Hexaware Technologies, a leading global IT consulting and digital solutions provider, announced it has become a strategic partner and system integrator for Socotra, the first cloud-native core platform for insurers. As a Socotra Silver level partner, Hexaware will support new and existing Socotra customers around the world, including North America, APAC, and EMEA.
Hexaware’s Insurance business is one of the fastest-growing business units, progressing at 18%+ CAGR over the past five years. Hexaware serves 40+ insurers worldwide and approximately 20% or one-fifth of its overall revenues comes from its Insurance business unit. Hexaware is proud to be the digital transformation partner for some of the Global Fortune 500 insurers as well as many famous InsurTech ventures.
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Randi Simmons, Head of Strategic Partnerships, Socotra, said, “We’re delighted to expand our relationship with Hexaware by welcoming them to our growing partner community. Hexaware has an impressive track record of exceptional client service, and we look forward to working together to accelerate speed to market and reduce costs for our joint customers.”
“Socotra’s flexible product model and industry’s first true-cloud platform provide an attractive value for insurers to build engaging products and experiences. The insurance industry in North America is going through significant product innovation due to demand of new products to cover digital-age risks,” said Kush Gupta, Vice President & North America Insurance Business Head, Hexaware. He added, “Hexaware is focused on helping insurers enable better risk assessment and dynamic pricing through the integration of data with technology, and we are excited to partner with Socotra and help insurers complete digital transformation 3x faster than legacy systems.”
Shreyas Chakravarthy, Vice President & UK, Europe Insurance Business Head, Hexaware, said, “Socotra’s modern cloud-native architecture and intuitive API-driven configuration enable insurers to launch digital products faster and advances the time to value curve for customers. Rapidly transforming customer experiences by leveraging the cloud is at the heart of our approach to core insurance transformation, and we are very excited to join hands with Socotra in this journey.”