Socotra has launched Agentic Configuration, a new feature that allows insurers to build insurance product configurations within Socotra’s platform using conversational AI.
This new AI tool is said to reduce product development times by up to 50%, costs by 75% and prototype iteration time by 90%.
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Socotra recently launched the Socotra MCP Server, which facilitates instant integration between the Socotra Insurance Suite and AI tools such as Claude and Cursor.
Agentic Configuration builds on the Socotra MCP Server, enhancing product configuration capabilities by leveraging AI within Socotra’s platform.
According to Socotra, Agentic Configuration aims to simplify the product development process, particularly for non-technical users.
It also allows business teams to analyse requirements, configure insurance products and test configurations without relying heavily on technical personnel.
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By GlobalDataThis approach addresses common challenges in traditional configuration processes, such as resource intensiveness and reliance on technical expertise.
Socotra benchmarking claims to show that the tool can accelerate time-to-market for insurance products, reducing configuration and testing timelines and costs.
In addition, the tool promotes AI literacy among business users, allowing them to gain practical experience with conversational AI, said the company.
Socotra chief operating officer Ekine Akuiyibo said: “Insurance companies are under immense pressure to innovate quickly while facing a shortage of technical talent.
“With Agentic Configuration, insurers can move from product concept to testable configuration in weeks instead of months.
“This capability democratises product development, promotes AI literacy and unlocks the creativity of business teams without sacrificing accuracy or governance.”
The US-based insurtech company claims that its technology is flexible and enables insurers to deploy products without the need for customisation.
This capability builds on features such as advanced data models, product inheritance, open APIs and fully published documentation.
Its AI platform supports a wide range of insurance products across different geographies and distribution channels, said the company.
Currently, Socotra’s new Agentic Configuration tool is available to all its customers and select partners.
Earlier this year, If P&C Insurance, a property and casualty (P&C) insurer in the Nordic region, adopted Socotra with an embedded car-sharing product.
