Snapsheet and Socotra Partner on Core Insurance Platform

The policy and claims tech stack created through the partnership helps insurers stand up modern and flexible next-generation products in as little as 10 weeks.

(Image source: Adobe Stock.)

Snapsheet (Chicago), the pioneer of virtual appraisals and provider of cloud-native claims management software, and Socotra (New York), a cloud-native insurance core platform, have announced a joint platform solution built in the cloud, which the vendors say allows insurers to quickly deliver and scale new products to drive more efficient, digital-first experiences spanning the entire policy lifecycle, from quote to claim.

CJ Przybyl, Co-Founder, Snapsheet.

By providing a modern, enterprise-grade core system, Socotra says it enables insurers to accelerate product development, reduce maintenance costs, and improve customer experiences. Snapsheet says its Claims software provides all 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, according to a joint vendor statement.

Dan Woods, CEO, Socotra.

“Through our integration with Socotra, carriers can launch products faster with a fully configurable suite of SaaS solutions, ultimately making the end-to-end experience easier and more automated for insureds,” says CJ Przybyl, chief strategy officer and co-founder, Snapsheet. “We are excited to now easily offer a full-featured claims platform for Socotra customers at the click of a button.”

“We are thrilled to work alongside Snapsheet to further our mission to empower insurers to develop and distribute products that better serve their customers,” comments Dan Woods, chief executive officer and founder at Socotra. “By integrating with Snapsheet’s cloud-first claims technology, we provide a modern tech stack that simplifies the entire policy lifecycle, empowering insurers while saving them time and money.”

Quick to Implement, Flexible for Changing Needs

John Chu, Founder and CEO, Bamboo Insurance.

The companies report that InsurTech distributor Bamboo Insurance (Woodside, Calif.) is one of the first users of the joint solution.

“Our goal is to leverage state-of-the-art technology to meet the evolving needs of our customers,” comments John Chu, founder and CEO, Bamboo Insurance. “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.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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