CAPE Analytics and Socotra to provide carriers with access to next-generation property intelligence
The partnership will allow insurers to leverage CAPE Analytics’ best-in-class geospatial property insights through Socotra, the first truly modern core platform for insurers
CAPE Analytics, the leader in AI-powered property intelligence, announced it is partnering with Socotra, the first cloud-native insurance core platform, to offer carriers a new form of loss-predictive information directly through Socotra’s platform. The integration will be made available on Socotra Marketplace, the first no-code app marketplace for insurers, and will power better underwriting results and more granular policy pricing.
Specifically, the two companies will provide joint customers with seamless access to CAPE’s advanced property intelligence data, powered by geospatial imagery, risk-relevant information, and machine learning. CAPE insights, such as its proprietary Roof Condition Rating and Wildfire Intelligence, are already in use by 60+ carriers, which rely on CAPE’s market-leading data accuracy and speed to increase underwriting efficiency, inform better risk segmentation, and improve rating models.
“CAPE’s partnership with Socotra will unlock additional opportunities for insurers to quickly and seamlessly integrate an array of new risk signals into quoting and underwriting workflows without waiting for IT bandwidth,” said Busy Cummings, Chief Revenue Officer at CAPE Analytics. “This integration combines CAPE’s speed and data maturity with Socotra’s robust ecosystem, to help modernize underwriting and straight-through processing for carriers.”
As the first truly modern core platform for the insurance industry, Socotra provides expansive functionality across the end-to-end policy lifecycle, including underwriting and rating, policy administration, billing, claims, and reporting. Leveraging Socotra’s open APIs, cloud-native architecture, and powerful data model, insurers can rapidly develop and deploy innovative products while lowering total cost of ownership.
“We are thrilled to welcome CAPE as a charter partner of Socotra Marketplace,” said Ekine Akuiyibo, Vice President of Business Development and Deployments at Socotra. “Socotra already enables insurers to easily configure our flexible rating and underwriting engine or build their own proprietary pricing model on top of our platform. With instant access to CAPE’s next-generation property intelligence directly through Socotra, insurers now gain even more powerful tools to improve risk assessment and deliver personalized pricing.”
Socotra is the modern, enterprise-grade core system that enables global insurers to accelerate product development, reduce maintenance costs, and improve customer experiences. Socotra is trusted by insurers to provide them with modern technology to rapidly develop products that better serve their customers and manage their existing book 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.
About CAPE Analytics
CAPE Analytics provides instant property intelligence for buildings across the United States and Canada. CAPE Analytics enables residential and commercial property stakeholders to access valuable property attributes instantly, with the accuracy and detail that typically requires an on-site inspection, but with unparalleled immediacy and global scale. Founded in 2014, CAPE Analytics is backed by leading venture capital firms and insurers, and is comprised of machine learning, data infrastructure, and property risk experts. To learn more, visit www.capeanalytics.com.