Players Health Launches Breakthrough Sports Insurance Product on Socotra’s Modern Policy Core Platform
Players Health, an innovative sports platform and insurtech MGA, today launched a unique insurance product enabling amateur and professional sports teams to buy comprehensive insurance to protect players, coaches, and owners through agents or a direct-to-consumer portal. Players Health’s new product combines general liability, directors’ and officers’ coverage, and athlete medical coverage, and represents an industry breakthrough in addressing this problem, building on the growing trend toward embedded insurance. Players Health works with several thousand sports organizations, such as U.S. Youth Soccer, NFL Flag Football, i9 Sports, and USA Cheer.
This first-of-its-kind insurance offering is powered by Socotra, which allowed the company to develop and launch the highly complex product in only three months. The development of the product—which includes three types of insurance coverages, entailed 400 forms, and was launched in 41 states—would have taken one to two years using traditional methods and technologies.
“I applaud Players Health for its mission to help sports organizations create the safest and most accessible environments for athletes—especially youth athletes,” said Dan Woods, CEO of Socotra. “We were delighted that Players Health chose Socotra Policy Core. Socotra offers insurers of all sizes the only proven and API-driven path to go live. Players Health and other insurtech MGAs can bring complex insurance products to market faster, more affordably, and with greater flexibility for future growth.”
Chosen as the core system by 27 carriers and insurtech MGAs in the last 18 months, Socotra provides the insurance industry’s most open and agile platform powerful enough for today’s innovators. With Socotra, insurers can rapidly launch any insurance product with out-of-the-box capabilities or by integrating through open APIs any custom or third-party technology in the insurance ecosystem. Players Health was committed to offering their new product through a digital frontend and incorporating rapidly changing rating content, rules, and forms. They selected BizDynamics, a cloud business unit of ValueMomentum, Inc. and a certified Socotra partner, to deploy their cloud-based rating engine and digital engagement platform, which is seamlessly integrated with Socotra.
“Players Health is one of the first MGAs to allow brokers to place sports and fitness business through a user-friendly digital portal,” said Tyrre Burks, Founder and CEO of Players Health. “This digital-first approach is only possible with the combination of BizDynamics’ digital engagement platform and Socotra Policy Core, which made it fast and easy to launch our unique sports insurance product. Together, Socotra and BizDynamics have been reliable and trusted partners, and we look forward to expanding Players Health’s reach and scale with them in the future.”
“Partnering with Socotra and BizDynamics is strongly aligned with our overall strategic direction,” said Sandeep Bajaj, Chief Information Officer of Players Health. “We’re thrilled to work with Socotra and BizDynamics to deliver an API-enabled technology stack built on modern cloud-native architecture that will drive speed to market and agility and allow us to focus on product quality and customer experience.”
BizDynamics provided implementation support, as well as the digital engagement platform, which serves as the foundation for Players Health’s broader engagement strategy as an embedded insurance provider. Players Health also partnered with Socotra and BizDynamics to launch a new sports and wellness insurance product in Canada in two months.
“We at BizDynamics are thrilled to help Players Health deliver a digital-first experience to their unique group of insurance stakeholders,” said Anant Iyer, President of Markets and Outreach at BizDynamics. “The combination of the BizDynamics digital engagement platform on top of Socotra Policy Core and our rating engine has given Players Health an easy way for agents to sell and service policies and for customers to proactively manage their own risks.”
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