(Image source: Symetra homepage.)
Symetra Life Insurance Company, the Bellevue, Washington-based subsidiary of Japanese insurer Sumitomo Life (Tokyo), has chosen Socotra (San Francisco) as the core system for its planned build-out of a digital platform.
Symetra selected Socotra in part because it was the only cloud-native core platform that empowered Symetra’s technical team to model their product and test their pricing in a proof of concept, a vendor statement says. Socotra reports that during the selection process, its open design, with pre-built APIs and publicly available documentation, enabled seamless integrations, allowing Symetra to freely and easily transfer data between external systems.
“Symetra wanted the ability to rapidly develop and deploy new products in an agile fashion as consumers shift their purchasing habits to digital channels,” comments Mindi Work, SVP and chief of strategy, Symetra. “Socotra’s platform allows us to adapt our processes and deliver the best experience to our customers. As Symetra continues to build and offer digital-first products, Socotra’s cloud-native platform, powerful data model, and intuitive design will be leveraged to facilitate a smooth transition from existing architecture and provide a strong foundation for Symetra’s future.”
The vendor notes that because its technology is cloud-native and relies on public documentation, Symetra’s technical team can handle the entire implementation process for the new initiative in house—allowing the company to move quickly and implement on a short timeline.
Enabling Rapid Adaptation
“Socotra is proud to accelerate Symetra’s goals for innovation, including the digitization of its product offerings,” comments Dan Woods, CEO of Socotra. “With Socotra’s flexible and cloud-native platform, Symetra will achieve an even higher level of service, and rapidly adapt and innovate within the insurance ecosystem for years to come.”