Insurtech Socotra Introduces CorePlus Insurance IT Solutions

Socotra announced the launch of Socotra CorePlus, a line of complete insurance IT solutions composed of Socotra Connected Core, seamlessly integrated via Socotra App MarketPlace with software and data providers, including Mendix, Snapsheet, and Stripe. Socotra CorePlus is designed to decrease risk and costs, while increasing speed-to-market and standardization.

Insurers consistently want “to leverage up to 15 point solutions to drive value for different use cases across their organizations.”

However, most core systems “stifle this progress due to long and expensive integration projects that pose a high risk of failure.”

With Socotra CorePlus, insurers get “a pre-integrated solution connecting the industry’s best software providers.” Socotra CorePlus also “empowers insurers to future-proof their tech stack by quickly and easily swapping out third-party technology providers via Socotra App MarketPlace.”

CorePlus launches “with two offerings: CorePlus Homeowners and CorePlus Auto. Building upon Socotra’s successful track record with 14 customers in these lines of business, both solutions provide insurers with flexible, market-ready features that accelerate product launches, improve efficiency, and power innovation.”

Dan Woods, Founder and CEO of Socotra, said:

“The needs of today’s insurers have far outstripped what any one vendor can provide. Socotra CorePlus delivers a line of end-to-end insurance IT solutions from the industry’s leading technology providers. Insurers gain control of their business and increase their competitiveness through the agility that Socotra CorePlus provides.”

CorePlus includes a powerful suite of features designed for the entire policy lifecycle:

  • Socotra Connected Core empowers insurers to easily configure and scale cloud-native insurance products
  • Socotra App MarketPlace delivers instant access to industry-leading insurance products and services through a simple click-to-run experience
  • Socotra Unified Portal streamlines the sales channel with frontend experiences for customers and agents
  • Underwriting Workbench, powered by Mendix, streamlines insurers’ applications and processes by providing automation to underwriters while speeding decisions and amplifying the human touch
  • Distribution Management, powered by Mendix, gives carriers a holistic view of their producers and more efficient means to managing those relationships
  • Snapsheet Claims Management is an all-in-one system that simplifies and improves the customer claims experience
  • Stripe Payment Links allows carriers to quickly and easily accept payments for insurance premiums

Mendix CEO, Tim Srock said:

“Together, Socotra and Mendix share a mission to make the insurance agent’s and underwriter’s life easier. Delivering a more modern user experience to the insurance world is only the beginning. Insurers can use the Underwriting Workbench or Distribution Management solutions, and they can also use the power of the Mendix platform to compose many types of solutions and integrate them with Socotra.”

Snapsheet Founder and CEO, Brad Weisberg,  said:

“Snapsheet, like Socotra, is deeply invested in giving customers the best experiences possible. In this era of modern ecosystems, it’s important that they’re given the power to build a product to their specification, or be confident that the product they’re buying is powered by the highest-rated products and services in the industry. That’s why we’re delighted to provide our best-in-class claims solution as part of Socotra’s seamless CorePlus suite.”

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