{"id":414954,"date":"2021-01-14T09:03:34","date_gmt":"2021-01-14T14:03:34","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=414954"},"modified":"2021-01-14T09:03:34","modified_gmt":"2021-01-14T14:03:34","slug":"socotra-chosen-as-leading-contender-in-u-s-pc-core-systems-evaluation-report-by-aite-group","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/socotra-chosen-as-leading-contender-in-u-s-pc-core-systems-evaluation-report-by-aite-group\/","title":{"rendered":"Socotra Chosen as \u201cLeading Contender\u201d in U.S. P&C Core Systems Evaluation Report by Aite Group"},"content":{"rendered":"

\nAite Group Report Gives Socotra Highest Marks for Product Performance
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SAN FRANCISCO, Jan. 14, 2021 (GLOBE NEWSWIRE) — Socotra, the first cloud-native insurance core platform, was named the \u201cLeading Contender\u201d in Aite Group\u2019s new report, \u201cAite Matrix: 2020 U.S. P&C Core Systems Evaluation.\u201d<\/p>\n

Aite Group\u2019s 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\u2014 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.\u00a0<\/p>\n

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.<\/p>\n

\u201cWe are honored that Aite Group has named Socotra the \u201cLeading Contender\u201d of the P&C core systems market,\u201d said Harsh Shah, head of marketing at Socotra. \u201cAs the industry\u2019s 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\u2019re proud to be recognized for our efforts to drive the industry forward.\u201d<\/p>\n

\u201cInsurance 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\u2019s,\u201d said Jay Sarzen, senior analyst with Aite Group\u2019s P&C Insurance practice. \u201cSocotra\u2019s platform is cloud-native and devoted to incubating open APIs<\/u><\/a>, both of which are critical for delivering a digital experience for insurance industry stakeholders. Because of Socotra\u2019s devotion to these elements, the company has earned a \u201cLeading Contender\u201d 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.\u201d
Some of the key features Aite Group highlighted in Socotra\u2019s evaluation include:<\/p>\n