RGAX, a subsidiary of global reinsurer Reinsurance Group of America (RGA) has announced that it has chosen Socotra as its policy administration system. Socotra will power the development of new life insurance products through RGAX’s life insurance company, Greenhouse Life Insurance.
RGAX and Scotora first partnered in 2017 to launch an accidental death product that enabled wearable-tech users to claim $1,000 of accidental death coverage at no cost for 12 months. Socotra now serves as the policy administration system of choice for Greenhouse Life.
“Socotra’s platform has enabled us to more quickly design and test innovative approaches while helping to solve problems that many insurance carriers face when looking to address the needs of the modern insurance consumer,” said Scott Grandmont, Greenhouse Life COO and RGAX vice president. “With Socotra, we can accelerate our proof-of-concept process, and we’re excited to continue this partnership.”
“We’re thrilled that RGAX chose our platform to launch their vision of expansion and transformation of the life insurance ecosystem,” said Dan Woods, founder and CEO of Socotra. “We look forward to continue partnering with RGAX as they leverage Socotra’s technology to meet the demands of the evolving insurance marketplace.”