Billing
Socotra includes a billing system that features automated recurring billing and integrated reporting. We support grace, laps, reinstatement, cancellations, and renewal invoices so that all your billing needs are in one place.
Automate invoicing
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.
Retrospective billing
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.
Record transaction details
Socotra automates the application of and reporting on complex fees, taxes, and commissions, as well as recording them in your choice of accounting platform.
With Socotra, we were able to develop Poncho Insurance, a unique customer proposition for comprehensive car insurance in the Australian market, in a short timeframe. The platform is super flexible and low-cost allowing us to continually improve the product and deliver it at a great price to customers.
Phil Wilson-Brown, Executive Manager, IAG Satellite
As a technical partner, Socotra helped Nationwide realize its vision by being the core system upon which Spire runs its entire policy admin operation, from quote to claim, creating an ideal insurance product together for the modern-day preferences of consumers.
Scott Liles, lead business executive, Nationwide Spire
[Socotra’s] core technology is more advanced than other options we evaluated in the marketplace for our digital-focused initiative.