As insurers look to become digital companies and unlock the promise of “InsureTech”, we at Socotra believe there are a few overarching business objectives that will accelerate this core operations transformation.
Firstly, insurers will need the ability to create any product using any relevant technology, matching customer demand. Secondly, implementations and integrations will need to be fast and cheap. Lastly, insurers will need to have vendor options.
These business objectives have accompanying technology principles; extensibility, agility, empowerment, which are the underlying tenets that describe the Socotra platform. The following design criterion incorporate these technology truths:
Dynamic object model with revisioning
Digital insurers must have the ability to meet their customers changing demand. Insurers need to change existing insurance products, and bring new products to market. More importantly, these products need to be in the hands of their consumers quicker than in the past.
The key to an ever-changing insurance product landscape is an insurer-defined object model. With this model, Socotra gives the insurer immense flexibility to adapt with its customers at the rate that is necessary. Under the hood, Socotra takes care of the routine operations - proper product versioning, maintenance, and release.
Data-model centric design
A new generation of technology platforms prove data-centric design outperforms feature-centric design. Socotra’s unified data model eliminates the need to maintain separate data models in various core operations components, many of which need to share information. The unified data model design is straightforward: design in one place, store in one place, access and integrate everywhere.
Open and intuitive apis
Having an open API is more than transparency. Having an open API is an approach to software development that identifies collaboration as its driving design principle. Innovation and business flourishes when software platforms can link to other software platforms.
Socotra open APIs are designed from the ground up to be intuitive and easy to use. Socotra provides full documentation enabling rapid prototyping and integrations.
Managing configuration as code
A new generation of tools enables rapid, safe, collaborative software development. In Socotra, your insurance product is software code that your business analysts can manage and understand.
The Socotra platform gives you the ability to manage your product configuration as software code leveraging decades-old software version control best practices that are well understood. Versioning is simpler, maintenance is simpler, releasing products is simpler. You can replicate your entire system, make changes, and go-live with the new changes in just a matter of minutes.