Socotra: Accelerating innovation with a flexible, open cloud-native solution
Innovation is and will always be high on the agenda of insurers (or any other industry) as customers and their needs are constantly changing, as well as the world around them. New data coming from endless new sources and new technologies feed the need for new insurance products and services. We’re all familiar with Darwin’s quote that those most adaptable to change will win, and at the same time we all know that this is one of the hardest things for a traditional and highly regulated industry like insurance.
A company that delivers the adaptability to change is Socotra. Their platform provides global insurers with a core system to accelerate product development, reduce maintenance costs, and improve the customer experience. Socotra’s system has a cloud native architecture, uses a flexible data model, and has documentation readily available.
Socotra’s platform is a core system that delivers robust functionality across the entire policy lifecycle, including underwriting and rating, policy administration, billing, claims, and reporting. The company empowers global insurers and insurtechs to rapidly launch, integrate, and scale innovative insurance products with minimal effort and expense.
Benefits of Socotra’s platform
- Ready to use from day one. And with Socotra’s evaluation license, prospects can try out the platform out for 30 days by getting access to a sandbox environment.
- The flexible data model enables insurers to create nearly any type of insurance product with minimal effort, being agnostic to line of business, geography, and distribution channel.
- Saving time as Socotra’s publicly available APIs and product documentation allow insurers and their implementation partners to connect to internal and external systems easily.
- Being cloud-native, the platform is improved continuously, and upgrades are automatic and free, without downtime or interruption of service.
How it works
Socotra has created a generic insurance data model, enabling the platform to be used for any line of business. Their flexible, radically open, cloud-native solution unifies underwriting, rating, policy management, claims, billing, reporting, and more.
Why we selected Socotra for DIA Amsterdam
In 2021, Socotra unveiled Socotra Marketplace: the insurance industry’s first no-code app marketplace, making integrations as easy as adding a smartphone app and allowing insurers to accelerate the integration of third-party apps into their core system. The Socotra Marketplace is a no-code solution that can be deployed instantly by technical or non-technical users and requires no custom coding, in stark contrast to traditional core system marketplaces that require lengthy and expensive IT projects to deploy integrations.
At DIA Amsterdam 2022, Dan Woods, Founder & CEO of Socotra, will showcase Socotra’s Marketplace.
Who is Socotra?
Founded in 2014 by CEO Dan Woods, Socotra is a modern, enterprise-grade core system providing insurers with technology to rapidly develop products that better serve their customers and manage their existing book of business. Socotra is a private company headquartered in Austin, Texas (United States).
With a record of 17 new insurtech customers in 2021 alone, Socotra now powers insurers across three continents with dozens of different insurance products. Customers include major carriers like AXA, Mutual of Omaha, Symetra, MS Amlin, and IAG, as well as leading insurtech MGAs such as Hippo and Bamboo Insurance.
Socotra has raised a total of $96M in funding, including a recent Series C of $50 million. The company is backed by top-tier venture-capital firms including Insight Partners, Brewer Lane Ventures, 8VC, Founders Fund, Portage Ventures, as well as Nationwide, USAA, and MS&AD.
”Socotra’s ongoing mission is to help modernize a trillion-dollar financial services industry that helps people recover from some of their most challenging life events by liberating this critical industry from the rigid, fragile, over-customized technologies of the past.”Dan Woods, CEO & Founder of Socotra