Socotra has launched Agentic Configuration, a brand new function that enables insurers to construct insurance coverage product configurations inside Socotra’s platform utilizing conversational AI.
This new AI software is claimed to cut back product growth occasions by as much as 50%, prices by 75% and prototype iteration time by 90%.
Socotra not too long ago launched the Socotra MCP Server, which facilitates on the spot integration between the Socotra Insurance coverage Suite and AI instruments equivalent to Claude and Cursor.
Agentic Configuration builds on the Socotra MCP Server, enhancing product configuration capabilities by leveraging AI inside Socotra’s platform.
Based on Socotra, Agentic Configuration goals to simplify the product growth course of, notably for non-technical customers.
It additionally permits enterprise groups to analyse necessities, configure insurance coverage merchandise and check configurations with out relying closely on technical personnel.
This strategy addresses frequent challenges in conventional configuration processes, equivalent to useful resource intensiveness and reliance on technical experience.
Socotra benchmarking claims to point out that the software can speed up time-to-market for insurance coverage merchandise, lowering configuration and testing timelines and prices.
As well as, the software promotes AI literacy amongst enterprise customers, permitting them to realize sensible expertise with conversational AI, mentioned the corporate.
Socotra chief working officer Ekine Akuiyibo mentioned: “Insurance coverage corporations are beneath immense strain to innovate shortly whereas going through a scarcity of technical expertise.
“With Agentic Configuration, insurers can transfer from product idea to testable configuration in weeks as an alternative of months.
“This functionality democratises product growth, promotes AI literacy and unlocks the creativity of enterprise groups with out sacrificing accuracy or governance.”
The US-based insurtech firm claims that its know-how is versatile and permits insurers to deploy merchandise with out the necessity for customisation.
This functionality builds on options equivalent to superior knowledge fashions, product inheritance, open APIs and totally revealed documentation.
Its AI platform helps a variety of insurance coverage merchandise throughout totally different geographies and distribution channels, mentioned the corporate.
At present, Socotra’s new Agentic Configuration software is accessible to all its clients and choose companions.
Earlier this 12 months, If P&C Insurance coverage, a property and casualty (P&C) insurer within the Nordic area, adopted Socotra with an embedded car-sharing product.
