Socotra, a modern core platform provider for insurers, has launched CorePlus solution in partnership with leading technology providers Mendix, Snapsheet and Stripe.
Socotra CorePlus™ is a line of complete insurance IT solutions composed of Socotra Connected Core, integrated via Socotra App MarketPlace with software and data providers, including Mendix, Snapsheet, and Stripe.
The solutions are designed to decrease risk and costs, while increasing speed-to-market and standardisation.
According to Socotra, insurers today consistently want to leverage up to 15 point solutions to drive value for different use cases across their organisations. However, most core systems stifle this progress due to long and expensive integration projects that pose a high risk of failure.
With Socotra CorePlus, the company said 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.
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 suite of features designed for the entire policy lifecycle, including Stripe Payment Links to allow carriers to quickly and easily accept payments for insurance premiums.
The platform also includes “Underwriting Workbench”, powered by Mendix, to streamline insurers’ applications and processes by providing automation to underwriters while speeding decisions and amplifying the human touch.
Earlier this year, Socotra announced it is planning a European expansion following the growth in demand for its API-driven, cloud-first technology, which increases insurers’ speed-to-market at lower cost .
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
