(Image credit: Senjin Pojskić.)
Socotra (New York), a cloud-native core platform for insurers, has announced that it is partnering with InsurTech Betterview (San Francisco) to make the underwriting tools and resources of both companies available to insurers on a single platform. The two companies will provide insurers with instant access to Betterview’s property intelligence data along with Socotra’s underwriting workflows without leaving Socotra’s modern core platform.
Founded in 2014 by insurance industry veterans, Betterview provides property/casualty insurance carriers with actionable property intelligence. The vendor says that, by using a combination of third-party data, geospatial intelligence, and proprietary machine learning tools, it provides an accurate assessment of a property’s real risk drivers, including the Roof Spotlight Index, a 100-point assessment of a roof’s condition. The Betterview Platform interface and its integrated rules and flagging engine make it easy for underwriters to take direct actions based on these insights, preventing future losses and lowering loss ratios, according to the vendor.
Socotra pitches itself as delivering robust functionality across the entire policy lifecycle, including underwriting and rating, policy administration, billing, claims, and reporting. Insurers can easily configure Socotra’s powerful rating and underwriting engine or build their own proprietary pricing model on top of the platform, the vendor says. Leveraging Socotra’s open APIs, insurers can quickly integrate an array of data sources to improve risk assessment and offer personalized pricing, a vendor statement adds.
Speed, Efficiency and Other Clear Benefits
“By bringing together the Socotra and Betterview technologies we’ll make the underwriting process significantly easier for our shared insurance company customers,” comments David Tobias, co-founder and Chief of Operations, Betterview. “Along with the speed, efficiency, and other clear benefits offered by technology, insurers value ease of implementation which is why we’re excited about our out-of-the-box integration with Socotra.”
“Joining forces with Betterview represents a big win for our mutual customers,” comments Ekine Akuiyibo, VP, Business Development and Deployments, Socotra. “With the integration of our capabilities, property and casualty insurers can instantly leverage Socotra’s powerful underwriting engine and Betterview’s actionable property intelligence to obtain more accurate risk assessments and ultimately achieve greater profitability.”