Qantas Shares Climb as Long-Haul Pilot Deal Eases Strike Concerns 
SK Hynix, Samsung Lead Asian Chip Stock Selloff After Sandisk, Western Digital Outlook 
Berkshire Hathaway Cash Falls as Abel Boosts Stock Buybacks 
Treasury Wine Estates Shares Jump as U.S. Overhaul Lifts FY2026 Outlook 
DeepSeek to Raise AI API Prices as Demand for New Models Surges 
DBS Raises 2025 Outlook After Record Q2 Profit Driven by Wealth Management 
Shein Scales Back Vietnam Operations as US Trade Rules Shift 
OpenAI Restricts Astra AI Over Cyberattack Risks 
SanDisk Q4 Earnings Beat Estimates as Q1 Revenue Outlook Meets Expectations 
Meta Ordered to Pay $567M Over Child Safety Violations in New Mexico 
AMP Shares Surge 13% After Strong Profit and A$150 Million Buyback 
Moderna Wins FDA Approval for mFLUSIVA mRNA Flu Vaccine for Adults 50+ 
Delta Flight Makes Emergency Landing in Atlanta After Cockpit Fumes Reported 
Daimler Truck Q2 Profit Falls 18%, 2026 Outlook Raised 
Sony, TSMC Eye $6.3 Billion Japan Chip Venture for Next-Gen Image Sensors 
Nintendo Shares Jump as Switch 2 Sales Boost Earnings 
SAN FRANCISCO, Feb. 23, 2018 -- Socotra, creator of the first cloud-based, productized insurance core platform, announced today a strategic investment from a subsidiary of financial services provider, USAA, joining previous investors CrunchFund, Founders Fund, Greenoaks Capital, SciFi VC, SV Angel and Vulcan Capital, as well as angel investors Ron Conway, Michael Ovitz and Joe Lonsdale. Terms of the investment were not disclosed.
“Current insurance IT infrastructures require long lead times and expensive teams to bring new insurance products to market,” said Nathan McKinley, vice president of USAA Corporate Development. “Socotra’s vision closely aligns with ours -- the ability to configure, deploy, and update new insurance products quickly without large technology projects or the addition of systems integration labor.”
Socotra is a first-of-its-kind cloud-native system enabling carriers to easily and efficiently manage complex interactions throughout the lifecycle of policies (whether single line, single state or multi-line, multi-country). The Socotra platform’s agility, flexibility, reliability, and modern design offers carriers lower costs, faster product releases, and easy integration with future technologies.
“Insurance IT is littered with consulting services and antiquated IT architectures, leaving insurers at all levels struggling to catch up with customers’ changing needs,” said Dan Woods, CEO, Socotra. "The only path forward is a truly productized insurance IT core, which insurers can configure and extend by themselves. This is Socotra. We're excited to share this vision with USAA."
Founded in 2014, Socotra’s customers range from multi-national carriers to insurtech startups, in the United States, Europe, Asia, and Australia.
To learn more about Socotra, visit us www.socotra.com or read the Getting Started Guide.
About Socotra
Socotra is the core technology platform of tomorrow’s digitally-transformed insurer. Only Socotra brings the staggering technology infrastructure advances of the last decade to the insurance industry. The result is a new, simplified, radically open, cloud-native core platform that supports underwriting, policy administration, claims, billing, reporting, and much more. Socotra delivers agility, reliability, and a clear path to the many InsurTech promises of today and tomorrow. Learn more at www.socotra.com.
Contact:
Joseph Eckert
[email protected]
650-353-5713
