DataArt joins an ecosystem of technology leaders bringing speed-to-market and agility to the insurance industry.
New York, London, Munich, Zug — September 16, 2022 — DataArt, a global software engineering firm, and CAPE Analytics, the leader in AI-powered geospatial property intelligence, today announced that their jointly developed risk assessment application is now available on Socotra App MarketPlace, which provides insurers with modern software applications connected to the Socotra Policy Administration core platform. The Socotra platform is the fastest way for insurers to bring new products and features to market.
The property risk assessment application, delivered together with CAPE Analytics, helps insurance carriers accurately assess residential property via AI-derived property characteristics, condition, and weather peril-aligned risk scores. This information can be used by carriers for accurate quoting, determining underwriting eligibility, optimizing inspection programs, and assessing renewals efficiently. Today CAPE property intelligence is being used by over 70 insurance carriers.
“We are very excited about our partnership with Socotra, the first cloud-native core platform for insurance,” said DataArt’s Vice President Yaroslav (Slava) Buga. “I believe that our partnership will enable us to bring more value to clients, help them innovate and implement emerging technologies to grow and maintain profitability.”
As insurers seek to stay competitive and introduce new products and features at unprecedented speeds, they are increasingly looking to advanced technology solutions that accelerate time-to-market and modernize every aspect of the insurance value chain, from user experience to underwriting to claims. Attaining these goals requires an ecosystem of modern technology partners.
“We’re thrilled to partner with DataArt and Socotra in order to offer one of the first applications deployed onto the Socotra MarketPlace,” said Busy Cummings, Chief Revenue Officer at CAPE Analytics. “Now, carriers can easily integrate CAPE’s unique property data modules into the Socotra Policy Administration platform to better assess, underwrite, and price property risks.”
On the Socotra App MarketPlace, insurers can instantly connect to a wide array of apps that improve every aspect of the insurance value chain. Unlike other marketplaces for insurers that only offer snippets of code or pre-built integrations, Socotra App MarketPlace delivers real software apps that insurers can deploy in minutes without custom coding — vastly accelerating speed-to-market and lowering IT costs.
“Socotra is pleased to partner with DataArt to deliver an industry-leading solution,” said Dan Woods, Founder and CEO of Socotra. “Socotra was already the industry’s best platform for innovation. With the addition of Socotra App MarketPlace, Socotra customers can add nearly limitless capabilities faster than ever before.”
