Insurtech Socotra, the modern core platform for innovative insurers, wants insurers to stop waiting months to test product ideas.
The insurtech company’s new tool, Agentic Configuration, lets business teams configure and deploy insurance products inside its cloud platform using natural language and AI prompts. No coding depth required, no dependence on scarce technical talent.
The pitch sounds blunt: reduce configuration timelines by half, shrink development costs by 75%, and slash prototype iteration cycles by 90%.
According to our analysts, insurers constantly complain about speed-to-market drag, and this feature tackles that bottleneck head on.
Pairing MCP with Agentic Configuration builds an ecosystem where AI isn’t bolted on – it’s stitched directly into product design and deployment workflows.
Instead of pulling in developers for every product tweak, conversational AI handles requirements, validates them against Socotra’s playbook, and deploys the results into test environments.
Teams move faster, errors drop, and insurers can experiment more freely without crushing overhead.
This release doesn’t stand alone. It ties into MCP Server, a product Socotra pushed earlier this year to enable instant integrations between its Insurance Suite and AI assistants like Claude or Cursor.
Socotra itself has been carving out a name by ripping out legacy insurance infrastructure and replacing it with a cloud-native core.
Its Insurance Suite already ships with open APIs, advanced data models, product inheritance, and publicly available documentation, which means insurers don’t get boxed in by vendor lock.
Ekine Akuiyibo, Socotra’s COO, summed up the tension insurers face: innovate or stall. He pointed at the technical talent crunch, noting that business teams can now spin up testable configurations in weeks instead of dragging through months of engineering cycles.
Insurance companies are under immense pressure to innovate quickly while facing a shortage of technical talent
Ekine Akuiyibo, Socotra chief operating officer
“With Agentic Configuration, insurers can move from product concept to testable configuration in weeks instead of months. This capability democratizes product development, promotes AI literacy, and unlocks the creativity of business teams without sacrificing accuracy or governance,” said Ekine Akuiyibo.
According to our data, that’s not just about efficiency. It opens the door to democratized product design, where non-technical staff can experiment, validate, and push boundaries without breaking governance.
The insurance market keeps accelerating, margins are under pressure, and digital competition doesn’t wait. Agentic Configuration won’t solve everything, but it gives carriers one badly needed weapon: speed. And maybe a little breathing room.
In September, Socotra released its Model Context Protocol (MCP) Server, the most mature MCP server in the insurance industry.
The new offering allows insurers to quickly and safely connect agentic AI to Socotra Insurance Suite, unlocking automation for insurance workflows.
Socotra MCP Server is readily available to customers and includes 10-minute step-by-step instructions for connecting to popular AI platforms Claude and Cursor.
Gartner forecasts that AI software spending in the insurance industry will reach $15.9 bn by 2027, with a five-year CAGR of 18.2%. However, carriers today struggle to integrate AI agents with core systems not designed for AI connectivity.
MCP, introduced by Anthropic in 2024, solves this with a universal, standards-based interface that allows AI agents to interact with enterprise systems in a structured and auditable way.
MCP servers have already become a standard offering of enterprise software giants, including Salesforce, Snowflake, Atlassian, Hubspot, and many more.
Every component of Socotra was built from the beginning for AI connectivity. We’re excited that enterprise software has standardized around a protocol that fits so naturally into our API-driven design
Sonny Patel, Chief Product and Technology Officer at Socotra
“Socotra MCP Server simplifies deployment of agentic AI, so that insurers can increase productivity, reduce expenses, improve loss ratios, and offer their customers the very best products and support,” said Sonny Patel.
In 2022, Socotra closed of a $50 mn Series C funding round led by Insight Partners, one of the world’s largest venture capital and private equity firms.
Existing investors 8VC, Portage Ventures, Brewer Lane, MS&AD Ventures, and Nationwide Ventures also participated in this round, bringing total funds raised to date to $96 mn.
Founded in 2014, Socotra offers the insurance industry a powerful core platform as an alternative to the fragile, monolithic policy administration systems of the past.
Socotra’s Series C funding round highlights the company’s rapid growth and success, with annual recurring revenue (ARR) increasing more than 9.5x over the last three years.
