With Socotra’s all-in-one policy administration system, you can easily and efficiently manage the complex interactions needed throughout the lifecycle of your policies, whether your business is single line, single state or multi-line, multi-country. Flexible configuration is supported for personal, commercial, specialty, whole life, and term life lines.
The power of Socotra lies in its configurability. Application forms, endorsements, and premiums can be updated in minutes. Entire lines of business can be added in weeks, without engaging an outside vendor.
Define and customize documents ranging from invoices to policy schedules to customer notifications. Users can download them as PDFs, view them as web pages, or have them sent automatically embedded in emails.
REach your customers
Socotra lets you reach customers through every sales channel. In addition to our web portal, custom direct to consumer website and mobile applications can be created utilizing our APIs.
All data, including policyholders, policies, claims, and insured assets, is available from one universal search both on our web portal and through our API.
Socotra supports multiple currencies, local languages and multi-country regulatory requirements out of the box.
ACORD forms and NCCI ratings can be quickly deployed or customized to expedite product launches.
Socotra provides insurers the ability to create rules and rates that are specific to their business needs and to update them as circumstances change. Underwriting can be versioned and permissioned so that policy decisions can be made by the right parties.
POWERFUL RATING ENGINE
Our internal rating engine supports table-based, factor-based, and algorithmic rates, all of which can be tied to user-entered or lookup inputs tied to external databases and rating engines.
AUTOMATE YOUR WORKFLOW
Automate underwriting processes and streamline exceptional cases for analysis and decision. Socotra integrates with your business process management system for routing, notification, and handoff between your users.
DELINEATE USER PERMISSIONS
Administrators are empowered to decide the boundaries for their users at the group level and individual one. Limits can be dictated by product, by action, by policy size, and by coverages selected.
Socotra can track which policies were generated under each pricing version, empowering insurers to track cohorts of policies or conduct A/B tests
EFFICIENT QUOTE & BIND
Agents and underwriters can work collaboratively on our platform to generate quotes and bind the risk with the required rating, documents, and reporting.
Socotra manages claims from FNOL to settlement. Your agents and adjustors can work collaboratively, choosing to either work concurrently or handoff claims seamlessly within our system.
REACH YOUR CUSTOMERS
Reach your customer through their preferred channels. Claims can be filed by an agent, by an adjuster, or by the customer. Once filed, Socotra then tracks each claim against the policy's specific perils and limits.
When integrated with smart business rules, you can drastically reduce the time it takes to reach decisions on submitted claims. Some claims payments may be entirely automated.
REDUCE SYSTEM COSTS
Because each user has specific functions that they can perform, from setting reserves to issuing payments and tracking losses, you can have all of your operations team on one platform working collaboratively.
If you're using a TPA, with our APIs and automated reporting, any changes in your claims data are shared on one platform.
Socotra includes a billing system that features automated recurring billing and integrated reporting. We support non-pay notices, cancellations, renewal invoices, NSFs, and reinstatements so that all your billing needs are in one place.
Easily process payments by integrating with your payment processor of choice. As consumer habits shift, you can adapt with them, whether they want to pay with cash, card, or cryptocurrency.
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.
DETAILS ARE RECORDED
Socotra automates application of and reporting on complex fees, taxes, and commissions, as well as recording them in your choice of accounting platform.
Socotra provides the ability to view and download both out-of-the-box and user-defined reports. Further data extraction and analysis may be performed through our APIs.
Socotra's task service automatically generates and distributes reports at a frequency you choose.
ACCESS DATA IN REAL TIME
Reporting data is accessible in real time so your team can make prompt decisions on running the business.
SYNCHRONIZE YOUR DATA
Socotra's API feeds allow programmatic data consumption and make it easy to integrate with data warehouses and legacy systems of record, giving you access to all your data in one place.