Insurance-as-a-Service Platform Development Case Study

This case study details the collaboration between a global insurance company and Socotra to develop an Insurance-as-a-Service (IaaS) platform aimed at providing on-demand insurance products for ride-sharing drivers. The insurer faced challenges with legacy technology that hindered their ability to quickly launch innovative products. By leveraging Socotra’s modern core platform, they were able to build the IaaS platform within six months, significantly faster than traditional methods. The platform features on-demand activation, usage-based premium calculations, and automated policy underwriting. The successful launch of the Vehicle Interruption Cover product in the UK demonstrated strong customer adoption, with over ten thousand policies sold shortly after its introduction. The case study highlights the efficiencies gained through Socotra’s API-first approach and the reduced implementation team size required to achieve these results. Future expansions of the IaaS platform to other products and countries are planned, showcasing the scalability of the solution.