(Image source: Socotra.)
Socotra has launched Socotra CorePlus, a line of complete insurance IT solutions composed of Socotra Connected Core, integrated via Socotra App MarketPlace with prominent industry software and data providers, including Mendix, Snapsheet, and Stripe. The vendor describes Socotra CorePlus as designed to decrease risk and costs, while increasing speed-to-market and standardization.
The vendor makes its case for the new solution suite by noting that insurers today consistently want to leverage up to 15 point solutions to drive value for different use cases across their organizations. However, the vendor statement continues, most core systems stifle this progress due to long and expensive integration projects that pose a high risk of failure.
The Socotra CorePlus option offers insurers a pre-integrated solution connecting what it calls the industry’s best software providers. Socotra CorePlus also empowers insurers to future-proof their tech stack by quickly and easily swapping out third-party technology providers via Socotra App MarketPlace, the vendor says.
CorePlus has launched with two offerings: CorePlus Homeowners and CorePlus Auto. The vendor says that these build on its successful track record with 14 customers in these lines of business, with both solutions providing insurers with flexible, market-ready features that accelerate product launches, improve efficiency, and power innovation.
“The needs of today’s insurers have far outstripped what any one vendor can provide,” comments Dan Woods, Founder and CEO of Socotra. “Socotra CorePlus delivers a line of end-to-end insurance IT solutions from the industry’s leading technology providers. Insurers gain control of their business and increase their competitiveness through the agility that Socotra CorePlus provides.”
Socotra pitches CorePlus as including a powerful suite of features designed for the entire policy lifecycle:
- Socotra Connected Coreempowers insurers to easily configure and scale cloud-native insurance products
- Socotra App MarketPlace delivers instant access to industry-leading insurance products and services through a simple click-to-run experience
- Socotra Unified Portalstreamlines the sales channel with frontend experiences for customers and agents
- Underwriting Workbench, powered by Mendix, streamlines insurers’ applications and processes by providing automation to underwriters while speeding decisions and amplifying the human touch
- Distribution Management, powered by Mendix, gives carriers a holistic view of their producers and more efficient means to managing those relationships
- SnapSheet Claims Managementis an all-in-one system that simplifies and improves the customer claims experience
- Stripe Payment Linksallows carriers to quickly and easily accept payments for insurance premiums
“Together, Socotra and Mendix share a mission to make the insurance agent’s and underwriter’s life easier,” comments Tim Srock, CEO, Mendix. “Delivering a more modern user experience to the insurance world is only the beginning. Insurers can use the Underwriting Workbench or Distribution Management solutions, and they can also use the power of the Mendix platform to compose many types of solutions and integrate them with Socotra.”
“Snapsheet, like Socotra, is deeply invested in giving customers the best experiences possible,” comments Brad Weisberg, founder and CEO. “In this era of modern ecosystems, it’s important that they’re given the power to build a product to their specification, or be confident that the product they’re buying is powered by the highest-rated products and services in the industry. That’s why we’re delighted to provide our best-in-class claims solution as part of Socotra’s seamless CorePlus suite.”