Socotra’s Cutting-Edge Policy Core Is The Foundation For Players Health, A Revolutionary New Sport’s Insurance Plan Emerging!
Socotra’s Cutting-Edge Policy Core : Players Health, a new sports platform, just released a unique insurance product with insurtech MGA. The plan allows amateur and professional sports teams to protect their players, coaches, and owners by buying comprehensive insurance through agents or a direct-to-consumer portal.
Insurance is an essential part of a sports team’s life. Without it, a team might not be able to play at all. Due to a team’s many risks, it needs to get several types of insurance. These include commercial policy and medical coverage for the players. It can be hard to get the right coverage for a team quickly and effectively.
What’s the new insurance plan, and what is Socotra’s role?
Socotra powers this first-of-its-kind insurance product. This made it possible for the company to create and launch a highly complex product in only three months. Using traditional tools and methods, it would have taken one to two years to make the product. It has three types of insurance coverage, 400 forms, and was released in 41 states.
Dan Woods, CEO of Socotra, said, “I applaud Players Health for its mission to help sports organizations create the safest and most accessible environments for athletes—especially youth athletes. We were delighted that Players Health chose Socotra Policy Core. Socotra offers insurers of all sizes the only proven and API-driven path to go live. Players Health and other insurtech MGAs can bring complex insurance products to market faster, more affordably, and with greater flexibility for future growth.“
Socotra and BizDynamics
In the last 18 months, 27 carriers and insurtech MGAs have chosen Socotra as their core system. This is because Socotra is the most open and flexible platform in the insurance industry. Moreover, it is powerful enough for today’s innovators. With Socotra, insurers can quickly launch any insurance product with built-in features. Another way is by integrating any custom or third-party technology in the insurance ecosystem through open APIs.
Players Health promised their new product would have a digital front end and include rating content, rules, and forms that change quickly. They chose BizDynamics, a cloud business unit of ValueMomentum, Inc. and a certified Socotra partner, to deploy their cloud-based rating engine and digital engagement platform, which works well with Socotra.
“Players Health is one of the first MGAs to allow brokers to place sports and fitness business through a user-friendly digital portal,” said Tyrre Burks, Founder, and CEO of Players Health. “This digital-first approach is only possible with the combination of BizDynamics’ digital engagement platform and Socotra Policy Core, which made it fast and easy to launch our unique sports insurance product. Together, Socotra and BizDynamics have been reliable and trusted partners, and we look forward to expanding Players Health’s reach and scale with them in the future.“
What Sandeep Bajaj and Anant Iyer said
“Partnering with Socotra and BizDynamics is strongly aligned with our overall strategic direction,” said Sandeep Bajaj, Chief Information Officer of Players Health. “We’re thrilled to work with Socotra and BizDynamics to deliver an API-enabled technology stack built on modern cloud-native architecture that will drive speed to market and agility and allow us to focus on product quality and customer experience.“”We at BizDynamics are thrilled to help Players Health deliver a digital-first experience to their unique group of insurance stakeholders,” said Anant Iyer, President of Markets and Outreach at BizDynamics. “The combination of the BizDynamics digital engagement platform on top of Socotra Policy Core and our rating engine has given Players Health an easy way for agents to sell and service policies and for customers to proactively manage their own risks. Together, we were able to deliver these advanced capabilities in an exceptional timeframe. We look forward to helping Players Health further their vision of digital engagement and value-added services, including embedded insurance, for the sports ecosystem.“