Socotra and Betterview partner to provide P&C insurers with a more robust underwriting experience
SAN FRANCISCO, August 24, 2021 – Socotra, the first cloud-native core platform for insurers, announced it is partnering with insurtech company Betterview to make the underwriting tools and resources of both companies available to insurers on a single platform.
Specifically, the two companies will provide insurers with instant access to Betterview’s property intelligence data along with Socotra’s underwriting workflows without leaving Socotra’s modern core platform.
Founded in 2014 by insurance industry veterans, Betterview provides property/casualty insurance carriers with actionable property intelligence. Using a combination of third-party data, geospatial intelligence, and proprietary machine learning tools, Betterview provides an accurate assessment of a property’s real risk drivers, including the Roof Spotlight Index, a 100-point assessment of a roof’s condition. The Betterview Platform interface and its integrated rules and flagging engine make it easy for underwriters to take direct actions based on these insights, preventing future losses and lowering loss ratios.
Socotra delivers robust functionality across the entire policy lifecycle, including underwriting and rating, policy administration, billing, claims, and reporting. Insurers can easily configure Socotra’s powerful rating and underwriting engine or build their own proprietary pricing model on top of the platform. Leveraging Socotra’s open APIs, insurers can quickly integrate an array of data sources to improve risk assessment and offer personalized pricing.
“By bringing together the Socotra and Betterview technologies we’ll make the underwriting process significantly easier for our shared insurance company customers,” said David Tobias, co-founder and chief of Operations, Betterview. “Along with the speed, efficiency, and other clear benefits offered by technology, insurers value ease of implementation which is why we’re excited about our out-of-the-box integration with Socotra.”
“Joining forces with Betterview represents a big win for our mutual customers,” said Ekine Akuiyibo, vice president of Business Development and Deployments at Socotra. “With the integration of our capabilities, property and casualty insurers can instantly leverage Socotra’s powerful underwriting engine and Betterview’s actionable property intelligence to obtain more accurate risk assessments and ultimately achieve greater profitability.”
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Betterview was founded with the mission of helping P&C carriers better identify and manage property risk. It was created with a deep, first-hand understanding of the challenges that carriers have faced in obtaining high-quality, actionable insight. Betterview’s remote property intelligence platform enables carriers to provide a better experience to their insureds and agents while improving their bottom line.
Socotra is the 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. Learn more about Socotra at www.socotra.com.