If P&C Insurance, a property and casualty (P&C) insurer in the Nordic region, has gone live on Socotra with an embedded car sharing product.  

The product, now available on Socotra’s cloud-native platform, was brought to market within a five-month period. 

Socotra is a policy and billing technology platform that helps insurers launch products and updates with the help of cloud technologies and application programming interfaces (APIs).  

The car sharing insurance product is designed to provide a digital experience with features that cater to the needs of car sharing platforms and their users.  

These include on-demand coverage, usage-based pricing and options for deductible reduction, aimed at delivering customised protection. 

The initial phase of the partnership involved a five-month proof of concept, where If P&C self-implemented the insurance product on Socotra’s platform, integrating it with their systems for payments, claims, accounting and reporting.  

If intends to continue leveraging Socotra’s open APIs and the platform’s configurable nature for future product updates and integrations.  

Socotra CEO Dan Woods said: “I applaud the tech-savvy team at If for launching an embedded car sharing product in only five months. I am proud that Socotra’s powerful and flexible core platform has enabled If’s rapid deployment and innovative solution, and I look forward to accelerating their growth into new markets.” 

Erik Granmar, CEO of If P&C’s subsidiary, Insrt AB, stated: “Choosing Socotra was a strategic decision that allowed If to go live quickly while maintaining autonomy. Socotra’s powerful and flexible policy core empowered our team to easily self-implement an embedded insurance product and connect it to an ecosystem of technology.  

“By partnering with Socotra, If can deliver new products faster and more efficiently, positioning us for greater success in the Nordic and Baltic markets.” 

In March this year, If P&C announced its first business release on the Guidewire Cloud Platform, utilising Guidewire InsuranceSuite.  

The Swedish insurer reports $7bn (Skr67.5bn) in gross written premiums.