Socotra: Speeding deployment of new insurance products and technologies
San Francisco based Socotra is the core technology platform of tomorrow’s digitally-transformed insurer. Only Socotra brings the staggering technology infrastructure advances of the last decade to the insurance industry. The result is a new, intuitive, dev-friendly, True Cloud core platform that supports any insurance line of business in underwriting, policy administration, claims, billing, reporting, and much more.
Socotra is a first-of-its-kind cloud-native system enabling carriers to easily and efficiently manage complex interactions throughout the lifecycle of policies (whether single line, single state or multi-line, multi-country). The Socotra platform’s agility, flexibility, reliability, and modern design offers carriers lower costs, faster product releases, and easy integration with future technologies.
At Socotra, development is just the beginning. They believe their code doesn’t solve problems until it’s in the hands of their users. To that end, they have prioritized automation, continuous improvement, and experimentation. They encourage their engineers to think big.
Socotra’s customers range from multi-national carriers to insurtech startups, in the United States, Europe, Asia, and Australia.
How it works
Socotra has created a generic insurance data model, enabling the platform to be used for any line of business (LOB), from term life to commercial auto.
Socotra’s Object Hierarchy:
Socotra’s Platform Architecture:
Socotra’s design incorporates product development best practices. They listened to complaints from insurance executives and IT teams. They understand the problems and priorities. They have created a set of platform services that enable everything to be configurable. The technology platform that runs each instance of Socotra is robust, scalable, and testable. All data is encrypted, safe, and auditable.
The Socotra platform’s agility, flexibility, reliability, and modern design offers insurers lower costs, faster product releases, and easy integration with future technologies.
Why we selected Socotra for DIA Munich
Socotra is the core technology platform of tomorrow’s digitally-transformed insurer. A new, simplified, radically open, cloud-native core platform that supports underwriting, policy administration, claims, billing, reporting, and much more. Socotra delivers agility, reliability, and a clear path to the many InsurTech promises of today and tomorrow.
At DIA Munich Dan Woods (CEO) and Harsh Shah (Product Delivery) from Socotra will showcase how quickly endorsements can be configured and deployed.
Who is Socotra?
Founded in 2014 in San Francisco by Dan Woods, CEO. The Socotra team comes from the best software companies and engineering schools in the world.
They closed a strategic investment from a subsidiary of financial services provider USAA, joining previous investors CrunchFund, Founders Fund, Greenoaks Capital, SciFi VC, SV Angel and Vulcan Capital, as well as angel investors Ron Conway, Michael Ovitz and Joe Lonsdale.
“IT is littered with consulting services and antiquated IT architectures, leaving insurers at all levels struggling to catch up with customers’ changing needs. The only path forward is a truly productized insurance IT core, which insurers can configure and extend by themselves.” Dan Woods CEO Socotra