Insurtech: Socotra App MarketPlace Welcomes Twelve Insurance Technology Partners

Socotra, the modern core platform provider for innovative insurers, recently announced that twelve established insurance technology providers have joined Socotra App MarketPlace “to publish modern software apps connected to Socotra policy core, making the platform the fastest way for insurers to bring new products and features to market.”

Built on Socotra’s Cloud platform, Socotra App MarketPlace is considered to be “a breakthrough for the insurance industry, enabling insurers to eliminate integration projects and add new solutions and services in minutes.”

As insurers seek to stay competitive and introduce new products and features at unprecedented speeds, they’re increasingly looking “to advanced technology solutions that accelerate time-to-market and modernize every aspect of the insurance value chain, from user experience to underwriting to claims.”

However, integrating these modern technologies “is often impossible due to inflexible legacy core systems.”

Dan Woods, Founder and CEO, Socotra, said:

“From Salesforce AppExchange to Stripe App Marketplace to AWS Marketplace, there is no stronger engine for innovation than an app ecosystem. Socotra App MarketPlace is the first marketplace for insurers that works just like these well-known enterprise app marketplaces. Socotra was already the industry’s best platform for innovation. With the addition of Socotra App MarketPlace, Socotra customers are able to add nearly limitless capabilities in minutes, not months.”

Socotra App MarketPlace was “introduced at InsureTech Connect 2021 as a beta program, and Socotra has made steady progress on building out the vision of a modern core platform.”

The first twelve partners developing apps for Socotra App MarketPlace include:

  • CAPE Analytics: Instant property intelligence for buildings across the United States and Canada for residential and commercial property stakeholders
  • Coherent: Offers Spark, a low/no-code SaaS platform that “API-ifies” Excel, enabling workflows that reduce days and hours into minutes for even the most complex business logic
  • DataArt: A global software engineering firm that takes a uniquely human approach to solving problems
  • Fenris Digital: A suite of API-delivered, SOC2 compliant products which leverage well-established, proprietary data repositories for Predictive Scoring, Data Enrichment and Pre-fill, and Life Event Monitoring & Alerts
  • ​​Five Sigma: A cloud-native, data-driven Claims Management Solution with embedded AI/ML capabilities to allow simple and smart claims processing for the insurance industry
  • Fize: Empowers consumers to access, retrieve, and use their insurance policy data from wherever it’s being held
  • Fulcrum Digital: Expertise in digital transformation, machine learning and emerging technologies, and offering a consulting-led, integrated suite of enterprise-grade software solutions catering to the ever-evolving needs of insurers, Insurtech, and Fintech
  • Geosite: A platform and data engine that enables carriers to access and leverage geospatial data in their day-to-day insurance operational processing
  • GhostDraft: An intuitive, end-to-end customer communications and digital experience platform that empowers insurers to rapidly transform communications into engaging experiences
  • One Inc: Modernizing the insurance industry through a unified and frictionless payment network that reduces costs, increases security, and optimizes the customer experience
  • Tranzpay: Provides electronic payment solutions utilizing the latest technologies and a forward thinking mindset
  • Verisk: A trusted partner to many in the insurance industry providing data-driven analytic insights and solutions, integrated with their 360Value® reconstruction cost estimate data to help insurers maintain insurance-to-value – from new business to renewal

As noted in the update, Socotra brings 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 experiences.”

Socotra reportedly “provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable.”

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