Socotra has integrated with Fenris Digital’s Personal Lines Prefill Data Solution, as part of its collaboration with the latter.
Insurer clients can gain access to the Fenris solution through Socotra Marketplace.
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Fenris, an insurance data sourcing innovator, will be a charter partner for Socotra Marketplace. The duo will work together to support digital transformation in the insurance space.
Data offered by Fenris is said to enhance conversion rates for Socotra personal lines clients.
This tie-up unifies the policy core and cloud-native architecture of Socotra with Fenris’ API-delivered, SOC 2-compliant solutions that use alternative data and machine learning to offer instant insights.
The aim is to help insurers launch, integrate, and scale innovative offerings quickly and at lesser expenses.
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By GlobalDataFenris’ API-delivered solutions utilise data repositories for Data Enrichment and Pre-fill, Predictive Scoring, as well as Life Event Monitoring & Alerts (LEMA).
Socotra vice president of business development and deployments Ekine Akuiyibo said: “Through Socotra Marketplace, insurers can gain instant access to Fenris prefill data directly from the Socotra platform, reducing the time, complexity, and cost required by typical integrations.
“Our mutual customers can then focus on improving quote-to-bind ratio and delivering exceptional buying journeys for their customers.”
Fenris founder and CEO Jennifer Linton added: “By providing prefill data for personal lines insurance applications, we not only eliminate any errors which could be introduced during manual entry by potential policyholders or agents, we also improve the customer experience.
“Our integration with Socotra means better, more proactive intelligence injected into workflows for insurers.”
Other Socotra developments
Earlier this month, Socotra teamed up with Spixii to integrate Spixii Conversational Process Automation with its core platform.
In August 2020, re/insurance firm MS Amlin tapped Socotra and Mendix for its digital SME insurance offering.
In June of the same year, Australian insurer IAG turned to Socotra to power its Poncho Insurance brand and auto insurance product.
