Modernizing and productizing the core

Socotra Demo 2018

Founded:

2014

Company Website:

www.socotra.com

Questions for Socotra

Product Name?

Socotra

What Does It Do?

Socotra is the core technology platform of tomorrow’s digitally-transformed insurer. Only Socotra brings the staggering technology infrastructure advances of the last decade to the insurance industry. The result is an 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.

What makes your company or product great?

Socotra gives insurers a faster speed-to-market for launching new insurance products, reliability with a cloud-native core platform, and flexibility with documented APIs at docs.socotra.com.

Who is your target market?

Technology-forward insurers

What's the typical ROI for an implementation of your product?

Our product typically saves insurers 12+ months of implementation time and millions of dollars from a 5-year TCO perspective.

What is your best success story?

Challenge:

This global $2.5 billion-dollar insurer had a short window to launch a commercial auto product with a large distribution channel. Their existing core would have taken 12+ months to get the new product up and running.

How Socotra helped: After a first meeting in the summer of 2017, Socotra was chosen as the quote, rate, bind, and endorsement system of record. The system has been integrated with external partners and went from kick-off to UAT acceptance in four months and now is live.