14 Jul 2021
3 MINS READ
Mumbai, July 14, 2021 – 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.
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. Hexaware’s strategy is fully aligned with these principles. 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.”
Socotra is the modern, enterprise-grade core system that enables global insurers to accelerate product development, reduce maintenance costs, and improve customer experiences. Insurers trust Socotra’s modern technology to rapidly develop products that better serve their customers and manage their existing books of business. Socotra’s flexible, radically open, cloud-native solution unifies underwriting, rating, policy management, claims, billing, reporting, and more. Learn more about Socotra at www.socotra.com.
Hexaware is a global IT services company empowering businesses worldwide to realize digital transformation at scale and speed. Our three-pronged strategy of Automate Everything®, Cloudify Everything® and Transform Customer Experiences® endeavors to drive human-machine collaboration for solving complex business problems. We enable future-ready organizations and market leaders to create lasting business value by helping them offer touchless immersive customer experiences through full-cloud enablement, digital product engineering and extreme automation.
We serve customers in Banking, Financial Services, Capital Markets, Healthcare, Insurance, Manufacturing, Retail, Education, Telecom, Hi-Tech & Professional Services (Tax, Audit, Accounting and Legal), Travel, Transportation and Logistics. We deliver highly evolved services in Rapid Application prototyping, development and deployment; Build, Migrate and Run Cloud solutions; Automation-based Application support; Enterprise Solutions for digitizing the back-office; Customer Experience Transformation; Business Intelligence & Analytics; Digital Assurance (Testing); Infrastructure Management Services; and Business Process Services.
We believe technology is a magical thing, and our purpose is to create smiles through great people and technology. Headquartered in New Jersey for North America, London for Europe and Singapore for the Asia Pacific, Hexaware services customers in over two dozen languages from every major time and regulatory zone.
Learn more about Hexaware at http://www.hexaware.com.Take an immersive 360° virtual tour of our campuses worldwide at https://www.hexawareimmersive.com.
Safe Harbor Statement:
Certain statements in this press release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Hexaware has made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry.
For more information contact:
Hexaware Technologies Limited
Tel: +91 900 426 3405
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