Socotra, a modern core platform provider for insurers, has revealed that twelve insurance technology providers have joined its marketplace to publish modern software apps.
Socotra App MarketPlace is built on Socotra’s cloud platform, and according to the company, enables insurers to eliminate integration projects and add new solutions and services in minutes.
Socotra recently revealed its twelve InsurTech partners, which 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.
According to Socotra, as insurers seek to stay competitive and introduce new products and features at unprecedented speeds, they are increasingly looking to advanced technology solutions that accelerate time-to-market and modernise every aspect of the insurance value chain, from user experience to underwriting to claims.
However, Socotra said, 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 programme, and Socotra said it has since make steady progress on building out the vision of a modern core platform.
Last month, Socotra teamed up with InsurTech company Ledgebrook to improve quoting for wholesale brokers.
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