Insurtech Socotra announced that Jetty, the fintech company on a mission to make renting a home more affordable and accessible, has gone live and migrated Jetty Deposit, a surety product, and Jetty Protect, a renters insurance product, to Socotra’s cloud-native insurance platform.
Jetty had been seeking a new solution that would allow them to have easier access to their data and enable them to move faster as a business, without compromising on reliability.
The company sought a system with native API capabilities that could integrate seamlessly with external systems and support digital experiences.
When selecting a new platform, Jetty identified several factors that made Socotra the best option.
The insurer required support for surety, renters insurance, complex transactions, and flexible integration with variable-term personal leases.
Socotra stood out due to its API integrations with Stripe and Snapsheet, along with near-real-time bulk data access for financial reporting.
After upgrading to Socotra, the policy binding process is now four times faster. Financial reporting has become nearly instantaneous, replacing the previous slow daily batch process.
This upgrade allows Jetty to meet reporting requirements efficiently and leverage policy data for underwriting analysis.
Jetty now enjoys an exceptionally stable core system with zero business interruptions that has allowed for aggressive volume and scaling of their book of business.
Socotra is the system of record that enables you to move forward instead of holding you back
Suleiman Sukkar, Vice President of Product Delivery at Socotra
“Insurers can create and manage products without expensive workarounds and customizations, 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”, said Suleiman Sukkar.
Jetty is on a mission to make renting a home more affordable and effortless for everyone. As a fintech company, Jetty’s solution helps property managers increase lease conversion, reduce bad debt, and streamline operations
by Peter Sonner
