Prominent MGA, Ledgebrook, has announced its partnership with Socotra, a next-generation core platform provider for modern insurers, to launch a new platform targeting the underserved wholesale broker market.
The platform, powered by Socotra Connected Core, aims to revolutionise the US wholesale broker market by offering a faster and simpler quoting experience, along with best-in-class pricing, risk selection, streamlined operations, enhanced customer experiences, and accelerated new product launches.
Founded in March 2022 and based in Boston, Ledgebrook aims to combine cutting-edge technology with deep insurance expertise in the E&S space, with the goal of delivering an exceptional experience to the previously underserved wholesale broker community. The company’s initial launch includes a broad-appetite E&S general liability (GL) product that promises brokers a competitive edge through increased quote-to-bind speed and improved customer service.
Socotra will enable Ledgebrook to accelerate
Gage Caligaris, Founder and CEO of Ledgebrook, expressed excitement about the growth potential enabled by Socotra, stating, “Ledgebrook has fast track growth objectives, which Socotra enables us to accelerate. We can provide our wholesale broker customers with better, swifter and more innovative insurance solutions than ever before, backed by the outstanding service they deserve,”
Dan Woods, Founder and CEO of Socotra, highlighted the value of Ledgebrook’s use of Socotra’s Connected Core and App Marketplace to expedite product launches and enhance customer experiences. “We are excited to see Ledgebrook leverage the capabilities of Connected Core and App Marketplace to bring their new products to market more rapidly and enhance their customer experience,” he said.
The successful integration of Ledgebrook’s platform was facilitated by Socotra’s implementation partner, DataArt, a global software engineering firm with expertise in delivering software solutions. DataArt collaborated closely with Ledgebrook to ensure a swift and successful implementation in under four months.
Yaroslav (Slava) Buga, Vice President at DataArt said: “Our team collaborated closely with Ledgebrook to understand their unique needs and ensure the successful implementation of the Socotra Connected Core and the accompanying ecosystem of market leading insurance applications. We wish them well with their exciting growth ambitions.”
The collaboration between Ledgebrook and Socotra will be showcased at the upcoming Insurtech Insights USA event in New York City, where they will discuss the benefits of using an ecosystem to accelerate speed to market. Attendees can gain valuable insights by attending the session or visit Socotra’s booth at the event.
Socotra brings a comprehensive suite of insurance solutions that offer insurers and MGAs greater control over their businesses, with features such as open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle. These offerings make insurance innovation faster, easier, and more affordable for insurers of all sizes.
Source: Business Wire
