UK-based boutique insurance technology firm acquired

Insurance software provider Insly has acquired UK-based boutique insurance technology firm Socrates Systems.

Socrates was founded in 2011 by Jody Brooks and has evolved from a niche underwriting system into a fully featured online platform used by UK insurers.

Insly said the partnership will strengthen its presence in the UK market and allow both businesses to accelerate growth through shared innovation, technology and expertise.

Risto Rossar, founder and chief executive at Insly, said: “Socrates is the ideal first partner for Insly in the UK, bringing a fantastic team, platform and relationships that complement our own offering.

”Our strategy is to work with specialist providers who already deliver market-leading technology and give them the backing and tools to go even further. Together, we can build better products, move faster and deliver even more value to the insurance industry.”

Enhancing value

Socrates will continue to operate under its own brand as part of the Insly Group, with access to Insly’s artificial intelligence (AI) capabilities, infrastructure and resources.

Brooks believes this will further enhance the value delivered to clients.

He said: “Socrates has always been about partnership and innovation. We’ve built long-term relationships by working closely with clients and delivering technology that genuinely makes a difference.

“Joining Insly allows us to continue that same ethos with stronger backing, more capability and access to technology that will help us accelerate what we already do best. It’s a positive step forward and a great cultural fit — two teams that share the same values and passion for building exceptional insurance systems.”