Socotra, Inc.

Description of Product or Services you would like to promote in the Association:

Socotra is the modern, enterprise grade core platform that enables global insurers and MGA insurtechs to accelerate product development, reduce maintenance costs, and improve customer experiences. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle–underwriting, rating, policy management, claims, billing, and reporting–making insurance innovation faster, easier, and more affordable

How does your product or service specifically target/benefit Program Administrators:

MGAs can go live in as little as two months with a configurable core platform that’s ready out of the box and requires no customization or specialized training. Whether leveraging their own team, our deployment experts, or a certified system integrator, Socotra can meet MGA's specific timeline and budget. 

What differentiates your product from others in the marketplace?

●    Try before your buy: Socotra is the only insurance core system that offers a complimentary 30-day license. MGAs can build a proof of concept and see our platform’s capabilities first-hand without any upfront costs.
●    Cloud native: Since we are architected in the cloud–not first built on-prem and then uploaded to the cloud–our customers reap tremendous rewards: multi-tenancy, continuous and zero-downtime upgrades, flexibility, and scalability.
●    Free upgrades: Cloud-native means that Socotra is continuously improving. Our upgrades are continuous, automatic, and free without customers experiencing any downtime or interruption to their service. And since every customer is on the same version of Socotra, a feature for one is instantly a feature for all.
●    Open documentation and APIs: Socotra is the only core insurance platform with open APIs and publicly-available documentation allowing our insurers and their implementation partners to easily connect the Socotra platform to their internal and external systems, saving valuable time.
●    Flexible product model: Our flexible product model provides the agility needed to design products as standardized as you have today or as innovative as you need for the future with minimal effort. With Socotra you can easily create new digital-first products or modernize existing ones to provide your customers with next-level personalization and convenience.