Floatbot partners with Socotra to enable insurers to deliver enhanced customer experiences backed by powerful core functionality

May 5, 2022

The integrated solution combines Floatbot’s advanced voice AI technology with Socotra’s flexible modern core platform

Floatbot, a SaaS-based Voice AI platform exclusively built and trained for insurance solutions, today announced that it has partnered with Socotra, the modern core platform of choice for innovative insurers and insurtech MGAs

Floatbot allows insurers, agencies, MGAs, and agents to leverage its AI-powered chatbots and voicebots to increase digital sales of insurance policies and renewals by 150%, reduce customer support costs by 40%, automate claims FNOL, and increase customer satisfaction (CSAT) scores by 80%. Socotra enables insurers of all sizes to launch innovative insurance products in as little as two months with minimal effort and expense. With Socotra’s off-the-shelf capabilities and open APIs, insurers can easily configure any insurance product and facilitate seamless integration with next-generation technology. 

Through the partnership, Floatbot’s chatbots and voicebots will read and write mission-critical policyholder information directly from Socotra, providing customers with a more personalized experience, while streamlining insurance operations. The combined solution will give insurers the ability to enhance the customer experience from quote to claim, while automating customer support, contact center operations, and claims FNOL.

“Forward-looking insurers face challenges today to deliver superior customer experiences without increasing operational costs. Combining Socotra’s robust backend capabilities with Floatbot’s leading conversational AI technology, insurers can take advantage of efficient product management, omni-channel customer engagement, more sales and renewals, lower support costs, and enhanced customer satisfaction,” says Jimmy Padia, CEO of Floatbot. “What makes this partnership unique is that it provides insurers with a complete solution that covers product development to sales to customer support.”

“We’re excited to welcome Floatbot to the growing Socotra community,” said Ekine Akuiyibo, VP of Business Development and Deployments at Socotra. “By combining Floatbot’s sophisticated AI solutions with Socotra’s powerful cloud-native platform, insurers can now automate and deliver an enhanced end-to-end journey for their customers that is personalized, relevant, and timely.”

About Floatbot

Floatbot is a deep-tech AI chatbot and voicebot development platform that helps businesses across a wide range of industries. For insurance, Floatbot developed custom-built solutions that facilitate customer service engagements via digital sales, need analysis, robo advisory, FNOL validation, and claims automation. Floatbot’s platform is AI-driven and powered by deep-tech NLP algorithms and neural networks, adapting to the complex needs of clients and end-users alike. To learn more, visit floatbot.ai.

About Socotra

Socotra is bringing unparalleled speed and ease to insurance technology. With Socotra’s modern core platform, global insurers and insurtech MGAs can accelerate product development, reduce maintenance 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.


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