Leading insurance core technology provider Socotra announced today that Jetty, the financial services company on a mission to make renting a home more affordable and accessible, has gone live and migrated Jetty Deposit, a surety product, and Jetty Protect, a renters insurance product, to Socotra’s cloud-native insurance platform.
“Socotra is the system of record that enables you to move forward instead of holding you back”
Jetty had been seeking a new solution that would allow them to have easier access to their data and enable them to move faster as a business, without compromising on reliability. The company wanted a system with native API support that could easily integrate with external systems and support digital experiences.
In choosing a new platform, Jetty had a number of considerations that made Socotra a clear choice. The insurer needed to support surety, renters insurance, complex transactions, and case-by-case integration with variable-term personal leases. API integrations with Stripe and Snapsheet were strong differentiators in choosing Socotra, as was bulk data access in near-real time for financial reporting.
“Socotra’s expansive APIs and flexible configuration helped us deliver on our specific product needs without sacrificing engineering simplicity,” said Junaid Warwani, Head of Product Engineering at Jetty.
The results have been significant: The policy bind process is now 4x faster after upgrading to Socotra. With the adoption of Socotra, Jetty’s financial reporting is now virtually instantaneous, as opposed to the cumbersome daily batch process of the past. This allows the insurer to fully meet its reporting requirements and easily use policy data as an input to underwriting analysis. Jetty now enjoys an exceptionally stable core system with zero business interruptions that has allowed for aggressive volume and scaling of their book of business.
“Socotra is the system of record that enables you to move forward instead of holding you back,” said Suleiman Sukkar, Vice President of Product Delivery at Socotra. “Insurers can create and manage products without expensive workarounds and customizations, with enforced data integrity and traceability. We are thrilled to see Jetty succeeding with Socotra, and we look forward to working with them long into the future.”
