Insurance Technology: Socotra Snaps Up Startup Portal; Marble Mobilizes Rewards App; RMS Unveils UnderwriteIQ; Vertafore Powers Tokio Marine Surety

May 26, 2022

Socotra Acquires Avolanta, Adding Unified Agent and Customer Portal

Insurance carrier technology firm Socotra reports it has acquired Avolanta, a Columbia, South Carolina software startup offering a unified portal built for the insurance industry. Terms were not disclosed.

Avolanta enables insurers to deliver a digital experience by connecting agents, brokers and customers with its unified portal.

The portal reduces the need for paper applications and the manually input of customer data into web portals. Agents can collaborate with customers through shared online applications and insurers can automate data capture and analytics. The cloud-native platform also promises to help insurers more quickly deploy new products.

Avolanta was founded in 2018 by insurtech entrepreneur, Chuck Wilson, and insurance veteran, Gavin Dean.

As part of the acquisition, the Avolanta team will join Socotra and Avolanta’s technology will become Socotra Unified Portal.

Socotra provides a complete front-to-back platform for insurance.

Marble Launches Rewards-Based Mobile App For Insurance

Online insurance rewards platform Marble, which runs an insurance rewards platform where insureds can manage their insurance policies no matter which providers they use, has launched its mobile app. Marble’s app is now available for free download via the Apple App Store or Google Play Store.

Americans spend up to 10% of their household budget on insurance, but Marble maintains the industry has yet to introduce a modern, engaging rewards program. Marble advocates that since banks have adopted this technology, consumers now expect to be able of manage their finances digitally.

Marble member are given the tools to place all risk and insurance policies in one account; shop rates; research carriers; start a claim process; take advantage of exclusive partnership offers; and earn and rewards for gift cards, charity, or even cryptocurrencies.

RMS Launches Cloud-Based Application UnderwriteIQ

Risk modeling company RMS said it will be launching UnderwriteIQ, an application hosted on the cloud-based RMS Intelligent Risk Platform that enables underwriters to have greater control of risks by bringing hazard, exposure, and loss data together in the underwriting process at the point of decision – all based on RMS model science and data.

According to RMS, the new application will allow underwriters to “price with confidence, enable consistent risk decisions, and improve operational efficiency.”

The RMS Intelligent Risk Platform provides proprietary and tertiary data analytics. UnderwriteIQ is the latest addition to the RMS IQ application suite, which also includes TreatyIQ and ExposureIQ.

Risk Management Solutions, Inc. (RMS) is a Moody’s Analytics company.

Tokio Marine HCC Promises Savings for Surety Agents With Vertafore

Tokio Marine HCC – Surety Group announced a partnership with insurance technology provider Vertafore to streamline how agents and brokers transact surety bond business online using the popular agency management system, AMS360.

Adam Pessin, president and CEO of Tokio Marine HCC – Surety Group, said the Vertafore enhancement “allows agents and brokers to seamlessly extract all the bond and customer data they need, saving significant amounts of time and cost.”

Topics InsurTech Tech Underwriting New Markets

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