AUSTIN, Texas–(BUSINESS WIRE)–Socotrathe modern central platform provider for innovative insurers, today announced that Socotra app market— currently offering access to 30 application editors — is now available to Socotra customers. These customers can now eliminate long, inflexible integration projects and add new features and services in minutes.
As the insurance industry becomes increasingly competitive, insurers are looking for new ways to innovate and launch products faster than ever. This requires an ecosystem of modern technology partners.
Built on Socotra’s cloud-native, API-driven platform, the App MarketPlace enables insurers to instantly connect to a wide range of applications that enhance every aspect of the insurance value chain, including data providers and platforms, scoring, document management, payment processing, claims user interfaces, customer communications, electronic signatures and third-party application publishers.
“There is no debate. From iPhone and Chrome browser to AWS and Roku, app marketplaces are the best engine for software innovation,” said Dan Woods, Founder and CEO of Socotra. “Socotra App MarketPlace is a breakthrough in the industry. Insurers can finally connect multiple platforms just by clicking to install apps, and it works instantly. This means faster product launches and lower maintenance costs. Today marks the very beginning of the fast-connect era in insurance computing.
“Today’s consumer expects their purchase to be digital, painless and built around them. When it comes to insurance, we still have a long way to go,” said Joanna Raitano, head of Stripe Partner Ecosystem, Americas. “Stripe joining Socotra App Marketplace means more operators have access to financial tools that save time, increase payment conversion and give customers the flexibility to pay online. alongside dozens of partners helping the insurance industry succeed in the internet economy.”
Today, the following app publishers are joining Socotra App MarketPlace, for a total of 30 app publishers announced so far:
- Agne – Partner with both established operators and insurtech startups to quickly define and implement the technology they need to achieve their business goals.
- Better view – A real estate intelligence and risk management platform enabling P&C insurance companies to identify and mitigate risk, improve operational and inspection efficiencies, and create more seamless customer experiences .
- To win – Provides real-time AI-based pricing, dynamic pricing, product customization and fully operational telematics solutions through the Earnix enterprise rating engine, enabling smart, agile and efficient insurance operations.
- Experian – Financial data tools to help insurers optimize underwriting and pricing processes and mitigate risk.
- Float – A SaaS-based omnichannel conversational AI platform delivering end-to-end customer interaction automation solutions that help insurers increase digital sales, reduce support costs and increase customer productivity officers.
- FRISS – Automated fraud, risk and compliance solutions for P&C insurance companies worldwide through AI-powered solutions for underwriting, claims and special investigation units (SIUs).
- Glia – The Digital Customer Service (DCS) solution enriches web and mobile experiences with digital communication choices, on-screen collaboration, and AI-powered assistance.
- Degraded AI – An AI platform designed to improve claims ratios and profitability by accurately predicting underwriting and claims risks, reducing quote turnaround times and reducing claims costs.
- Mendix – A low-code enterprise application development platform that helps insurers achieve digital transformation success by automating workflows and redefining customer experiences.
- nuon – A real-time pricing AI platform enabling insurers, brokers and MGAs to run millions of pricing experiments across the full insurance product lifecycle to gain insights in-depth recommendations on retail or market prices.
- OBRIEN Insurance Solutions – One of the leading providers of print/mail and electronic policyholder communications services targeting marketing programs and payments.
- OneSpan – E-signature solutions that digitize agreement processes and insurance forms to provide policies and settle claims faster.
- Radiity – Transforms ideas and products into optimized solutions for best-in-class user experience, ROI and scalability.
- Relativity6 – The AI live search intelligence platform fetches up-to-the-second information about a business to automatically detect its 6-digit NAICS code, verify its existence, and flag any keywords you need to know.
- Root – Proven telematics solutions providing actionable insights into driving behavior. The SDK and white-label application allow insurers to seamlessly implement a data-driven risk management strategy, so they can price better from day one.
- Snapshot sheet – SaaS solutions that can be used as an end-to-end digital claims management software platform or as separate modules, including assessments, claims and payments.
- SortSpoken – Rapid machine learning technology that automates complex data entry work, helping businesses quickly transform unstructured documents into structured data.
- Bandaged: Stripe is a financial infrastructure platform for businesses. Carriers can accept insurance premium payments quickly and easily using Stripe payment links directly from Socotra with this application in Socotra App Marketplace.
- to cancel – A no-code enterprise application platform that helps large organizations build, deploy, and manage complex software without having to think about code.
Last month, Socotra announced the first group of application publishersincluding CAPE Analytics, Coherent, DataArt, Fenris Digital, Five Sigma, Fize, Fulcrum Digital, Geosite, GhostDraft, One Inc, Tranzpay and Verisk.
Learn more about Socotra App MarketPlace at InsureTech Connect 2022 when Socotra hosts the Modern CoreTech Forum September 20 at Mandalay Bay in Las Vegas. The partners will also present demonstration applications throughout the conference on the Socotra stand.
Socotra brings unparalleled speed and ease to insurance technology. With Socotra’s modern core platform, global insurers and insurtech MGAs can accelerate product development, reduce maintenance costs and improve customer experience. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box functionality to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable. To learn more, visit socotra.com.