SAN FRANCISCO, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Socotra, the first cloud-native insurance core platform, was named the “Leading Contender” in Aite Group’s new report, “Aite Matrix: 2020 U.S. P&C Core Systems Evaluation.”
Aite Group’s report explores key trends within the core systems market and discusses the ways in which technology is evolving to address new market needs and challenges. The report called out five trends shaping the future of the P&C core systems market— the influx of new data, the rise of the cloud, increased analytics, increased focus on policyholder engagement and experience, and growing acceptance of the insurance ecosystem.
The 2020 Aite Matrix includes competitive assessments of 14 vendors and considers client service, product features, vendor stability, and client strength. Socotra ranked highly in multiple categories, surpassing many established public companies. In the product features category, where the average score was 87%, Socotra received one of the top scores with 94%. Socotra is also the first in Aite Group history to receive a perfect score of 100% for client service based on its cost value, ability to deliver on promises, range of deployment options, and breadth of support.
“We are honored that Aite Group has named Socotra the “Leading Contender” of the P&C core systems market,” said Harsh Shah, head of marketing at Socotra. “As the industry’s first cloud-native core system, Socotra is playing a big part in helping carriers modernize their operations for a digital world. Our platform empowers insurers to launch products 3x faster at reduced costs and with an overall lower TCO. We’re proud to be recognized for our efforts to drive the industry forward.”
“Insurance carriers are facing a shifting landscape in which agents, prospects, and policyholders are demanding a more digital experience across the entire customer journey. In order to meet these demands, carriers will require an innovative core system like Socotra’s,” said Jay Sarzen, senior analyst with Aite Group’s P&C Insurance practice. “Socotra’s platform is cloud-native and devoted to incubating open APIs, both of which are critical for delivering a digital experience for insurance industry stakeholders. Because of Socotra’s devotion to these elements, the company has earned a “Leading Contender” designation in the 2020 U.S. P&C Core Systems Evaluation. We at Aite Group believe that Socotra should be part of the conversation for any carrier looking to evolve.”
Some of the key features Aite Group highlighted in Socotra’s evaluation include:
- Unprecedented flexibility: Socotra is not burdened by legacy constraints and has designed a core system that is uniquely flexible—external integrations are effortless with open APIs and the platform natively supports any type of P&C product.
- Easy data integration: Socotra is one of only a few vendors that offer clients full “out-of-the-box” data integration support for all key insurance functions without needing modifications to the functional source code.
- Superior client service: The perfect client service score Socotra achieved is based on client perceptions, demonstrating Socotra's strong client relationships and comprehensive support services
- Digital experience enablement and execution: Digital capabilities are becoming increasingly important to the customer experience. Socotra has a laser-like focus on digital enablement, and its API-first approach is empowering customers to build digital-first experiences that resonate with customers.
“The modernization of the insurance industry has always been our driving purpose,” said Matt Hamilton, head of product at Socotra. “Our platform is built from the ground up with the latest technologies to provide our clients with a cloud-based, enterprise-grade core system that is transparent, reliable, flexible, and secure. Socotra’s high scores in the 2020 Aite Matrix demonstrate the success of our approach and the strength of our commitment to our clients. We will continue to build on this momentum and help our clients launch exceptional digital products in 2021.”
For more information, view the market analysis and full Socotra excerpt from the Aite Group report here.
Carriers interested in Socotra can visit www.socotra.com to learn more or contact inquiries@socotra.com to request a demo and 30-day free trial.
About Socotra
Founded in 2014 and based in San Francisco, Socotra is a modern, enterprise-grade core system that enables global insurers to accelerate product development, reduce maintenance costs, and improve customer experiences. Insurers trust Socotra’s modern technology to rapidly develop products that better serve their customers and manage their existing books of business. Socotra’s flexible, radically open, cloud-native solution unifies underwriting, rating, policy management, claims, billing, reporting, and more. To learn more, visit www.socotra.com.
Media Contact
Denton Baird
Denton@bulleitgroup.com
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