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November Special Edition 2021 (Vol- I)

Socotra – Delivering Agility to the Trillion-Dollar Global Insurance Industry

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When it comes to security, the cloud responsibility model is very different to the on-premises one, meaning that direct shifting of existing applications could leave organizations and their data vulnerable. As a result, a growing number of companies in the insurance industry are embracing a cloud-native approach to application development and deployment. This approach is helping companies realize value around key business priorities and is creating differentiated customer experiences through continuous innovation, thanks to the agility and flexibility of cloud native platform.

Socotra is the first cloud-native core platform for insurance and the first core system to believe its APIs and configuration formats should be open to the world. Socotra works with global insurers to modernize their technology, making it easier for them to focus on creating innovative products to grow their business. Serving one of the world's largest and most technologically neglected industries, Socotra's mission is to provide insurers with a modern, enterprise-grade core system that enables them to rapidly develop and distribute products that better serve their customers.

Revolutionary Cloud-Native Core Services and Solutions Furnished

Underwriting & Rating: Create rules and rates that are specific to your business needs and update them as circumstances change. Underwriting can be versioned and permissioned so that policy decisions can be made by the right parties. Its powerful rating engine supports table-based, factor-based, and algorithmic rates, all of which can be tied to user-entered inputs or easily connect to an external rater. Automate underwriting processes and streamline exceptional cases for analysis and decision. Socotra integrates with your business process management system for routing, notification, and handoff between your users. Administrators are empowered to decide the boundaries for their users at the individual and group levels. Limits can be dictated by product, by action, by policy size, and by coverage’s selected.

Policy Administration: Efficiently manage the complex interactions needed throughout the lifecycle of your policies. Flexible configuration is supported for personal, commercial, specialty, and term-life lines. Application forms, endorsements, and premiums can be updated in minutes. Entire lines of business can be added in weeks, without engaging an outside vendor. Define and customize documents ranging from invoices to policy output to customer notifications. Users can download them as PDFs, view them as web pages, or send them automatically embedded in emails. Agents and underwriters can work collaboratively on its platform to generate quotes and bind the risk with the required rating, documents, and reporting.

Billing: Socotra includes a billing system that features automated recurring billing and integrated reporting. They support grace, laps, reinstatement, cancellations, and renewal invoices so that all your billing needs are in one place. You can easily process payments by integrating with your payment processor of choice. As consumer habits shift, you can adapt to them, whether they want to pay with cash, card, or cryptocurrency. Socotra generates recurring invoices automatically based on the pricing you’ve determined and the duration of the policy. You can invoice at whatever frequency you need. With Socotra’s Premium Reporting feature, you can support usage-based insurance (UBI) products out of the box. Whether you are charging based on fluctuating mileage, payroll, fleet size, or the contents of a warehouse, Socotra has you covered.

Platform Security: Socotra’s information management system follows best practices and meets international standards. It is an ISO 27001 certified and GDPR compliant, demonstrating a commitment to protecting its platform, your customer data, and business. Customer data in Socotra is fully encrypted at rest and when traveling over the network. Socotra uses the latest security protocols including 256-bit encryption, generating strong private keys for each customer, automated secrets management, and network monitoring for unusual system behavior. Socotra’s open APIs make it easy to access data and are fully documented at docs.socotra.com. These APIs provide access to core Socotra objects including policyholders, policies, invoices, payments, and event streams. Using these APIs, Socotra makes it simple to migrate data into Socotra, generate reports, and integrate with third-party/ancillary systems such as CRM, general ledgers, payment gateways, or consumer-facing applications.

The Formidable Founder

Dan Woods is the founder and Chief Executive Officer of Socotra, the first modern, cloud-based platform for technology-driven insurers. Before Socotra, he did IT investing and portfolio management for Formation 8 Partners (now 8VC), where he specialized in data platforms and smart enterprise software. Prior to that, Dan’s depth of enterprise experience was honed over his six years with Palantir. There, Dan was an early member of the core engineering team and later transitioned to run Palantir’s partnerships, plus several deployments. He holds a MS in Computer Science from Stanford.

“Our ongoing mission is to meet this demand and liberate a critical industry from the rigid, fragile, over-customized technologies of the past.”