Socotra’s industry-leading billing technology ensures financial integrity, improves operations, reduces maintenance costs, and increases agility. Socotra Billing customers experience a new level of efficiency, reliability, and visibility over their data and operations.
All Transactions Are Quotable
More than simply generating policy quotes, a great billing system can “quote” the financial impact of any action before executing the action. This also means it’s easy to run standalone quotes to validate or test results without impacting the current system.
For example, a customer wants an out-of-sequence endorsement on one policy in a bundle, but they want to know if and how it will change the premium for the other policies in the bundle. Socotra Billing enables a customer service representative to answer this question easily, without needing to execute any actual transactions.
All Transactions Are Reportable
Billing systems should provide real-time data export to financial and reporting systems, so insurers can quickly analyze critical data, make more informed decisions, and unlock new opportunities and revenue-growth strategies.
Socotra Data Lake provides real-time access to high-quality data across every transaction, including pre-built dashboards and high-performance queries. Socotra’s publicly documented and open APIs allow insurers to connect billing data to the rest of their data stack, including Snowflake, AWS Quicksight, Power BI, Tableau, other data platforms, and reporting and analytics suites.
All Transactions Are Reversible
Any action can be rolled back with a full audit trail to all impacted transactions and a feed to downstream systems. Actions can be individually reversed independent of the order in which they occurred (i.e. the ultimate billing system wouldn’t insist on reversing the most recent action first).
That means that a customer can make four consecutive changes to their policy and easily reverse just the second change, if desired. This reversal will automatically flow through to general ledger systems, ensuring that no manual reconciliations are required.
All Transactions Are Auditable
When a policy has multiple changes, most billing systems require manual adjustments that are difficult and time-consuming to track over time. Billing teams can spend excessive resources investigating and validating transactions across accounts or correcting errors because of limited visibility into historical transaction data. This limited auditability can expose insurers to increased regulatory scrutiny and fines for lack of compliance.
With a proper billing system, it’s obvious where every charge came from and why. Every billing action is meticulously tracked, including a complete audit trail for all activities, adjustments, and interactions. This transparency and financial accuracy simplifies compliance and builds trust with customers.
Socotra Billing offers comprehensive workflows that cover every type of billing event with ease.
Strong Accounting
Insurers must comply with financial regulations and ensure their transactions are accurate and auditable. With a robust double-entry accounting engine as its foundation, Socotra Billing guarantees financial integrity and offers a full audit trail for every activity, adjustment, and interaction. Staff also get a transparent view into the current state of a customer’s billing situation so they can easily navigate customer accounts, from outstanding balances to upcoming invoices, fostering clear communication and reducing confusion.
Modular Flexibility
Socotra Policy and Socotra Billing are independent modules, which gives insurers control and flexible configuration for installments and invoicing. Insurers can completely separate the process of rating of coverages and calculation of premium from the billing and collection of payments.
Streamlined Configuration
Configuration can still be done in one place and flow through all modules, reports, and UIs without the need for re-integration or re-configuration of other modules. This stands in stark contrast to legacy technology that limits an insurer’s ability to scale modern billing operations, as configuration and updates are massively time-consuming and resource-intensive.
Seamless Ecosystem
Downstream systems, like general ledger and data warehouses, are often a source of frustration when it comes to integration. Socotra enables insurers to leverage open APIs to seamlessly integrate Socotra Billing any payment processor or general ledger / accounting system. In particular, Socotra has an extensive partner ecosystem of payment processors, such as FIS, One Inc, Paymentus, Stripe, and Tranzpay. Socotra customers have easily integrated with more than 10 different payment processors.
One of Socotra Billing’s standout features is its ability to handle complex billing scenarios effortlessly. Its modular design allows for transactions to be executed in any combination or sequence, accommodating a wide range of complex, real-world use cases.
Policy Changes After Renewal
Easily adjust billing when a customer requests a change post-renewal, meaning that it needs to be applied to both the remainder of the current term as well as the upcoming term.
Combining Changes
Quickly calculate the impact of multiple policy and billing changes without actually making the changes.
Complex Reversals
Provide clarity when a customer makes a change, and then another, and then asks how reversing the first change would affect their bill.
Under/Overpayments and Cancellations
Easily assess outstanding balances when a customer underpays or overpays and requests immediate cancellation.
Prospective Out-of-Sequence Changes
Allow customers to understand the effects of a prospective out-of-sequence change on billing without issuing the policy.
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