Because Socotra runs across all areas of insurance operations, so does its Search Engine. Policyholders, policies, claims, insured assets, and everything else are available from one universal search in the UI, or one REST endpoint in the API. Furthermore, Socotra’s flexible object model automatically indexes custom fields as desired.
All data in the Socotra platform is stored securely in a multi-tiered cloud storage architecture. Socotra queries its data and formats reports based on configuration and filters specified by the customer. Reports are accessible in real time, or they can be automatically generated and distributed using the Task Service.
Insurers constantly generate documents: quotes, policy schedules, invoices, receipts, form letters, renewal notices, and many more. With Socotra’s Documents Engine, it’s trivial to automatically generate documents from any HTML example. Socotra delivers documents in PDF for printing or HTML for beautifully formatted emails to clients, accessible through the UI or the API.
The quoting and underwriting workflows use Socotra’s Pricing Engine, which divides pricing in two parts: pricing logic and pricing tables. Pricing logic can express any mathematical or logical operation found in a spreadsheet application, and the pricing logic can reference any number of pricing tables. Both logic and tables can be updated with ease, and versioned with configuration management. Finally, Socotra can track which policies were generated under each pricing version, empowering insurers to track cohorts of policies; or even conduct A/B tests.
Business Process Management
Underwriting and claims workflows often require an approval or external data collection step to complete. Socotra business process management service handles notifications and handoffs between roles.
Security and Permissions
Insurance organizations perform every area of insurance, but not every user does. Socotra permissions features allow administrators to dictate which users are able to execute various functions or interact with various products within Socotra. Socotra can also adjust parameter limits by user, so that one user can authorize a larger policy or claim than another, within the same product line.
Socotra includes a task service for automatic execution of scheduled, automated jobs. The task service can execute such tasks as emailing invoices to customers, sending reports to analysts, or synchronizing data between systems.
Agile insurance companies are continually improving their products and pricing. They need total control over this perpetually dynamic process. Socotra natively tracks configurations in GitHub, the same technology that gives modern software companies control over continual software code changes and releases. This industry best practice is now available for development of insurance products