Sold by: Socotra Inc
Deployed on AWS
Socotra offers a modern core platform for insurers, enhancing agility, efficiency, and innovation in policy management, underwriting, and claims. It is designed to meet the unique needs of the insurance industry.
3.8
Overview
Socotra's core insurance platform empowers insurers to deliver exceptional customer experiences while reducing operational complexity. With features tailored for policy management, claims processing, and underwriting, the platform is fully cloud-native, ensuring scalability and flexibility. Moreover, its robust integration capabilities allow for seamless connections to various third-party services, which enrich the ecosystem and promote innovation.
Highlights
- Cloud-native solution that scales with your business needs.
- Quickly launch new products with ease and confidence.
- Access real-time data for enhanced reporting and analytics.
Details
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Pricing
Pricing is based on the duration and terms of your contract with the vendor. This entitles you to a specified quantity of use for the contract duration. If you choose not to renew or replace your contract before it ends, access to these entitlements will expire.
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Dimension | Description | Cost/12 months |
|---|---|---|
Socotra Platform Fee | Socotra Platform Fee. Please reach out for a Private Offer | $500,000.00 |
Dimensions summary
This listing has one pricing dimension: the Socotra Platform Fee. Pricing is set through a Private Offer, so you contact the vendor to arrange terms. The fee covers access to the policy administration and billing platform, which offers API and UI tools to configure insurance products. Because pricing is not published as fixed tiers or usage units, the amount and billing structure are negotiated directly with the vendor for your specific needs.
Top-of-mind questions for buyers
The fee covers the policy administration and billing platform. You get API and UI tools to build, configure, and integrate insurance products. This includes policy management, quoting, billing, claims intake, reporting, and security features. It runs alongside your existing or legacy insurance systems.
The fee is arranged through a Private Offer rather than fixed tiers or published usage units. You contact the vendor to negotiate the amount and billing structure for your needs. Because it is not usage-metered by default, the specific terms depend on the offer you agree to.
Socotra works alongside your existing proprietary or legacy insurance systems. It uses open APIs and UI tools so you can integrate it into current workflows rather than replacing everything at once. This supports gradual adoption while you continue running your established platforms.
docs.socotra.com
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Vendor refund policy
All fees are non-cancellable and non-refundable except as required by law.
Custom pricing options
Request a private offer to receive a custom quote.
Legal
Vendor terms and conditions
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Delivery details
Software as a Service (SaaS)
SaaS delivers cloud-based software applications directly to customers over the internet. You can access these applications through a subscription model. You will pay recurring monthly usage fees through your AWS bill, while AWS handles deployment and infrastructure management, ensuring scalability, reliability, and seamless integration with other AWS services.
Resources
Vendor resources
Support
Vendor support
For support related to our platform, please visit our support page at https://www.socotra.com/contact-us/ or email us at support@socotra.com . Our professional services team is also available to assist with any implementation needs.
AWS infrastructure support
AWS Support is a one-on-one, fast-response support channel that is staffed 24x7x365 with experienced and technical support engineers. The service helps customers of all sizes and technical abilities to successfully utilize the products and features provided by Amazon Web Services.
Similar products
Socotra is a powerful and scalable billing & policy administration system designed with a flexible data model that gives insurers the ability to support every line of business and handle every type of transaction. Socotra is cloud-native, fast to implement, and integrates seamlessly with existing tech stacks which makes it the top choice for insurers looking to modernize their core. Open APIs enable insurers to launch new products and adjust existing products quicker than with traditional platforms. With its superior performance and automatic weekly updates, Socotra unlocks lower total cost of ownership, streamlined operations, and excellent user experiences.
Enhance your insurance company's efficiency with our comprehensive suite of professional services for Socotra.
The Insurtech Market is surging with digital innovations in insurance, projected to reach USD 254.64 billion by 2030 at a 53.1 percent CAGR, fueled by AI, open finance, and real-time payments, enhancing customer-centric solutions.
Customer reviews
Insurance
Socotra review
Reviewed on Jan 24, 2021
Review provided by G2
What do you like best about the product?
Quick to spin-up new environment and support.
What do you dislike about the product?
1. Misses many common insurance features.
2. Long wait time for feature request implementation.
2. Long wait time for feature request implementation.
What problems is the product solving and how is that benefiting you?
Policy admin system for auto insurance.
Insurance
Socotra policy admin partnership has been great
Reviewed on Jan 13, 2021
Review provided by G2
What do you like best about the product?
I appreciate the flexibility and configurability that the Socotra policy admin system provides. It allows us to have a single source of truth for our product attributes and business rules that can be imported into their system. In addition, the Socotra staff assigned to our account has been very responsive to our questions and concerns. Our partnership with them has been great.
What do you dislike about the product?
Unfortunately some features that were requested were not completed in the time frame committed.
What problems is the product solving and how is that benefiting you?
We are looking to use a single policy admin system for all of our of life and health products. Socotra provides the flexibility and configurability that we are looking for in a policy admin product. Socotra also helps us to get out products to market more quickly.
Recommendations to others considering the product:
Our partnership with Socotra has been very good. They have a nice product that is flexible and configurable for many different insurance products. They are generally very responsive to feature requests but getting them completed may take some time. They have a number of requests in their backlog and your needs may not always be a top priority.