We are excited to announce the 2021 Socotra Partner Innovation Awards, recognizing partners and customers who have leveraged the Socotra platform to drive digital transformation and innovation for the insurance industry.
As the partner of choice for ambitious MGAs and carriers, Socotra simplifies cross-team collaboration and empowers systems integrators and insurers to design, deploy, and update insurance products with ease.
“Congratulations to the recipients of the 2021 Socotra Partner Innovation Awards,” said Ekine Akuiyibo, VP of Business Development and Deployments at Socotra. “We’re delighted to recognize the accomplishments of these leading enablers and insurers who are pushing the boundaries of what’s possible for the insurance industry. As Socotra’s partner-first ecosystem builds increasing momentum, we look forward to continued collaboration with our trusted partners and creating enormous value for our shared customers.”
Here are the Socotra partners and customers that stood out as examples of excellence for their innovation in creating differentiated and digital-first products and experiences.
ValueMomentum, System Implementation Partner of the Year
This category recognizes our global systems implementation partners, who work with insurers across the entire operational and technology value chain.
ValueMomentum is a leading provider of IT services and solutions to insurers and financial services firms. In 2021, ValueMomentum and Socotra collaborated on a number of implementation projects to help customers rapidly roll out digital-first products with enriched experiences. ValueMomentum’s extensive P&C insurance experience and understanding of the complex insurance value chain has helped our joint customers get a product live from both an insurance and project management perspective.
Snapsheet, Technology Partner of the Year
This category recognizes Socotra’s technology partners that helped our customers deliver differentiated products and experiences.
Snapsheet Claims software provides the tools required for fully digitized, end-to-end claims management in one system, including automated assignment of work, omnichannel digital communications, and digital payment. The software integrates seamlessly with Socotra’s core system with out-of-the-box workflow configurations, enabling carriers to spin up new products and scale a modern claims operating model within weeks – not months or years. In 2021, high-growth insurtech company Bamboo Insurance was one of the first users of the joint solution.
“The offering from Snapsheet and Socotra was quick to implement and provides flexibility for our changing needs. Since we began using it, we’ve been able to leverage automation in new ways to significantly enhance overall customer satisfaction without escalating expenses,” said John Chu, chief executive officer and founder at Bamboo Insurance.
AXA, Product Innovation of the Year (P&C)
This category recognizes P&C insurers that are using Socotra to create innovative products to better serve their customers.
Powered by Socotra’s core platform, AXA XL, a division of one of the world’s largest insurers (AXA), developed its “Vehicle Interruption Cover,” for ride-sharing drivers in the UK on AXA XL’s Affinity Protection Platform. This embedded insurance product works with the ride-sharing app to provide income protection for drivers facing business interruptions. Drivers can sign up for flexible coverage through the partner’s mobile app with a few clicks, and their premium is then automatically collected from completed trips.
Since the initial product launch, AXA has taken advantage of Socotra’s premium reporting capabilities to power its embedded and usage-based insurance product.
Mutual of Omaha, Product Innovation of the Year (Life)
This category recognizes life insurers that are using Socotra to create innovative products to better serve their customers.
Mutual of Omaha recognized the benefits of shifting away from legacy systems to modern technology in order to deliver better customer experiences. Partnering with Socotra helped them transform their policy operations and develop their first and most complex insurance product entirely in the cloud: disability income. With Socotra’s help, Mutual of Omaha created a collaborative and secure online application that gives policyholders access to virtual advice on their coverage options. This streamlined buying process increased transparency and customer satisfaction.
Throughout 2021, Mutual of Omaha continued to improve and optimize the disability income insurance product platform based on customer feedback, incorporating new capabilities and bug fixes in weekly updates.
Special category: Fastest Implementation: Elpha Secure
After taking advantage of Socotra’s 30-day free trial, Elpha Secure, a cybersecurity startup, was able to quickly develop a new cyber insurance product for a variety of industries. Their skilled tech team leveraged Socotra’s publicly documented APIs and free sandbox environment to design and configure a robust prototype that integrated with its front-end system and other capabilities in less than 36 days–setting a Socotra speed record. They have since iterated on their initial MVP to create a second ready-to-launch product.