Mendix, a Siemens business and global leader in modern enterprise application development, announced that Socotra, a provider of end-to-end insurance IT solutions, is now a Mendix independent software vendor (ISV).
The Mendix ISV Program is “available for partners across all industries to expand their businesses and monetize their domain expertise by selling unique customer-centric solutions.”
The program “provides an ideal set of benefits to enable businesses to successfully develop, bring to market, sell, and deploy software solutions built on the Mendix low-code platform.”
Socotra is one of many companies “benefiting from Mendix’s ISV program.”
The program is “tailored to companies who want the advantages of the world’s leading enterprise low-code platform when they want to build solutions for their industry.”
Jethro Borsje, chief ecosystem solutions officer at Mendix, said:
“Our ISV program allows participants to create solutions that target each industry’s unique needs and pain points using their deep industry expertise, be it in banking, financial services, insurance, manufacturing, retail, or the public sector. Mendix’s technology enables Socotra to rapidly deliver solutions that give insurers more flexibility and control over their business.”
Dan Woods, CEO of Socotra, said:
“Our ongoing mission is to liberate the insurance industry from the rigid, fragile, over-customized technologies of the past. Our Socotra Connected Core is the backbone of managing an insurance business. Our CorePlusä offering, including the Underwriting Workbench and Distribution Management solutions, built with Mendix technology, extends the capabilities of our Connected Core”.
As noted in the update, Socotra claims it is already known “for its Connected Core: the cloud-native insurance policy administration system that is enhanced by its ecosystem of pre-integrated API-enabled partners.”
Using this as a foundation, Socotra CorePlus is “an end-to-end solution that provides insurers with the flexibility and speed needed to compete in today’s dynamic market.”
The CorePlus Underwriting Workbench and Distribution Management solutions, developed with Mendix technology, “are available off-the-shelf and seamlessly integrate with the Connected Core.”
And because they are built with Mendix low-code technology, insurers “can tailor them quickly and easily.”
As of today, Socotra CorePlus includes:
- Underwriting Workbench which streamlines insurers’ applications and processes by providing automation to underwriters while speeding decisions and amplifying the human touch.
- Distribution Management for a holistic view of producers and a more efficient means of managing those relationships.
As explained in the announcement, Socotra’s Underwriting Workbench and Distribution Management solutions “target challenges many insurers face, including handling fragmented and inefficient processes.”
It addresses situations “where data sits in multiple silos making information retrieval and finding answers slow, cumbersome, tough to facilitate, and difficult to track.”
The Underwriting Workbench acts “as a control panel for underwriting tools and processes, improving efficiency and effectiveness.”
Insurers also struggle “to keep track of distributors and stay on top of their performance.”
The Distribution Management solution “allows insurers to insightfully manage producer relationships.”