(Image source: Socotra homepage.)
Socotra (New York), a cloud-native core platform for insurers, has announced Socotra Marketplace, which the vendor characterizes as the industry’s first no-code app marketplace. Joined by charter partners Betterview and Snapsheet, the company unveiled Socotra Marketplace during the Modern CoreTech Forum at ITC 2021 in Las Vegas last week.
Socotra Marketplace empowers insurers to accelerate the integration of their core systems with a variety of innovative third-party applications and services, according to a vendor statement. Socotra Marketplace offers integration apps that can be deployed instantly by technical or non-technical users and require no custom coding, in stark contrast to the traditional core system marketplaces that require lengthy and expensive IT projects to deploy integrations, the statement says.
“Socotra Marketplace continues our mission to equip the insurance industry with the same quality of technology we all enjoy in other areas of our lives—whether it’s adding an extension to your browser or a new app to your smartphone,” comments Dan Woods, founder and CEO, Socotra. “Partnerships and integrations are nothing new to Socotra, but we didn’t want to call it ‘Socotra Marketplace’ until the underlying technology met the world’s standard for app marketplaces.”
“Socotra Marketplace is a true game-changer for insurers and insurtech companies alike,” says CJ Przybyl, co-founder and Chief Strategy Officer, Snapsheet (Chicago). “We love that our customers can now integrate Snapsheet’s solutions with Socotra at lightning speed. In addition, our customers will benefit by having easy access to a broad ecosystem that covers an insurer’s every need.”
In addition to a catalog of apps, Socotra Marketplace includes modern tools and cloud infrastructure that enables app creators to build, run, and maintain integration apps faster and more efficiently than has ever been possible, the vendor statement asserts. “Partners, customers, and systems integrators can build apps for their own use or to share with the Socotra community through the marketplace,” the vendor says.
“Modern insurers rely on countless sources of data and analytics to make decisions and deliver standout customer experiences,” comments David Tobias, Co-Founder and COO, Betterview (San Francisco). “Socotra Marketplace helps our customers integrate our full suite of actionable insights into their systems without lengthy and expensive custom IT projects.”
Charter partners participating in Socotra Marketplace include Avolanta, Betterview, Cape Analytics, Fenris, Omni:us, One Inc, Snapsheet, and Sureify. InsurTechs that wish to build and share integration apps during the Socotra Marketplace Partner beta can learn more and request an invitation by visiting www.socotra.com/marketplace-beta, the Socotra statement says.