Sureify and Socotra partner to deliver enhanced digital capabilities to the life insurance industry
March 3, 2022
Strategic partnership will enable insurers to accelerate product development and provide policyholders an optimized customer experience
As technological advances continue to expand the life insurance ecosystem, two top-line companies have announced a partnership that will power elevated end-to-end experiences for carriers. Sureify, an insurtech leader with its modular Lifetime platform, and Socotra, a truly modern core platform for global insurers and insurtech MGAs, will join forces to strengthen digital technology to improve speed to market and customer experiences for mutual life insurer customers.
The partnership between Sureify and Socotra offers notable synergies. Sureify is well-known across the life insurance industry for its configurable, intuitive, and quick-to-implement Lifetime platform, which brings value to the frontend of the equation by providing accelerated product development and reduced implementation and maintenance costs. Chosen by 17 insurtechs in 2021 alone, Socotra delivers powerful backend and policy administration capabilities to help insurers rapidly develop and deploy innovative products that better serve their customers, while saving time and money.
Sureify has built a sizable following as an expert in digital sales and service transformation in the life insurance tech scene over the years, and Socotra has gained momentum as a Visionary in the 2021 Gartner® Magic Quadrant™ for Life Insurance Policy Administration Systems, North America. The strategic collaboration will allow life insurers to deliver enhanced customer experiences and higher satisfaction to their policyholders.
Sulu Velugu, Sureify’s Chief Technology Officer who built the company’s first integration with Socotra back in 2019, stated, “Socotra’s policy administration system, with its cloud-native technology and open APIs, has seen notable success across several verticals. We’re excited to partner with them as they expand further into the life insurance space. We believe this partnership will enhance the state-of-the-art digital capabilities Sureify delivers in order to provide carriers with a full front- and back-end digital platform.”
“We’re excited to partner with Sureify, which broke ground for insurtechs in the life insurance space,” said Ekine Akuiyibo, VP of Business Development and Deployments at Socotra. “Combining Sureify’s modular low-code platform and expansive ecosystem with Socotra’s robust core functionality, life insurers can deliver seamless and elevated customer experiences for the entire policy lifecycle—from quote to claim.”
Sureify’s mission is to modernize the life insurance industry by helping carriers acquire, service, and engage their customers with one enterprise platform: Lifetime. Suriefy enables omnichannel sales with LifetimeACQUIRE, a product that drives placement rates via quoting, e-application, automated underwriting, and new business transmission. With LifetimeSERVICE, insurers are offering their in-force customers comprehensive self-service portals and native applications. Lastly, LifetimeENGAGE fosters a lifelong relationship between carriers and their policyholders with multifaceted engagement programs and analytics, leading to greater lifetime value of each policyholder. Visit www.sureify.com to learn more.
Socotra is bringing transparency and accessibility to insurance technology. With Socotra’s modern core platform, global insurers and MGA insurtechs 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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