Insurance Industry Trends Forecast the Unique Advantages of Socotra App MarketPlace
October 24, 2022
The first-of-its-kind insurance app marketplace empowers insurers to deliver products and services faster than ever before
With the insurance industry becoming ever more competitive, insurers are seeking innovative solutions that speed time to market and deliver products and services in more cost-effective ways. Technology trends and innovations within the insurance industry are accelerating faster than ever before. Accustomed to streamlined experiences with everything from the iPhone to AWS to Roku, customers are increasingly demanding more frictionless interactions, easier-to-use products and services, and increased engagement from their insurance providers. Enter Socotra App MarketPlace, the only insurance partner ecosystem of its kind, which seamlessly enables users to integrate insurance products and services in a matter of minutes.
The demand for an agile insurance marketplace
Given the insurance industry’s penchant for being risk averse, it’s no surprise that the larger insurance carriers are reluctant to dip their toes in technology adoption. Yet the rapid advancements in technology coupled with the modern consumer’s expectations will force its hand. Today’s tech-savvy consumer expects a frictionless transaction completed in mere minutes from the ease of their mobile phone. While more agile insurtech startups can easily pivot to meet these demands, many insurers continue to grapple with the challenges created by last-generation, incumbent technologies and outdated policy administration systems. These hamper their ability to innovate, deliver products to market quickly, and seize lucrative new opportunities.
Socotra has broken down these barriers for all insurtech carriers and MGAs with its innovative products that allow ease of entry into the market. Its modern policy core platform is built with open APIs, cloud-native architecture, and microservices that enable insurers to quickly develop and launch products with minimal effort. And now, with the launch of the revolutionary Socotra App MarketPlace, insurers get immediate access to an ecosystem of pre-integrated software and data services.
With Socotra App MarketPlace, insurers can connect multiple technology services in minutes just by clicking to install apps. Apps can easily be updated or swapped out within Socotra App MarketPlace, allowing insurers to easily adapt to and meet changing customer needs. Without the hassle of maintaining code, insurers are freed up to develop more products, build their brand, and increase profits.
Insurance industry media is taking note
With the increased buzz surrounding the latest innovations in the insurtech world, industry media is taking notice of the Socotra App MarketPlace’s far-reaching potential. The marketplace launch announcement was published in 83 articles and syndications in outlets with more than 407 thousand syndicated combined visitors per month. Here are some examples of what industry publications are saying:
The fastest way to bring new insurance products to market
Daily Fintech wrote, “Socotra, core platform provider, reported the inclusion of leading insurtechs in its App Marketplace to provide software apps connected to its policy core, making the platform the fastest way to bring new products to market. Built on its cloud platform, Socotra App Marketplace enables insurers to add new features and services in minutes.”
Insurtech Insights quoted David Tobias, Co-Founder and COO of Betterview, “Modern insurers rely on countless sources of data and analytics to make decisions and deliver standout customer experiences. Socotra Marketplace helps our customers integrate our full suite of actionable insights into their systems without lengthy and expensive custom IT projects.”
Improving the insurance value chain
Insurance Edge reports, “The App MarketPlace empowers insurers to instantly connect to a wide array of apps that improve every aspect of the insurance value chain, including data providers and platforms, rating, document management, payment processing, claims user interfaces, customer communications, esignatures, and third-party app publishers.”
Insurance Business Magazine added, “The Socotra App MarketPlace is out of the gate with 30 app publishers. It is built on a platform that’s cloud-native and propelled by APIs, with a goal of helping insurers instantly connect to apps that improve the insurance value chain.”
Helping insurers thrive in the internet economy
Fintech Finance News quoted Americas Head of Stripe Partner Ecosystem Joanna Raitano, “Today’s consumer expects their purchase to be digital, painless, and built around them… Stripe joining Socotra App Marketplace means more carriers have access to financial tools that save time, boost payment conversion, and give customers flexibility to pay online. We’re thrilled to be working alongside dozens of partners that are helping the insurance industry succeed in the internet economy.”
Coverager quoted Socotra CEO Dan Woods, “There is no debate. From the iPhone to the Chrome Browser, app marketplaces are the best engine for software innovation. Socotra App MarketPlace is an industry breakthrough. Today marks the very beginning of the rapid-connection age in insurance IT.”
Accelerating insurance industry innovation
Socotra is devoted to liberating the insurance industry – a critical pillar in the world’s financial infrastructure – from its fragile past technologies. With the next-generation connectivity available through the App Marketplace, insurers can accelerate innovation, increase speed-to-market, and gain the agility needed to compete in today’s dynamic insurance industry.
How a multinational insurer launched a digital-first auto product while reducing costs and increasing customer satisfaction
Partnering with Socotra, the insurer launched their new digital product in just ten months, whereas deploying a comparable legacy system typically would have taken at least two years. Because of this increased speed-to-market, the insurer could significantly save on implementation costs.