Fintech Jetty Partners with Insurance Platform Socotra
Jetty, a financial services company focused on making home renting more affordable and accessible, has successfully migrated two of its key products to Socotra's cloud-native insurance platform. The partnership, announced in August 2024, marks a significant milestone in the evolution of renters insurance and surety services. The two products migrated to Socotra's platform are Jetty Deposit, a surety solution, and Jetty Protect, a renters insurance product.
This move has enabled Jetty to receive support for complex transactions related to personal leases, in addition to its core offerings.
One of the most notable improvements resulting from this partnership is the increased speed of Jetty's policy-binding process. After switching to Socotra, the process has become four times faster, significantly enhancing operational efficiency. Moreover, Jetty's financial reporting processes have seen a dramatic improvement, shifting from a daily batch system to near-instantaneous reporting.
The enhanced speed and reliability have not only allowed Jetty to meet its reporting requirements more effectively but have also streamlined the use of policy data for underwriting analysis. This improvement in data accessibility and processing speed was a key factor in Jetty's decision to partner with Socotra.Jetty's choice of Socotra was influenced by several factors.
The company sought a platform that would offer easy data access and accelerate business processes without compromising on reliability. Socotra's native API support, which allows for seamless integration with external systems, was a significant draw. The platform's ability to integrate with key external platforms such as Stripe and Snapsheet, alongside its robust API capabilities and real-time bulk data access, made it an ideal choice for Jetty.
Junaid Warwani, Head of Product Engineering at Jetty, highlighted the benefits of the partnership, stating, "Socotra's expansive APIs and flexible configuration helped us deliver on our specific product needs without sacrificing engineering simplicity". This sentiment underscores the importance of technological flexibility in meeting the unique needs of innovative insurance products.
The partnership has also provided Jetty with a stable core system, free of business interruptions. This stability has allowed the insurer to scale its business aggressively while maintaining operational efficiency. The absence of disruptions in the core system has been crucial in supporting Jetty's growth and expansion plans.
“Socotra is the system of record that enables you to move forward instead of holding you back,” said Suleiman Sukkar, Vice President of Product Delivery at Socotra. “Insurers can create and manage products without expensive workarounds and customisations, with enforced data integrity and traceability. We are thrilled to see Jetty succeeding with Socotra, and we look forward to working with them long into the future.”
The collaboration between Jetty and Socotra represents a significant step forward in the modernisation of the insurance industry, particularly in the rental market sector. By leveraging advanced technology to streamline operations and enhance user experience, Jetty is positioning itself at the forefront of innovation in renters insurance and surety services.
As the rental market continues to evolve, partnerships like this one between Jetty and Socotra are likely to play a crucial role in shaping the future of financial services for renters. The increased efficiency, improved data handling, and enhanced scalability resulting from this collaboration set a new standard for what consumers and property managers can expect from modern insurance and surety solutions in the rental market.
**************
Make sure you check out the latest industry news and insights at InsurTech Digital and also sign up to our global conference series - FinTech LIVE 2024
**************
