Australian general insurer IAG has partnered with Socotra to power its recently-launched Poncho Insurance brand and new auto insurance product using the latter’s core platform.

Socotra has earlier provided IAG with its API-driven and cloud-native platform to build a product on-budget and with an accelerated timeframe.

It has also offered IAG a tailor-made solution to develop a multi-car, multi-driver monthly auto insurance product that works in a similar way to a monthly subscription.

Poncho’s digital platform, powered by Socotra, makes buying insurance easier by enabling customers to buy monthly car insurance policies instead of the traditional annual policies.

Policyholders can change or cancel their coverage online without incurring traditional cancellation fees.

The company noted that the partnership with Socotra has enabled them to deliver an innovative insurance service through Poncho Insurance.

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IAG Satellite executive manager Phil Wilson-Brown said: “With Socotra, we were able to develop Poncho Insurance, a unique customer proposition for comprehensive car insurance in the Australian market, in a short timeframe.

“The platform is super flexible and low-cost allowing us to continually improve the product and deliver it at a great price to customers. We’re excited to further leverage this partnership as we look to expand our customer offerings.”

Socotra CEO and founder Dan Woods said: “We’re pleased that IAG has chosen Socotra to power its vision for transforming insurance.

“This partnership integrates technology and product design to make affordable, accessible, and self-serve insurance products. We look forward to continue partnering with IAG as they use Socotra’s platform to deliver new and innovative products.”