier has made insuring personal jewelry exceptionally fast and easy for their customers,” said Dan Woods, CEO of Socotra. “And I’m impressed by how smoothly our combined teams were able to migrate Lavalier’s entire book of business to Socotra. We look forward to a strong partnership with Berkley Asset Protection as it takes bold strides in digital transformation.”

About Berkley Asset Protection
Berkley Asset Protection, a Berkley company, is a leading specialty insurance provider that offers insurance for all aspects of jewelry and fine arts businesses: jewelers block, fine art, museums, commercial property and liability, and workers' compensation. The company also offers Lavalier Personal Jewelry Insurance and coverage for individuals' collections. For information about Berkley Asset Protection, please visit BerkleyAssetPro.com.

Products and services are provided by one or more insurance company subsidiaries of W. R. Berkley Corporation. Not all products and services are available in every jurisdiction, and the precise coverage afforded by any insurer is subject to the actual terms and conditions of the policies as issued.

About Socotra
Socotra is the modern, enterprise-grade core system that enables global insurers to accelerate product development, reduce maintenance costs, and improve customer experiences. Socotra is trusted by insurers to provide them with modern technology to rapidly develop products that better serve their customers and manage their existing book of business. Socotra’s flexible, radically open, cloud-native solution unifies underwriting, rating, policy management, claims, billing, reporting, and more. To learn more, visit www.socotra.com.

Media Contact
Carly Bourne
carly@bulleitgroup.com 

Source: Socotra