Nationwide’s latest venture capital investment is in a core technology start-up that promises to help insurers create new insurance products and get them to market faster and integrate more easily with future technologies.
The San Francisco start-up, Socotra, is a cloud platform being billed as the “chassis upon which the insurance products of tomorrow will be built.” The Socotra suite includes policy administration, underwriting, claims, reinsurance, billing and reporting modules.
“One of the keys to successful product innovation is the ability to quickly deploy solutions and make product updates based on consumer insights and feedback,” said Erik Ross, leader of Nationwide’s venture capital team. “This technology could be a critical tool in developing the insurance solutions of the future.”
Nationwide’s investment is part of Socotra’s second round of venture funding. The amount of this investment was not revealed. USAA invested in Socotra last February. OthEr backers incLude CrunchFund, Founders Fund, Greenoaks Capital, SciFi VC, SV Angel and Vulcan Capital.
Nationwide’s has set out to deploy more than $100 million in venture capital to fuel innovation. In addition to the Socotra investment, Nationwide has announced several related investments over the past year including in Nexar, Betterview, BlueVine, blooom, Insurify, Next Insurance, Matic and Sure.
In June 2018, Nationwide announced its plans to open a new innovation center near its Columbus-based headquarters. It expects the new center to open in 2019.
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