If P&C Insurance Launches Embedded Car-Sharing Product on Socotra’s Cloud Platform in Just Five Months
Socotra, the industry-leading provider of cloud-native insurance core technology, announced today a significant milestone: If P&C Insurance (If), the largest property and casualty (P&C) insurer in the Nordic region, has successfully launched a pioneering car-sharing insurance product on Socotra’s platform in a remarkably short timeframe of just five months. This achievement highlights how If has leveraged Socotra’s innovative and flexible core system, combined with open APIs, to quickly expand its insurance offerings into new geographies and customer segments — especially within the burgeoning sharing economy.
If P&C Insurance: A Nordic Market Leader Driving Innovation
If P&C Insurance is the dominant player in the Nordic property and casualty insurance market, with $7 billion in gross written premiums (GWP). Over the years, If has earned a reputation for agility, forward-thinking, and innovation within a traditionally conservative insurance sector. The company’s strategic investments in technology and digital transformation have allowed it to anticipate and meet the evolving needs of its customers, positioning it well for future growth in increasingly competitive markets.
One of the most exciting new chapters in If’s innovation journey is the launch of its embedded car-sharing insurance product. This new product is designed specifically to address the unique demands of the sharing economy, where vehicles are rented or shared temporarily by multiple users. Insurance in this context must be flexible, easy to access, and tailored to dynamic usage patterns — qualities that traditional insurance products often fail to deliver.
By embedding insurance directly into the car-sharing experience, If is able to offer users a seamless, digital-first journey from start to finish. Customers can activate coverage on-demand, adjust their plans according to how much they use the vehicle, and benefit from customizable features such as usage-based pricing and deductible reductions. This level of personalization not only enhances the user experience but also creates peace of mind, as customers are insured exactly when and how they need to be.
Socotra’s Cloud-Native Platform Powers Rapid Innovation
Central to If’s successful launch is Socotra’s cloud-native insurance core platform, which provides the technical foundation that makes such innovations possible. Socotra’s platform is designed to be highly flexible, configurable, and API-first, empowering insurers like If to rapidly develop, launch, and modify insurance products without the typical delays associated with legacy systems.
Erik Granmar, CEO of Insrt AB — a subsidiary of If P&C focused on embedded insurance solutions — emphasized the strategic value of choosing Socotra. “Choosing Socotra was a strategic decision that allowed If to go live quickly while maintaining autonomy,” Granmar said. “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 partners and platforms. By partnering with Socotra, If can deliver new products faster and more efficiently, positioning us for greater success in the Nordic and Baltic markets.”
The decision to implement the product on Socotra’s platform gave If several key advantages:
- Speed to Market: The cloud-based, configurable architecture allowed If to complete the entire proof of concept and launch within just five months — an unusually fast timeline in the insurance world.
- Autonomy and Control: If’s team could self-implement and maintain the product without heavy reliance on external vendors or lengthy IT projects.
- Seamless Integration: Socotra’s open APIs made it easy to connect the car-sharing insurance product with If’s existing infrastructure, including payment processing, claims management, accounting, and regulatory reporting systems.
- Agility for the Future: With reusable configurations and API-based integrations, If can independently update product features or expand into new markets with minimal technical friction, reducing ongoing costs and increasing operational efficiency.
The Proof of Concept and the Road Ahead
The partnership between If and Socotra began with a five-month proof of concept project. During this phase, If’s technical team took full ownership of the product implementation, building it on Socotra’s core and integrating it deeply with the insurer’s operational backend. The smooth execution of this initial phase demonstrated not only the platform’s technical robustness but also the effectiveness of Socotra’s collaborative approach.
Looking forward, If plans to leverage Socotra’s open APIs and modular configuration framework to continuously refine its car-sharing insurance offerings and rapidly launch additional embedded insurance products. This strategic flexibility allows If to respond dynamically to customer feedback, market trends, and regulatory changes — all critical factors in maintaining competitive advantage in today’s fast-moving insurance landscape.
Enabling the Sharing Economy with Insurance Innovation
Car-sharing has emerged as a vital component of the broader sharing economy, offering more sustainable and cost-effective transportation options for urban consumers. However, the traditional insurance model often struggles to keep pace with this new form of vehicle usage. If’s embedded car-sharing insurance product addresses this gap by delivering protection that is as flexible and user-centric as the sharing platforms themselves.
Through the integration of usage-based pricing, on-demand activation, and deductible customization, If provides a tailored insurance experience that benefits both car-sharing service providers and their users. For platforms, this means seamless insurance coverage embedded directly into their user interfaces, reducing friction and increasing customer satisfaction. For users, it means transparent, affordable, and adaptive coverage that aligns with actual usage patterns — helping build trust and encouraging greater adoption of shared mobility services.
Socotra’s Vision for the Insurance Industry
Dan Woods, CEO of Socotra, expressed his enthusiasm for the collaboration and If’s rapid progress. “I applaud the tech-savvy team at If for launching an embedded car sharing product in only five months,” Woods said. “I’m 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.”
Socotra’s cloud-native platform is increasingly recognized as a transformative force in the insurance technology space. By enabling insurers to move away from costly, inflexible legacy systems, Socotra empowers them to innovate faster, reduce operational complexity, and deliver more relevant products to customers. Embedded insurance, which seamlessly integrates coverage into broader digital experiences, is one of the fastest growing areas within insurance innovation, and Socotra is playing a pivotal role in this evolution.
If P&C Insurance’s launch of an embedded car-sharing insurance product on Socotra’s platform represents a major step forward for both the insurer and the wider Nordic insurance market. By combining If’s industry leadership and customer-centric focus with Socotra’s cutting-edge technology, the partnership exemplifies how innovation and agility can unlock new opportunities in the sharing economy.
As shared mobility continues to grow globally, flexible and embedded insurance solutions like this will become increasingly essential. If’s ability to rapidly deploy, update, and scale such products on Socotra’s platform positions the company well to capture new segments, enter new geographies, and maintain its competitive edge in a digital-first world.
This success story also underscores the broader trend of insurers embracing cloud-native, API-driven core systems as foundational enablers of next-generation insurance offerings — a shift that is reshaping the industry for years to come.
