Underwriting & Rating
Create rules and rates that are specific to your business needs and update them as circumstances change. Underwriting can be versioned and permissioned so that policy decisions can be made by the right parties.
Calculate rating
Our powerful rating engine supports table-based, factor-based, and algorithmic rates, all of which can be tied to user-entered inputs or easily connect to an external rater.
Automate workflows
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.
Define user permissions
Administrators are empowered to decide the boundaries for their users at the individual and group levels. Limits can be dictated by product, by action, by policy size, and by coverages selected.
Version rating
Socotra can track which policies were generated under each rating version, empowering insurers to track cohorts of policies or conduct A/B tests.
With Socotra, we were able to develop Rollin’ 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
[Socotra’s] core technology is more advanced than other options we evaluated in the marketplace for our digital-focused initiative.