Socotra: Speeding deployment of new insurance products and technologies

Socotra: Speeding deployment of new insurance products and technologies

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on 16 Apr, 2018

San Francisco based Socotra is the next-generation technology platform for insurance operations all over the world. They bring advanced IT to the insurance industry with a comprehensive and agile SaaS solution. Socotra's architecture natively represents the universal components of insurance, while providing flexibility for the parts that differ by carrier, product, or geography. Every day, Socotra operates IT behind the full extend of insurance operations. The result is a new, simplified, radically open, cloud-native core platform that supports underwriting, policy administration, claims, billing, reporting, and much more. And across the full range of insurance products; including motor, property, and term life.

Socotra is a first-of-its-kind cloud-native system enabling carriers to easily and efficiently manage complex interactions throughout the lifecycle of policies, whether single line, single state or multi-line, multi-country. The Socotra platform’s agility, flexibility, reliability, and modern design offers carriers lower costs, faster product releases, and easy integration with future technologies.

Socotra’s customers range from multi-national carriers to insurtech startups, in the United States, Europe, Asia, and Australia.

How it works
Socotra's design incorporates product development best practices. They listened to complaints from insurance executives and IT teams. They understand the problems and priorities. They have 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. All data is encrypted, safe, and auditable.

Data Management
Socotra has two levels of data that it manages on behalf of its customers: Socotra configurations and Socotra data. They ensure that customers have the power to create, manage, retrieve, and update both customer information as well as organizational information safely. 

Platform Architecture
The Socotra platform’s agility, flexibility, reliability, and modern design offers insurers lower costs, faster product releases, and easy integration with future technologies.

Why we selected Socotra for DIA Amsterdam
Socotra is the core technology platform of tomorrow’s digitally-transformed insurer. A new, simplified, radically open, cloud-native core platform that supports underwriting, policy administration, claims, billing, reporting, and much more. Socotra delivers agility, reliability, and a clear path to the many InsurTech promises of today and tomorrow.

At DIA Amsterdam they will showcase how quickly new products van be designed and deployed.

Who is Socotra?
Founded in 2014 in San Francisco by Dan Woods, CEO.

The Socotra team comes from the best software companies and engineering schools in the world.

Last February they closed a strategic investment from a subsidiary of financial services provider USAA, joining previous investors CrunchFund, Founders Fund, Greenoaks Capital, SciFi VC, SV Angel and Vulcan Capital, as well as angel investors Ron Conway, Michael Ovitz and Joe Lonsdale.



“Insurance IT is littered with consulting services and antiquated IT architectures, leaving insurers at all levels struggling to catch up with customers’ changing needs. The only path forward is a truly productized insurance IT core, which insurers can configure and extend by themselves. This is Socotra.” - Dan Woods, CEO & Founder Socotra

Website: www.socotra.com

Presenter 1: Dan Woods 
Presenter 2: Ekine Akuiyibo

Contact info: Ekine Akuiyibo
Email: ekina.akuiyibo@socotra.com

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