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Socotra (San Francisco), a cloud-native core platform for insurers, and Unqork (New York), an enterprise no-code platform, have announced a partnership to help insurers accelerate digital transformation efforts and create digital-first experiences for their users.
The vendors say the partnership will provide insurers with an intuitive, end-to-end solution to launch and scale innovative products. Socotra describes itself as the first truly modern core platform empowering insurers to easily build new products while reducing implementation and maintenance costs by leveraging open APIs and cloud-native architecture. Unqork says its no-code platform allows enterprise customers to create mission-critical software faster and at a lower cost—all without writing a single line of code.
A joint statement from the vendors says that, working in parallel for their joint customers, Socotra will deliver core functionality for rating, underwriting, policy administration, billing, claims, and reporting while Unqork helps insurers build front-end agent experiences and digitize customer servicing processes.
“Socotra and Unqork have a common goal to empower innovation across the insurance landscape,” comments Ekine Akuiyibo, VP, Business Development and Deployments, Socotra. “Socotra’s flexible core platform, combined with Unqork’s ability to customize frontend experiences, gives insurers all the tools they need to easily launch new products, reduce costs, and improve speed-to-market.”
Full Service Solution
“As insurers face increasing pressure to modernize their operations, more and more are looking to platforms like Unqork and Socotra to support and accelerate their digital transformations,” says Christian Barrera, VP, Alliances and Ecosystem, Unqork. “By combining Unqork’s enterprise no-code platform with Socotra’s comprehensive policy lifecycle management, we’re providing a full-service solution that will help insurers move faster and maintain their competitive edge.”
“Insurers are increasingly finding that combining a robust core platform with frontend experiences built on no-code enables them to simplify workflows and accelerate innovation across the entire value chain,” comments Karlyn Carnahan, Head of North America Property Casualty at Celent. “Together, these intuitive platforms represent a huge leap forward in bringing insurance technology into the modern age.”