SAN FRANCISCO, Jan. 16, 2020 (GLOBE NEWSWIRE) — Vouch, the San Francisco-based insurance platform specializing in business insurance for startups, chose Socotra, the first cloud-native insurance core platform, to complement its proprietary technology and quickly and flexibly launch new products in several markets.
A unique and growing category, startups face many of the same risks as large companies — and establishing a foundation early on to mitigate these risks is crucial to long-term growth. However, getting insurance protection to cover these risks is often a slow process with an expensive price tag for a product not designed with the unique needs of the startup in mind. Vouch Insurance solves this by providing startups with customized business insurance coverage in a matter of minutes, rather than days or weeks.
Vouch Insurance has raised nearly $70 million, and was co-founded by Sam Hodges and Travis Hedge. Hodges, who serves as CEO, is a fintech veteran and previously co-founded the online lending business FundingCircle U.S. Hedge is a former investor with Nationwide Insurance and SVB Capital.
“As an entrepreneur, I know from experience that speed-to-market is imperative to success,” said Sam Hodges, CEO and co-founder of Vouch Insurance. “Early in our product development, we discovered that partnering with Socotra was the best option for us to complement some of the core systems work we were doing ourselves. This allowed us to not only create unique business insurance products, but launch them quickly and efficiently — which has helped us reach more founders and grow our footprint faster.”
Socotra’s platform is the insurance industry’s first cloud-native backend, and the first with open configuration and APIs empowering insurers to deploy powerful technology with their choice of engineering resources. Socotra makes it easy for insurance organizations of all sizes to quickly design and deploy new products to better serve their customers.
“It has been a pleasure to see what Vouch has done with Socotra,” said Dan Woods, CEO and founder of Socotra. “Vouch’s product went from concept to production in only five months, a timeline that’s nearly unheard of in the insurance industry. We are proud to work with forward-thinking companies like Vouch to create a new world of possibilities.”
About Socotra
Founded in 2014 and based in San Francisco, Socotra’s mission is to provide insurers with a modern, enterprise-grade core system that enables them to rapidly develop and distribute products that better serve their customers. The result is a flexible, radically open, cloud-native solution that unifies underwriting, policy management, claims, reinsurance, reporting, and more. To learn more, visit www.socotra.com.
About Vouch
Vouch is a new kind of insurance platform for startups, offering fully-digital, tailored coverage that takes minutes to activate. Vouch works directly with its clients to insure, manage, and avoid risks, rather than brokering their insurance out to legacy carriers, so founders can focus on building their business. Vouch was founded by Sam Hodges and Travis Hedge, who experienced firsthand the value of insurance coverage tailored to a startup’s needs. Vouch is backed by Y Combinator, Ribbit Capital, and Index Ventures, and is backed and trusted by Silicon Valley Bank to serve its client base. Vouch has offices in San Francisco and Chicago. Learn more at vouch.us or on Twitter @vouch_group.
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Natalie Johnson
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