Socotra, a developer of insurance technology, has named 12 InsurTech companies to join its Socotra App Marketplace.
Its cloud-based marketplace is a suite of software apps connected to Socotra policy core, enabling insurers to eliminate integration projects and add new solutions and services in minutes. It was initially introduced in 2021 as a beta program.
The first 12 partners developing apps for Socotra App MarketPlace include CAPE Analytics, an instant property intelligence for buildings across the US and Canada for residential and commercial property stakeholders.
Fulcrum Digital, which offers digital transformation, machine learning and emerging technologies, as well as software aimed at insurance, also joined the group.
Another company in the cohort is Coherent. The InsurTech offers a low/no-code SaaS platform that ‘API-ifies’ Excel. With this, companies can reduce workflows from taking days and hours into minutes.
Other companies include global software engineering firm that leverages human approaches DataArt; API developer of predictive scoring, data enrichment and pre-fill, and life event monitoring and alerts Fenris Digital; cloud-native claims management solution Five Sigma; and Fize, which helps consumers access, retrieve and use their insurance policy data.
The remaining companies of the group are Geosite, which leverages geospatial data in insurance operational processes; GhostDraft, an end-to-end customer communications and digital experience platform; One Inc, which modernises insurance with a frictionless payment network; Tranzpay, a developer of electronic payment solutions; and Verisk, which gives data-driven analytic insights and solutions.
Socotra founder and CEO Dan Woods 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.”
Earlier in the year, Socotra acquired Avolanta, a software startup offering a unified portal for the insurance industry.
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