Overview
Socotra is the most powerful policy and billing technology in the insurance industry. Over 40 insurers worldwide trust Socotra to deliver the fastest product launches and updates, unrivaled data access and control, and the best support for insurance at massive scale–all for the lowest total cost of ownership. With true cloud and open APIs, Socotra is the most mature insurance core platform on the market.
Key Features
We are dedicated to harnessing the power of the cloud and modern system architecture to deliver significant functional enhancements and workflow improvements to carriers. The following are the core features of our differentiation strategy:
Our data model supports any desired level of hierarchical depth or structural complexity, using building blocks that reflect the insurance domain without being overly prescriptive. This provides the necessary flexibility to support any type of insurance product (across personal, commercial and specialty lines) without requiring customization within the platform which is a huge advantage for multi-line carriers. A key hypothesis we built our platform around is by starting with a focus on making the structure of the data model flexible so that it can be easily used to store the policy data for any type of insurance product. And we built the accompanying platform components to support the flexibility of our data models.
Our product inheritance model enables insurers to create a primary product definition with shared attributes. Variants can inherit these characteristics, requiring modifications only for unique elements. Changes at the primary level automatically propagate to all inherited variants.
Our billing system features a clean separation between policy and billing modules, allowing for specialized management of policy-based charges and invoicing. Each module operates with integrity and efficiency, while well-defined interfaces maintain integration between policy generation and billing actions.
We provide streamlined access to core data for business decision-making, both in prebuilt visualizations and data feeds to our customers' systems of choice. Socotra’s data model supports carriers’ business processes with enforced integrity and traceability, offering real-time insight into business performance.
Key Benefits
Data accessibility. Our data model and transactions reflect our customers’ business with integrity and traceability, so reporting does as well – in real time.
Accelerated speed to market. Customers go live quickly with our streamlined configurations, cloud-native architecture, and API-driven integrations.
Lower operational costs. Customers are always running on the latest version of Socotra and make customizations through configuration, not code – avoiding expensive and painful upgrade processes.