Socotra Policy core offers unprecedented power for modern insurers to implement any product or process, without customization. For a discussion of workbenches for underwriting and administration, see our recent UI Blog Post.
It’s time for policy administration software to grow up. Insurers are tired of the same old problems from the same old vendors: Maintenance is expensive, data is inaccessible, digital transformation is nearly impossible, and even the smallest changes take months. These problems start with the core, and the solution starts with the core.
Policy administration serves as an insurer’s operating system, and Socotra Policy is the first one built like an operating system, resulting in the most powerful, flexible, and mature policy administration platform in the market.
Socotra has made the industry’s largest investment in modern insurance core technology, and it shows in the benefits that our customers experience:
The best support for large-scale insurance, no matter the number of products, policies, or concurrent users
Much faster implementations, integrations, and product updates—all with less system integrator lock-in and the industry’s lowest total cost of ownership (TCO)
Unparalleled data access and control, enabling more data-driven operations
All Insurance Products Supported by One Platform
Deploying, maintaining, and scaling insurance products is complex. Socotra makes this easier by offering one platform that can power any insurance product, geography, and distribution channel. Socotra also delivers the industry’s most advanced data model, empowering insurers to build and maintain insurance products with unprecedented flexibility and ease.
In fact, Socotra has been deployed for more than 45 products and successfully prototyped dozens more, including:
With Socotra Policy, insurers can:
Support any product, geography, regulation, or distribution channel using well-defined, non-custom, and reusable configuration
Use modern devops tools and CI/CD for product development, improving time to market and implementation quality
Configure products graphically or with JSON, a publicly documented and widely used data format that any engineer can use
Manage configuration in one place so that changes automatically flow across Socotra and into downstream systems
Deploy and maintain hundreds of products and product variations simultaneously on a single tenant, with the industry’s only pure-configuration product inheritance
Create product versions that are easy to track and automatically updated across the platform, ensuring policies, documents, and reports are accurately generated—no matter how many times a product changes
Stay on the latest version of Socotra—regardless of the product, geography, or distribution channel—with weekly backwards-compatible upgrades with zero disruption
Elegant Design for Scale and Maintainability
Most policy administration systems market themselves as being “modular” but don’t provide the benefits of a modular system. They still require an army of engineers with specialized training to separate and replace modules, and modules can’t be reused or rearranged after launch.
In contrast, Socotra delivers true modularity for unprecedented scale and maintainability. Socotra’s elegant design makes it the most coherent, understandable, non-redundant, and maintainable core ever developed, connecting via open APIs and plug-in points to any UI, module, or integration an insurer could need. Furthermore, all data in Socotra is readily available via SQL, and Socotra configurations are centralized, open, and intuitive.
MODULES & UI
Socotra Policy is a policy administration core with UI and modules for billing, rating, document generation, and more. Modules are easy to add, remove, and swap, as they are 100% open through Socotra’s public APIs. Some even connect as apps through our marketplace.
Learn more about our modern approach to user interfaces and why we have the most powerful and flexible billing platform in the industry.
INTEGRATIONS
Socotra’s open APIs and modular design simplify and speed up integrations. Leverage out-of-the-box functionality for nondifferentiators via integrations and focus on building the parts that set your business apart.
DATA
Deploying AI and making data-driven decisions require data access, and Socotra’s data accessibility leads the industry. Socotra’s cloud-native, API-first approach allows for seamless integration with advanced analytics and AI capabilities. Users can easily connect their data to other systems, including modern data platforms, such as Snowflake, Databricks, and Azure Data Factory.
CONFIGURATION
Legacy technology often requires configuration at multiple points in the system, which makes updates time-consuming, resource-intensive, and prone to error.
In contrast, Socotra enables insurers to configure their products in one place. This configuration flows through all modules and reports without the need for re-integration or re-configuration, ensuring accuracy, reducing manual processes, and improving scalability.
Powerful Model for New Policy Issuance
The process of issuing a new policy can be very complex and require specialized workflows, which vary significantly between products and companies. As a result, many insurers feel trapped by their technology, having to choose between building entirely custom systems or altering their business processes suboptimally to match rigid legacy software.
Socotra uniquely solves this problem by providing unparalleled control, while remaining fully productized so no customization is required. With Socotra, insurers can leverage flexible capabilities, integrations, and automations to design a process that meets the needs of their business.
With these powerful capabilities, insurers can configure the business logic of each stage with as much or little complexity as they need.
For example, insurers can:
Roll out quick quote-to-bind workflows for simple policies, such as warranties, pet insurance, and travel insurance
Sell policies through third-party websites, such as comparative raters or airlines
Support facultative contracts by enabling underwriters to interact with third parties and attach documents during specific stages
Flow policyholder data into billing and policy documents without manual rework
Add a workflow stage that pre-fills missing data, such as business hours from online sources or construction year from governmental sources
Validate underwriter permissions to require multiple parties involved in a submission approval, such as a large property policy that needs engineering expertise and/or a senior team member sign-off.
Support automatic binding and payments by integrating with third-party payment services
Assemble endorsements and attachments based on state rules and policy attributes
Improve underwriting decisions with real-time scoring and risk analysis by integrating with predictive analytics and AI tools
Leverage AI to make decisions, populate data, or perform other actions
Full Policy Lifecycle Support
Once a quote becomes a policy, Socotra enables insurers to manage post-issuance activities. These activities include policy changes, renewals, cancellations, and delinquency management.
Socotra understands these transactions frequently occur in combinations that create problems for many insurers and has addressed them with the most robust transaction model in the industry. Socotra effortlessly handles out-of-sequence and late-term endorsements.
Furthermore all transactions in Socotra can be quoted ahead of execution, and all are reversible. To learn more about the benefits of Socotra’s industry-leading transaction model, read about Socotra Billing.
A Word about Automations: Because Socotra has fully open APIs and dozens of plugin locations, any action Socotra can perform is easy to automate, and can interplay with AI any way an insurer wants.
Conclusion
Socotra Delivers Unprecedented Power and Flexibility at Scale for Insurers
One of the biggest challenges with legacy policy administration systems is the long, complex implementation process. Multi-year waterfall projects often face delays, missed milestones, and ballooning costs. Socotra is different.
Thanks to our product flexibility, modular approach, and powerful policy lifecycle capabilities, Socotra enables insurers to go live faster with less risk. Engineers can begin developing from day one, reducing implementation time and accelerating time to market. By eliminating customization and enabling faster implementation, Socotra dramatically increases velocity and lowers TCO. Socotra also provides continuous, zero-downtime updates, which means insurers remain up-to-date without interrupting daily operations.
Socotra provides real-time, high-quality data access needed to make informed decisions and expand geographically or into new lines of business. And because Socotra is fully modular and configurable, insurers can make changes quickly, ensuring they can keep pace with business needs and regulatory changes.
