Socotra

Insurers that run policy, billing and underwriting on aging systems often wait months for a product change, and Socotra sells a cloud-based core insurance platform meant to shorten that. The company says carriers of every size use it, from long-established insurers to new insurtechs, and that it lets them create, change and distribute products for any region and through any channel.

The suite

Socotra Policy covers the full policy lifecycle, with rules and rates that can be updated as guidelines change. Socotra Billing handles billing operations, including automated recurring billing, and connects to general ledger, payment and policy administration systems. Claims can be managed from first notice of loss through settlement, and standard reports can be viewed and downloaded. Customers, agents and staff get modular user interfaces and portals, some ready to use and some customizable. Socotra Assistant brings AI into configuring products and into underwriting.

Configure once

The vendor says a product definition is entered once and then carried through the entire suite, which it argues makes implementations cheaper. The platform is described as ready on day one, so a team can begin configuring an insurance product rather than waiting for a custom build, and product changes can be made in minutes.

Open APIs and a trial license

Socotra publishes its API documentation openly, and says that lets insurers and their chosen implementation partners connect and configure systems without relying on one integrator. It also offers a thirty-day license so a prospective customer can build a proof of concept before committing.

Built on the cloud

The platform runs on AWS and scales automatically with demand. Upgrades are applied continuously by Socotra, and the company says customers pay nothing extra for them and face no downtime. It cites a scale test audited by AWS covering thousands of simulated users, and reports average uptime above 99.99 percent. One customer example on its site is an Australian car insurance proposition built on the platform in a short timeframe.