As part of the acquisition, the Avolanta team will join Socotra and Avolanta’s technology will become Socotra Unified Portal.
Avolanta was founded in 2018 by InsurTech entrepreneur, Chuck Wilson, and insurance veteran, Gavin Dean to provide insurers with a better way to streamline processes and create user experiences.
The cloud-native platform said it allows insurers to rapidly innovate and deploy new products with a unified portal. Agents can collaborate with customers through secure, shared online applications to reduce manual entry.
Chuck Wilson, CEO and co-founder of Avolanta, said, “Joining Socotra is an exciting next chapter for Avolanta. Avolanta’s front end technology focused on the user experience is the perfect extension to Socotra’s backend policy core. The combined platform will help insurers quickly develop new insurance products with more convenient buying experiences for any distribution channel—whether it’s agent, embedded, or direct-to-consumer. We can’t wait to see how insurers will leverage Socotra to innovate.”
Dan Woods, founder and CEO of Socotra, added, “The acquisition of Avolanta is a perfect complement to Socotra’s industry-leading policy core. Socotra and Avolanta share a mission to modernize the insurance industry with open APIs, true cloud, and off-the-shelf capabilities that accelerate innovation and speed-to-market. Together, we now offer the complete front-to-back platform that moves the insurance industry forward.”
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