Jetty, a financial services company focused on making home renting more affordable and accessible, has partnered with Socotra to bolster its insurance operations.
The move has seen Jetty successfully migrate two of its key products, Jetty Deposit, a surety solution, and Jetty Protect, a renters insurance product, to Socotra’s cloud-native platform, according to FF News.
This means that the firm has received support for surety, renters insurance, and complex transactions related to personal leases.
Suleiman Sukkar, Vice President of Product Delivery at Socotra, explained the benefits of the firm’s offering, stating, “Socotra is the system of record that enables you to move forward instead of holding you back. Insurers can create and manage products without expensive workarounds and customisations, with enforced data integrity and traceability. We are thrilled to see Jetty succeeding with Socotra, and we look forward to working with them long into the future.”
As a result of this, Jetty’s policy binding process has become four times faster after switching to Socotra, while the company’s financial reporting processes have significantly improved, shifting from a daily batch system to near-instantaneous reporting.
This enhanced speed and reliability have enabled Jetty to meet reporting requirements and streamline policy data usage for underwriting analysis.
Jetty sought a platform that would offer easy data access and accelerate business processes without sacrificing reliability.
The company needed a system that could integrate seamlessly with external systems, provide native API support, and enhance its digital experiences.
This was found with Socotra, which offers the ability integrate with key external platforms such as Stripe and Snapsheet, alongside its key API capabilities and real-time bulk data access.
Socotra’s platform has provided Jetty with a stable core system, free of business interruptions. This has allowed the insurer to scale its business aggressively while maintaining operational stability.
“Socotra’s expansive APIs and flexible configuration helped us deliver on our specific product needs without sacrificing engineering simplicity,” said Junaid Warwani, Head of Product Engineering at Jetty.
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