Socotra launches CorePlus line of end-to-end insurance IT solutions

Powered by Socotra Connected Core and Socotra App MarketPlace, Socotra CorePlus includes two offerings: CorePlus Homeowners and CorePlus Auto

Austin, TX (Feb. 27, 2023) – Socotra is pleased to announce the launch of Socotra CorePlus™, a line of complete insurance IT solutions composed of Socotra Connected Core, seamlessly integrated via Socotra App MarketPlace with industry-leading 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 today 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 today 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.

“The needs of today’s insurers have far outstripped what any one vendor can provide,” said Dan Woods, Founder and CEO of Socotra. “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

“Together, Socotra and Mendix share a mission to make the insurance agent’s and underwriter’s life easier,” said Mendix CEO, Tim Srock. “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, like Socotra, is deeply invested in giving customers the best experiences possible,” said Snapsheet Founder and CEO, Brad Weisberg. “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.”

Learn more about Socotra CorePlus at the Socotra Connected PlatForum on February 28 in London and on March 28 in New York City. Meet our team at Booth P7 at Insurtech Insights Europe, March 1-2.

About Socotra

Socotra brings unparalleled speed, flexibility, and choice that gives insurers more control over their businesses. With Socotra’s complete insurance solutions, insurers and MGAs of all sizes can accelerate product development, reduce costs, and improve customer experiences. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable. For more information, visit www.socotra.com.

About Mendix

Mendix, the low-code engine of the Siemens Xcelerator platform, is quickly becoming the application development platform of choice to drive the enterprise digital landscape. Mendix’s industry-leading low-code platform, dedicated partner network, and extensive marketplace support advanced technology solutions that boost engagement, streamline operations, and relieve IT logjams. Mendix empowers enterprises to build apps faster than ever; catalyzes meaningful collaboration between IT and business experts; and maintains IT control of the entire application landscape. The Mendix low-code platform is used by more than 4,000 enterprises in 46 countries and has an active community of more than 300,000 developers who have created over 200,000 applications.

About Snapsheet

The worldwide leader in virtual appraisal technology and claims management software, Snapsheet helps claims organizations of all sizes quickly improve customer experience, drive greater organizational agility, and deliver transformational benefits through cloud-native solutions. For more information, visit www.snapsheetclaims.com.

Source: Socotra

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