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Socotra

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Overview

Socotra is bringing unparalleled speed and ease to insurance technology. With Socotra’s modern core platform, global insurers and insurtech MGAs can accelerate product development, reduce maintenance costs, and improve customer experiences. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable.

Socotra empowers global insurers and insurtech startups to rapidly launch, integrate, and scale innovative insurance products with minimal effort and expense. In 2021, a record 17 insurtechs chose Socotra to power their insurance products instead of building their own policy cores or using legacy providers.

To learn more, visit socotra.com.

Key Features

  • Cohesive and versatile data model - Socotra can be easily configured for nearly any insurance product, geography, or distribution channel. When an insurer wants to enter a new market, product configurations can be quickly replicated and updated.

  • Open and intuitive APIs - Socotra provides publicly-available documentation and intuitive APIs so developers can quickly understand the platform and easily connect Socotra to any third-party data source or custom frontend experience.

  • Cloud-native architecture - Socotra was built and optimized for the cloud. As a result, there are no fees, downtime, or potential data loss to upgrade the software. New features and releases are released weekly without any disruption for free.

Key Benefits

  • Accelerated speed-to-market - Socotra helps insurers get to market faster by making it simple to design, integrate, and launch an insurance product. Once an insurer goes live, they can easily update, iterate, or replicate their products for new markets and opportunities.

  • Lower total cost of ownership - Because Socotra makes it faster and easier to get to market, insurers can save on implementation costs. In addition, Socotra can help insurers automate insurance workflows and create straight-through processes to reduce ongoing costs. Lastly, Socotra provides free upgrades, which can save large insurers millions of dollars in maintenance fees.

  • Enhanced customer experiences - Customers are looking for faster and more intuitive digital experiences. Socotra provides insurers with an out-of-the-box agent/customer portal and the ability to easily connect insurance products to third-party data sources, custom frontends (websites, mobile applications, etc.), and more.