Insurance Core Platform | Cloud-Native | InsurTech | Socotra
Socotra, which was founded in 2014, provides a robust insurance core platform as an alternative to the past’s brittle, monolithic policy administration systems.
Socotra is a true next-generation platform that uses APIs and microservices architecture to enable clients to embrace cloud-native applications. For inventive insurers looking to introduce new products or restructure existing lines of business, this innovation enhances delivery speed and lowers the total cost of ownership. Finally, for end-users searching for bespoke insurance packages with a short time to acquire, this adds considerable value.
Socotra manages the whole policy lifecycle with open APIs, a product-agnostic data architecture, and out-of-the-box features, making insurance innovation faster, easier, and more inexpensive.
Socotra offers distinct advantages over other insurance core platforms since it is built on new technology paradigms:
- Trials are available for a period of 30 days with immediate access to a fully working environment.
- Customers can implement Socotra themselves, with Socotra-certified engineers among Socotra’s chosen partners, or with any systems integrator around the globe.
- Any insurance product, via any distribution channel, and in any geography, can be launched quickly and affordably.
- Free, automated, and ongoing upgrades are given securely and asynchronously while insurance systems stay operational.
The Platform:
- Underwriting and Rating
- Policy Administration
- Billing
- Claims
- Reporting
Hence, Socotra is the Agile core for agile insurers. Socotra’s cloud-native core system enables insurers to accelerate product development, reduce maintenance costs, and improve customer experiences.
