Socotra is revolutionizing the insurance industry, enabling carriers to release new products and features with unprecedented speed
Socotra, the modern core platform provider for innovative insurers, today announced that Socotra App MarketPlace—currently offering access to 30 app publishers—is now available to Socotra customers. Those customers can now eliminate lengthy and rigid integration projects and add new features and services in minutes.
As the insurance industry becomes increasingly competitive, insurers are seeking new ways to innovate and introduce products faster than ever before. That requires an ecosystem of modern technology partners.
Built on Socotra’s cloud-native and API-driven platform, the App MarketPlace empowers insurers to instantly connect to a wide array of apps that improve every aspect of the insurance value chain, including data providers and platforms, rating, document management, payment processing, claims user interfaces, customer communications, esignatures, and third-party app publishers.
“There is no debate. From the iPhone to the Chrome Browser to AWS to Roku, app marketplaces are the best engine for software innovation,” said Dan Woods, Founder and CEO, Socotra. “Socotra App MarketPlace is an industry breakthrough. Insurers can finally connect multiple platforms just by clicking to install apps, and it works—instantly. This means faster product launches and lower maintenance costs. Today marks the very beginning of the rapid-connection age in insurance IT.”
“Today’s consumer expects their purchase to be digital, painless, and built around them. When it comes to insurance, we still have a long way to go,” said Joanna Raitano, Head of Stripe Partner Ecosystem, Americas. “Stripe joining Socotra App Marketplace means more carriers have access to financial tools that save time, boost payment conversion, and give customers flexibility to pay online. We’re thrilled to be working alongside dozens of partners that are helping the insurance industry succeed in the internet economy.”
Today, the following app publishers join Socotra App MarketPlace, for a total of 30 app publishers announced to date:
- Aggne – Partners with both established carriers as well as insurtech startups to quickly define and implement the technology they need to achieve their business goals.
- Betterview – A property intelligence & risk management platform enabling P&C insurance companies to identify and mitigate risk, improve operational and inspection efficiency, and build more transparent customer experiences.
- Earnix – Provides real-time AI-driven rating, dynamic pricing, product personalization, and fully operationalized telematics solutions through the Earnix Enterprise Rating Engine, enabling smart, agile, and efficient insurance operations.
- Experian – Financial data tools to help insurers optimize underwriting and rating processes and mitigate risk.
- Floatbot – A SaaS-based omnichannel Conversational AI platform offering end-to-end customer interaction automation solutions that help insurers increase digital sales, reduce support costs, and boost agent productivity.
- FRISS – Automated fraud, risk and compliance solutions for P&C insurance companies worldwide through AI-powered solutions for underwriting, claims, and Special Investigative Units (SIU).
- Glia – Digital Customer Service (DCS) solution enriches web and mobile experiences with digital communication choices, on-screen collaboration, and AI-enabled assistance.
- Gradient AI – An AI platform designed to improve loss ratios and profitability by accurately predicting underwriting and claim risks, reducing quote turnaround times and claim expenses.
- Mendix – A low-code enterprise application development platform that helps insurers achieve digital transformation success by automating workflows and redefining customer experiences.
- Nuon – A real-time pricing AI platform enabling insurers, brokers, and MGAs to run millions of pricing experiments across the full insurance product lifecycle to gain deep retail or market price recommendations.
- OBRIEN Insurance Solutions – A best-in-class provider of print/mail and electronic delivery of policyholder communications, targeting marketing programs and payments.
- OneSpan – eSignature solutions that digitize agreement processes and insurance forms to deliver policies and settle claims faster.
- Radity – Turns ideas and products into solutions that are optimized for best-in-class user experience, return on investment, and scalability.
- Relativity6 – AI live search intelligence platform retrieves up-to-the-second information about a business to automatically detect its 6-digit NAICS code, verify its existence, and flag any need-to-know keywords.
- Snapsheet – SaaS solutions that can be used as a digital end-to-end claims management software platform or as separate modules, including Appraisals, Claims, and Payments.
- SortSpoke – Rapid machine-learning technology that automates complex data entry work, helping enterprises quickly turn unstructured documents into structured data.
- Stripe: Stripe is a financial infrastructure platform for businesses. Carriers can quickly and easily accept payments for insurance premiums using Stripe Payment Links directly from Socotra with this app in Socotra App Marketplace.
- Unqork – An enterprise no-code application platform that helps leading organizations build, deploy and manage complex software without having to think about code.
Last month, Socotra announced the first set of app publishers, including CAPE Analytics, Coherent, DataArt, Fenris Digital, Five Sigma, Fize, Fulcrum Digital, Geosite, GhostDraft, One Inc, Tranzpay, and Verisk.
Learn more about Socotra App MarketPlace at InsureTech Connect 2022 when Socotra hosts the Modern CoreTech Forum on September 20 at the Mandalay Bay in Las Vegas. Partners will also demo apps throughout the conference at the Socotra booth.
About Socotra
Socotra brings unparalleled speed and ease to insurance technology. With Socotra’s modern core platform, global insurers and insurtech MGAs can accelerate product development, reduce maintenance costs, and improve customer experiences. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable. To learn more, visit socotradev.wpengine.com.