Socotra's design incorporates product development best practices. We listened to complaints from insurance executives and IT teams. We understand your problems and priorities and have made them ours. We've 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. Furthermore, there is peace of mind knowing that your data is encrypted, safe, and auditable.
Socotra has two levels of data that it manages on behalf of its customers: Socotra configurations and Socotra data. We ensure that your organization has the power to create, manage, retrieve, and update both customer information as well as organizational information safely.
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 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 tracks configurations in Git, 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.
Socotra is built on a high-availability service-oriented architecture that is robust and self-healing. Core services are triple redundant, with automatic regeneration of services if problems occur. Furthermore, the entire highly-redundant environment is mirrored and load balanced between multiple data centers. The worst data center catastrophes are undetectable by users, even mid-workflow. As of this writing, Socotra has had 100% uptime the past 12 months and 99.998% uptime the last 24 months.
There is no need for a Socotra customer to think about backups. In addition to the multi-site redundancy and audit history features outlined elsewhere, Socotra stores a daily backup of all system data. Furthermore, a full data restore is performed and validated in a test instance every week.
Data and Media Storage
Socotra uses Amazon’s DynamoDB and S3 for all canonical data storage. This means multi-site redundancy and high availability. These services also provide unlimited capacity and performance at scale.
Socotra natively provides development and staging environments for safe creation and testing of new insurance products or configurations. These allow anyone configuring Socotra to collaboratively iterate on new ideas with ease, and then expose them for full testing of a complete configuration change. After such testing, pushing live changes is a safe and easy operation, with no downtime.
In addition to storing such native objects policyholders, policies, claims, invoices, and payments, Socotra stores the full history of edits to each object. Socotra knows every record edit ever made, which user made it, and when. Socotra also retains a full history of all uploaded media and all generated reports.
Like all modern web services and SaaS products, Socotra is continually improving. New features and fixes go live every week, while maintaining zero downtime. There is never a need to apply patches, perform manual upgrades, or discontinue service for even a moment. Upgrades just happen, and Socotra gets better.